How Did They Stop a Bankruptcy
Summary
I learned that having a clear brand identity is crucial for business growth. Long John Silver's was stuck when they didn't know if they wanted to be more like Red Lobster or McDonald's.
Knowing your audience and aligning your goals with their needs can lead to success. Long John Silver's decided to target a fast-food audience, like McDonald's, and their sales grew by 30%.
Avoid the middle ground in branding. Trying to be a little bit of everything to everyone can lead to stagnation.
- It's important to make definitive choices in business direction. This can provide clarity and help your brand grow.
Video
How To Take Action
Implementation Strategies
A good way of moving forward is to define a clear brand identity. Think about what makes you unique and how you want your customers to remember you. This is the first step to getting unstuck and making progress.
I would suggest understanding your audience. Who are they really? What do they want from you? Align your goals with what they need. When Long John Silver's targeted a fast-food audience like McDonald's, their sales grew by 30%. So, find your audience and tailor your approach to fit them.
Avoid the middle ground in your branding. Don’t try to be everything for everyone; that leads to confusion. Focus on what you do best and communicate that clearly.
Making definite choices is important. Decide on a direction for your business, whether it's the type of customers you want to attract or the kind of products you want to offer. This will give your brand the clarity it needs to grow.
These changes don’t require a lot of money or time but can lead to significant improvements. Be clear, know your audience, avoid trying to be everything, and make definitive choices to see real growth.
Full Transcript
I grew up next to Long joh Silvers fish yeah long joh Silvers are a restaurant sort of that sell fried seafood I remember always seeing people going to the place and then after a while it kind of faded and then I read a article about how long da Silvers couldn't figure out how to grow their brand they actually didn't really know if they wanted to become more of a Red Lobster or more of a McDonald's and so they kind of sat in this weird middleman land so they had a choice to make they said look at our audience look at our goals what makes more sense do we go all the way and we become a fish McDonald's or do we become a fish Lobster so they made the choice of becoming a fish McDonald's and what happened is that sales grew by 30% because they realized they were stagnating because there wasn't Clarity around what the brand was
