ChatGPT may dominate conversations on LinkedIn, but it’s still relatively niche: even among 18-24s, its biggest audience, only a quarter use it at least weekly (as of April 2024).
Business & Brands
Despite being known by 95% of consumers, Chips Ahoy! is only found in 30% of U.S. households. So the brand has recently launched several innovations to appeal to a wider customer base, including Baked Bits (on-the-go snacking), more products under $3, and better for you products like gluten-free Chips Ahoy!
To overtake Johnnie Walker as market leader, Chivas Regal simply acted like market leader; putting the price up, and creating ads that didn’t show the pack (because no.1 is always recognisable).
How do you turn an unknown yogurt brand into a $3 billion revenue business? Give it mass distribution. According to Chobani’s founder Hamdi Ulukaya, “the single most important decision we made” was insisting the product be sold in mainstream grocery stores rather than specialty stores, and that it be stocked in the dairy aisle not the gourmet food aisles.
Citigroup accidentally credited a client account with $81 trillion instead of $280. The system requires employees to manually enter the transaction, but (bizarrely) the amount field comes pre-populated with 15 zeros – which the employee forgot to delete. Thankfully the error was quickly spotted and rectified, not that Citigroup could afford that payment anyway.
Clicks aren’t a good proxy for brand results. There is no significant correlation between click-thru rate (CTR) and any brand effect metrics, such as ad recall, brand awareness or purchase intent.
Robert Woodruff, Coca Cola’s leading 20th century figure, understood the importance of good placement; promising to put Coke’s products “within arm’s reach of desire.” And he succeeded: today you can count the places it’s not sold on one hand.
Coca Cola doesn’t really sell soft drinks: it sells licensing to other companies who then manufacture and distribute Coca Cola.
Coca Cola is enjoyed in over 200 countries, and is available in the most remote places. Its presence is so universal that the former Zambian Health Minister complained that his country’s small villages stocked the brand but not lifesaving medicines.
The company did start using Santa in advertising in 1933. But Santa had been portrayed almost exclusively in red from the early 19th century and most of his modern image was put together by cartoonist Thomas Nast in the 1870s. In fact White Rock beverages had used Santa to advertise its ginger ale in 1923.
When Concorde was lagging during the 1980s, its owners discovered that the passengers significantly overestimated the ticket price. “So very simply, we said, we’ll charge them what they think they are paying. And so we put the fares up”. Concorde ticket prices were doubled to over $7,000 one way (in today’s prices) and it was repositioned to provide a super-elite class for bankers, the rich, and the famous.
Britain’s 35,000 corner shops offer more than cheap booze; Evri, a delivery company, now drops 180m parcels a year into shops, or 22.5% of all its deliveries; Customers of online-only banks, such as Monzo, can deposit cash wherever there is a PayPoint; And about 4 million households are on pre-payment gas and electricity meters, meaning they have to schlep to a shop whenever it runs out.
The self service coffee machines were inspired by photocopiers in American convenience stores: the manufacturer installs the machine free of charge in return for a slice of the profits, and all they have to do is fill the copier with paper and ink cartridges.
There are no aisle signs or in store maps at Costco. Plus, the store frequently rotates its stock and changes its layout, making it hard to know what is available and where to find it. This is all part of the store’s ‘treasure hunt’ strategy; helping customers find unexpected items and creating a unique shopping experience.
Ella Mills founded the nutrition brand Deliciously Ella after she was incapacitated by PoTS (postural orthostatic tachycardia syndrome). Several hospital admissions and 25 types of medication failed to alleviate her suffering. It was only when she radically altered her diet, cutting out gluten and refined sugar, that she noticed improvements.