Homegrown excellence: Here’s how this brand set itself apart in the world of sweets!
industries, I've found RDS to be a game-changer in managing my team. For those who aren’t familiar, RDS is a pyramid-shaped framework composed of 11 tenets and 3 foundations that enable businesses to achieve high levels of performance. That's why every Tuesday, we publish articles about RDS to empower leaders and managers in today's ever-changing business landscape. Today, let's dive deeper into the 2nd tenet of RDS: Fulfill otherwise unmet customer needs. Read on to learn why it’s important for businesses to constantly identify and prioritize the needs of their customers.
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Homegrown excellence: Here’s how this brand set itself apart in the world of sweets! Mrs. Fields stands out as a beacon of success and mouthwatering goodness in the world of sweet delights. Founded by Debbi Fields in 1977, the brand has become synonymous with baked goods that have captured the hearts and taste buds of people worldwide. However, did you know Fields didn't start out with a grand vision of establishing a global cookie empire? Baking cookies was something that Fields did for her friends and family due to her passion for making irresistible homemade treats. Little did she know that her passion for baking would turn into a multimillion-dollar business.
Inspired by her love for baking and the encouragement of friends and family who adored her homemade chocolate chip cookies, Fields decided to turn her passion into a business. She opened her first cookie store after receiving a small investment from her husband. Fields aimed not only to sell delicious cookies but also to create a warm and inviting space for people to enjoy freshly baked treats. The mouthwatering aroma of her cookies drew in customers, and Mrs. Fields swiftly became a local sensation, marking the beginning of the iconic brand's success story. What sets Mrs. Fields apart from its competition was its use of high quality ingredients. Fields believed that quality was non-negotiable so each cookie was crafted with care, using high-quality ingredients that ensured an unparalleled taste experience. This commitment to excellence became a cornerstone of her company's success. Aside from the brand’s commitment to excellence, what else did it do well that enabled it to attain the success it currently enjoys? The brand expanded its menu to include brownies, muffins, and other baked goods when it became clear that there was consumer demand for these products. Additionally, the brand enabled customers to personalize orders, allowing buyers to give Mrs. Fields’ baked goods as gifts to their loved ones. As a result, Mrs. Fields became one of the go-to destinations for heartfelt gestures. Aside from anticipating the needs of its target market’s taste buds, Mrs. Fields embraced e-commerce, enabling customers to conveniently order their favorite treats online and have them delivered to their doorstep. Furthermore, the company adopted a franchising business model, allowing it to reach more customers in the U.S. and around the world. The adoption of these strategies is a testament to Mrs. Fields’ adaptability to changing consumer preferences and market trends. Targeting and dominating markets and Return Driven Strategy’s (RDS) Tenet 2 Professor Joel Litman and Dr. Mark L. Frigo in the book, “Driven,”’ emphasized the importance of fulfilling otherwise unmet customer needs. According to them, a high-performing business must be able to fulfill unmet needs and have a process for constantly identifying them. Furthermore, a top-tier firm must focus on the real reasons for purchase of goods and services. By committing itself to excellence and constantly innovating its offerings to cater to customer needs, Mrs. Fields was able to carve a place for itself in the highly competitive food industry. Additionally, the brand’s ability to adapt and commitment to providing high quality offerings enabled it to establish a strong connection with its target audience and attract new customers. So, if you want to emulate the brand’s success, make sure to always meet the evolving needs of your target customers and adapt to them accordingly! By doing so, you’ll be able to build a business that’s built for long-term success. — If you’re looking to gain a better understanding of Return Driven Strategy and Career Driven Strategy, we highly recommend checking out “Driven” by Professor Litman and Dr. Frigo. Click here to get your copy and learn how this framework can help you in your business strategies and ultimately, in ethically maximizing wealth for your firm. Hope you found this week’s insights interesting and helpful. In the exciting beauty world where expressing oneself meets new ideas, the industry is a captivating canvas of colors, textures, and exciting possibilities. From skincare rituals to makeup trends, the beauty industry has become a dynamic realm where artistry converges with science. Learn more about the impact of ethics in business partnerships in next week’s article! |
