Wouldn't you listen if one of the wealthiest people in the world, one who has evaluated thousands of businesses, offered a few words of advice? Recently Jim Weber, the CEO of Brooks Running and one of Warren Buffett's CEOs, shared what that advice would be:
Focus on building the strongest brand possible (interview here).
Members of the ValorBridge team have attended the Berkshire Hathaway shareholder meeting for over a decade. At several meetings, Warren Buffett has made the comment that the most important advice he provides to his CEOs is to make sure the competitive advantage expands every year. Figure out why the customers return and focus on getting better at that.
For Weber, who runs a consumer products company, brand is paramount. His competitive advantage is the trust and loyalty he builds with his core customers, runners. As the company improves that experience, year after year, step by step, the long term value of those customers and of Brooks, increases.
Focus on building the strongest brand possible (interview here).
Members of the ValorBridge team have attended the Berkshire Hathaway shareholder meeting for over a decade. At several meetings, Warren Buffett has made the comment that the most important advice he provides to his CEOs is to make sure the competitive advantage expands every year. Figure out why the customers return and focus on getting better at that.
For Weber, who runs a consumer products company, brand is paramount. His competitive advantage is the trust and loyalty he builds with his core customers, runners. As the company improves that experience, year after year, step by step, the long term value of those customers and of Brooks, increases.