Homegrown excellence: Here’s how this brand set itself apart in the world of sweets! [Tuesday: Return Driven Strategy]
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.
Photo from Unsplash
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.
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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.
About The Dynamic Marketing Communiqué’s
“Tuesdays: Return Driven Strategy”
In the book, “Driven,” authors Professor Joel Litman and Dr. Mark L. Frigo said that the goal of every long-term successful business strategy should incorporate the combined necessity of “making the world a better place” and “getting wealthy.”
That is why they created Return Driven Strategy and Career Driven Strategy―frameworks that were built to help leaders and professionals plan and evaluate businesses so they can also help others achieve their organizational goals and career goals.
The frameworks describe the plans and actions that drive returns for anyone in an organization such as independent contractors, marketers, brand managers, communicators, and other people in any field. These actions lead to the creation of wealth and value for customers, employees, shareholders, and the society.
Every Tuesday, we’ll highlight case studies, business strategies, tips, and insights related to Return Driven Strategy and Career Driven Strategy.
In planning, building, or managing brands and businesses, these strategies, case studies, and guidelines will help you choose what specific actions to take and when to take them.
Hope you find this week’s topic interesting and helpful.
Stay tuned for next Tuesday’s “Return Driven Strategy!”
Cheers,
Kyle Yu
Head of Special Projects
Valens Dynamic Marketing Capabilities
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