One of the commonalities of successful detailing business owners that I know, is their desire to learn about business outside of the detailing industry.
I enjoy analyzing success stories. But I found great value in stories about individual struggles as well as precautionary tales. I decided to take a few days to watch these videos. I really focused on the rise and potential fall of these businesses. I wanted to share these videos and my takeaways. I encourage you to watch more of these videos, as I have enjoyed the content.
GoPro
Innovation in business at all levels is important. I also believe quality control is important. I recall from watching reviews and feedback, thinking that it would be a lot easier to compete with cheaper imitations of this product, if it had a better reputation for reliability. According to common perception of reviewers voiced, it is brand recognition that has kept the company relevant. My thought if it also had a reputation for being a leader, the brand name would make this only choice for a majority of action camera users.
Source: YouTube
Quisnos
I actually liked Quisnos when they first appeared. I remember talking with friends and family, and many mentioned it was a much better sandwich than the Subway options. It was a different craving than a Subway but choosing between the two I preferred Quisnos. It is a great lesson in thoughtful expansion or thoughtfully choosing not to expand. It is also a great reminder to not get too attached to coating and PPF brands who may not be obligated to be loyal to you, especially if hurting your business improves another company’s bottom line.
Source: YouTube
Panera Bread
I have heard the stories of many detailing business owners (and spoken to some) who are established in the industry but are currently struggling. I cannot watch this video and not only see a familiar theme with many businesses, but particularly most struggling detailing businesses that have struggled in their infancy. A familiar theme of early success and a familiar misstep of taking away from the original promise of the brand that attracted a core audience. These are the consequences of ahead of one’s growth capacity. Overall, a business isgoing away from its mission and vision to the point of its product being a contradiction of its original reputation.
During the business’s early days, I was an occasional patron of Panera Bread. I cannot recall going back or craving going back in the past several years. I did not know of the issues in the company or change of the food quality consciously. But sometimes (especially watching this video) I wonder when there is an obvious lack of ‘buzz’ about a once trendy eatery, there is likely some substance behind the lack of popularity.
Source: YouTube
Pizza Hut
I grew up on Pizza Hut. In fact, I cannot tell the story of my childhood without the excitement of my parents ordering Pizza Hut. Although this appeared to be a long-term process, I cannot say this is not uncommon with a majority of businesses. Once you establish a reputation and market share for quality, you eventually begin scaling your business. Part of that process involves cost cutting, that ultimately or immediately cuts away at what earned a business’s solid reputation to begin with.
Source: YouTube