My good luck. I'm in the midst of preparing for a pitch for a retail snack chain account when this book lands on my table. Hungrily, I scan the cover. Making Dough: The twelve secret ingredients of Krispy Kreme's sweet success. I kick the door shut.
I'm served with a short history of a brand that began as a "hole in the wall" and has today become "the world's premier doughnut company". Along the way it was bought over by a food giant whose only appetite was for profits. This resulted in the brand's decline. Finally, the original custodians of Krispy Kreme staged a leveraged buy out and put it back on track.
So far, so predictable.
But where are "the twelve secret ingredients"? (I need them for the pitch.)Sure enough, it's all there. One lavish chapter devoted to each delectable theme.
"Mix good taste with show business" is a refreshing account of how Krispy Kreme strives to create a multi sensory experience, to leave you "not only fed but also entertained". And this they do through what they call "doughnut making theater". So you have see-through walls (a standard feature in every store) where you can watch the tasty confections zip past. The idea of the red light outside every Krispy Kreme store around the world that goes on twice a day to signify "Hot Doughnuts Now" is pure genius.
"Be picky about your partners" might seem like common sense. But there's a big lesson in the tangle Krispy Kreme got into when they be-friended people who didn't buy into their mission. Now, of course, the company has a franchising policy that is so rigorous that applicants compare it to the search for a NASA astronaut.
"Think big, but grow carefully" underlines the importance of knowing where you're going. The takeover by Beatrice Foods obviously was the darkest period in the brand's history. Changing the original recipe to cut costs, diversifying into sandwiches, even changing the original logo, all this was the price they paid for corporate governance. Fortunately, the en- trepreneurs struck back and the brand is back to being what it has always been - the most loved small town doughnut in the world.
"Give back to the community" is self explanatory as a principle. Krispy Kreme's track record is inspiring. A pioneer in aligning philanthropy with business goals, the company will donate doughnuts at reduced prices to non-profit groups so that they can sell them to raise funds. In the process, they sell more doughnuts and position the brand as a feel-good community company.
I loved "Be a guerilla marketer with a soft touch". (I'm stealing this idea for my pitch.) Every subhead is a sweet bomb.
And on page 82, I read something that made me gulp. According to a survey by BrandChannel.com Krispy Kreme is the third best-known brand in USA and guess what its advertising budget is ... Less than US$100,000. (Oh yes, we're going for the fee option.)
OK, the writing style could have been more inspiring. And the book about 20 pages shorter. But if you're an entrepreneur (or an advertising agency advising an entrepreneur) seeking guidance on how to make it big while staying simple, this is an operating manual.
This may be the story of a doughnut, but there's stuff in the middle.