QUESTION:
- What do you mean when you talk about “business model”? Can you be more specific?
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ANSWER:
I use the term “business model” to describe the most basic operating outline of the company that is possible. There are many companies out there with interesting ideas, but their “business model” is so complicated that it is difficult to understand what is required to succeed. The most basic questions are: What are you selling? Who are the customers? How many customers do you need to make a profit? What kind of operations do you need to accomplish that? What is the likelihood of that happening? The business “plan” sets all that out in detail, but takes a long time to go through and is always being revised. The business model is the rough sketch, but in its own way, more accurate because it doesn’t change as much.
So what is the Winning Brands business model? We have developed and are selling advanced cleaning solutions in popular consumer categories. Our products have performance properties that give them the ability to become favourites in their categories. We are focusing on a few winners, particularly a lead product, Winning Colours Stain Remover, World’s Most Versatile Cleaning Solution. If we secure wide distribution, then we can move a large quantity of consumable (ie repeat purchase) products through the pipeline efficiently and profitably. At our current pricing, we could have sales of $8 Million per year if only 1% of American households used Winning Colours; that’s 1 million customers buying a bottle twice per year. To put this number into perspective, a retailer like Lowe’s sees approximately 15 million shoppers per week. The company can be profitable at much less than this sales figure, because it has created appropriate outsourcing for many functions, including manufacturing. Therefore, only a small core group of 10-15 people can manage that sales volume through its network of distributors. If this product ever became the choice of 10% of households in the USA only, the brand sales figure would be between $50-$100 Million. By staying sharply focused on a few key leading products, Winning Brands can be extremely efficient in all that it does. The goal is to generate large surpluses and avoid the temptation to expand sideways into unrelated things. Instead, continued smart focus on quality, efficiency and marketing will result in a very valuable brand. Such businesses are called “cash cows” and are very attractive for acquisition by major consumer product companies because they provide growth with little risk. There are many examples of “come from nowhere” brands that met special needs and were bought by the largest corporations. Burt’s Bees began as a couple selling candles from leftover bee’s wax. That company was eventually purchased by Clorox for a reputed $900 Million. There are other examples. Snapple, Ben & Jerry’s, Nantucket Nectars are more. In the world of cleaning, Orange Glow/OxiClean is sometimes given. There are many others.
Any normal person can understand this description. That’s what makes it a useful “business model”. In the early days of all the examples cited above, there were doubts and hardships. In all the examples above, there was also perserverance and a good business model. There are many things that Winning Brands and its Winning Colours Stain Remover has in common with the given examples.
