Take a moment to think about what makes your product special. You are a smart, capable business owner, and of course, you’re offering a killer product and/or service! But, the honest truth is, your product may not be that different from your competitor’s. So, how can you become famous in your customer's eyes and vastly outsell your competitors? The answer, take advantage of the 40/60 rule.
What is the 40/60 rule exactly? By using the 40/60 rule, you dedicate 40% of your focus to your product, and 60% of your focus to what you offer beyond your product. In short, 60% percent of your efforts and budget should be applied to long-term brand building. Companies like Chick-fil-a who follow the 40/60 rule when it comes to running their business have seen proven success in outshining their competitors, like fast-food veterans KFC, for example. And KFC is no small competitor! They have been a major American brand since 1952, so, how could another much smaller fried chicken establishment swoop in and outsell KFC 4 to 1?
Brand expert Chuck Mefford dives deeper into the 40/60 rule in the BrandKamp Marketing Minute below:
Now Chick-fil-a not only outshines KFC by using the 40/60 rule, but they also generate more revenue per restaurant than any other fast-food chain in the US. Not to mention they are closed on Sundays! Now we know their chicken is good, but it can’t be that good! The secret is to not just focus on your product itself and what makes it special. That is important, no doubt! But by properly utilizing the 40/60 rule in your business, you will be able to successfully deliver your brand message to the masses and “wow” your customers. Now, we know this is why Chick-fil-a’s lines are out the door!
Learn more about the 40/60 rule and much more at the annual BrandKamp seminar Thursday, September 28, 2021 from 8:30 am - 12:00 pm. Author and Brand Strategist, Chuck Mefford, will share with you his proven strategies for growing your business through storytelling. Spend a day out of your business to work on your business!