How David Brandon Should Handle the Toy Business Based on His Past Food Business
The food industry seems to be worlds apart to the toy industry, but Dave Brandon does have experience and lessons that he could relate to and apply the toy retail industry. Profitability and efficiency goes hand in hand in the corporate environment that Dave Brandon is all too familiar and comfortable in. He shouldn't feel too comfortable though, because the new toy industry he is hired to rehabilitate is almost at its' tipping point in sales and the customer relations.
If Dave Brandon was to succeed in pulling this company from out of the ashes, then he should base his tactics on his past experience with the pizza company that he had worked with as CEO as well. After his reign in the pizza business last 2010, he went on to be an athletic director for Michigan but is still part of the pizza company as the chairman.
These are 5 things to keep in mind.
1.Investing in online innovation.
The toy company that David Brandon will be working in is behind on online innovation compared to its other online competitor. To save this business, they would need to renovate their marketing and online presence to their customers through online innovations. This challenge is not easy.
Ordering online was the new thing that David applied to his pizza company. The company made it simple and quick to use on your computers or on your mobile phones. It was no wonder the company has earned as much as 50% more with orders coming in mostly from the online community.
2. Don't take yourself too seriously.
Throwing in too many things in the menu made everything confusing and therefore the quality and efficiency of their food suffered. The new menu was cleared up and changed into something more focused on quality rather than quantity.
3. Don't forget to keep things interesting.
Brandon's biggest achievement must be changing their signature recipe completely. The company had a fresh and more interesting taste that was a hit with their customers and therefore earned them more sales.
4. Admit your mistakes.
It surprised everyone when he acknowledged that their pizza didn't taste great. It was difficult to accept the customer reviews but it was because of this realization that led to reinventing themselves and the company. It is obviously easy to admit that your product was bad when everything now was going so well. Generally though, it is seen as unusual when a company would admit that their product was bad and this shouldn't be the case.
Sort out what is needed and what really isn't.
The toys company will likely go public and anyone can invest in this company. Knowing what the company stands for and what is its' future, will be important for David to use in looking for investors.