What Financial Services Can Learn from Fast Food

by Jim Perry on January 9, 2012

Every sector has its race for the top.  Toyota came close to claiming the #1 spot in the auto industry before its 2010 recalls.  Mobile providers like AT&T, Verizon and Sprint constantly jockey for position.  So many examples come to mind.  What can we learn from these high profile brand wars?

This morning Advertising Age ran an article that offers a few important lessons from the fast food industry’s most notorious rivalry: the #2 spot in the burger wars.  In the article, Maureen Morrison takes a look at how Wendy’s positioned itself to move past Burger King for the spot behind category leader McDonalds.  I recommend the whole article, but here are the important takeaways:

  • Understand your core brand and who it targets
  • Even good products need updating
  • Improve the customer experience
  • Be opportunistic

Improving your position in the marketplace doesn’t happen by accident.  Understanding your brand, your market and your customer are essential if you hope to create competitive advantage.  Think about these while you enjoy your burger at lunchtime! :-)

{ 1 comment… read it below or add one }

Joe Sullivan January 9, 2012 at 5:37 pm

Jim
I completely agree with the premise of this article and your post. The article gives great credit to Wendy’s in that it was willing to challenge what it had been doing in the past and was willing to sacrifice some sacred cows. There are many, many sacred cows and old ways of doing things (marketing, product set, human capital, etc.) in banking that must be sacrificed. The winners in financial services will be the ones willing to shift their thinking and their behaviors.

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