This series revisits the basics of branding and marketing by answering questions marketers, entrepreneurs and small business owners face when growing their business. I hope this series provides you with knowledge to think smarter and a nudge to make stuff happen.
Can a Brand be Built without a Large Budget?
During its formative growth years from 1987 to 1997, Starbucks Coffee spent less than $10 million on advertising. The company was too busy fine-tuning vital business matters to spend money on advertising.
Scott Bedbury, former VP of Marketing at Starbucks in the mid-90s, once said, “Excessive marketing spending will only accelerate the demise of any poorly conceived company.”
Today, Starbucks is a global icon with over 28,000 locations around the world with revenue close to $23B. All that fine-tuning resulted in a greatly conceived company that’s built to last.
REVISITING THE BASICS | archive