CHICAGO America may “run on Dunkin,” but what gets America running to Dunkin’ Donuts?
John Costello, CEO of Dunkin’ Brands Group (which also owns Baskin-Robbins), outlined the challenge faced by his company, and it sounds strikingly familiar for credit unions: “The question for us is how to keep a 60-year-old icon relevant to customers today?” Speaking to CO-OP’s THINK ’13 Conference, Costello said he has sought to build Dunkin’ Donuts based on six principles he has learned during his career.
Those principles include:
1. Confront Reality. “Winners honestly assess what’s working and what’s not.”
2. Differentiate or Disappear. “Brand differentiation really asks why should I choose your brand?”
3. Embrace a 360-degree approach to meeting customer needs. “Marketing is not just ads. Everything that touches the customer defines your brand, whether you want it to or not.”
4. Think long-term; invest in your brand. “A brand is like a credit union,” said Costello. “Brand-building tactics have to sell, and selling tactics have to build your brand.”
5. Build a team better than yourself. “This may seem obvious, but great teams mean great results.”
6. Have fun. “Now is the best time to build a brand. Change does create opportunity, and I think that rather than being threatened by change you should really embrace it and look for ways to distinguish yourself.”
