MacDonald’s is one of two Dow Jones Industrial Average companies that posted a share price gain for 2008. This success is based on a comprehensive plan that began in 2003, when the company posted its first quarterly loss.
Andrew Martin’s article in the today’s NYTimes details:
– A change in mission “from the world’s best quick-service restaurant” to “our customers’ favorite place and way to eat”. The mission statement translated into every aspect of the business and is well articulated in the “I’m Loving It” ads.
– A change in investment strategy from expansion to a focus on improved sales per store
– A change in menu strategy that replaced supersizing with healthier options and all-white chicken.
– An addition of premium coffee products to compete with Starbucks and the new offerings from C stores.
– A renewed focus on cleanliness and service.
– And, a focus on updated facilities including drive-throughs. 60 percent of the profit passes through a window.
The genius of this turnaround is the customer focus of “being our customers’ favorite place and way to eat”.
What would happen in your business if you focused on being your customers’ favorite……………..?