How to Spot the Next Starbucks, Whole Foods, Walmart, or McDonald's BEFORE Its Shares Explode by Mark Tier

Author:Mark Tier
Language: eng
Format: epub
Publisher: St. Martin's Press

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The Power of Marketing

Marketing and sales are two different (and complementary) sides of the same coin.

At the turn of the twentieth century, the legendary copywriter Claude Hopkins defined advertising as “salesmanship in print.” The advent of radio, TV, and the Internet have extended that definition to all forms of broadcasting, but not changed the essence of Hopkins’s meaning.

Advertising is a subset of marketing: sales at a distance. Marketing is impersonal in the sense that only the potential buyer is present.

Sales, by comparison, is interactive: a one-on-one (or small-group) exchange between the seller and the buyer.

The success of the Whopper in turning around Burger King’s fortunes is a stunning testament to the power of marketing.

McDonald’s answered the Whopper with the Quarter Pounder and the Big Mac, while Burger Chef introduced the Big Shef. But none of these other names have the same marketing impact as “the Whopper,” which suggests a mouthwatering treat even if you don’t like hamburgers.

Such is the power of a name that Burger King’s CFO, Joshua Kobza, noted that when Burger King returned to France in 2012, after an absence of fifteen years, “They still remember the Whopper.… We walked through the airport with Burger King logos on our shirts. The security people asked us, ‘Where’s the Burger King?’”15

Kroc was a salesman. His forte was one-on-one selling, honed from years of visiting kitchens and food-service managers around the United States. In the beginning, McDonald’s grew one location at a time through personal contact from Kroc and his associates.

Eventually, as McDonald’s grew, it, too, turned to marketing—as every large business must.

Word of Mouth

Ultimately, the most powerful form of marketing is word of mouth. Which results from a highly satisfactory customer experience.

But before word of mouth can become a factor, there must first be customers to spread that word. One way to get those first customers is to harness the power of marketing.

For example, after dinner at an exceptionally good Thai restaurant, my friend came up with what we both agreed was a great name for a Thai restaurant: Red Hot Mama’s.

A little brainstorming expanded the concept:

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