A lot of people today are remembering the late Jimmy Buffett, who created a genre and was by all accounts one of the good guys in show business.
I am not a Parrot Head, but I am quite familiar with Buffett’s music, centered mostly in the period (late ‘70s) where he hit his stride and established his unique and enduring style.
Apart from the music he created, Buffett was also a remarkably astute businessman, over the years amassing wealth recently estimated at around $1B, during which time he was probably mostly wearing flip-flops.
It becomes apparent that this guy knew what he was doing, so with all due respect and a tip of the Panama Hat, here are a few things we can learn from Jimmy.
Be alert to what’s working, embrace the unexpected, and adapt to create your niche
- Growing up on the Gulf Coast, Buffett spent time with his ship captain grandfather, and learned guitar in college just as a way to attract women. He moved to Nashville in the late 1960s and worked for Billboard magazine while working on his music. His first record (Down To Earth, 1970) was more Country than anything (because, Nashville) and even though it sounds musically like a lot of his later work, was a relatively unremarkable first effort.
- Then, somewhat randomly, outlaw country artist Jerry Jeff Walker took Buffett to Key West, Florida. It was there that Buffett mashed up the laid-back beach scene, Caribbean influences and the classic country music requirement of a great story in a unique way, and created his niche, which he sometimes called ‘Drunken Caribbean Rock ‘N Roll’.
- When his sophomore effort ‘A White Sport Coat and a Pink Crustacean’ came out in 1973, the Buffett brand was started, and he never looked back. Margaritaville, which came out in 1977, cemented his brand.
LESSON: Me-too is no fun. Not everything in life can be planned. Figure out what about your offering is both unique and appealing, and be flexible on who the target is. We all know that Buffett did not build his success among Country music fans, even though that’s what he originally was going for.
REALLY understand your brand
- Jimmy Buffett wrote a lot of great songs, but what created passionate fans was not the music itself (they’re mostly pretty straightforward), nor the lyrics (although he tells great stories).
- What was unique about Buffett was how the music made his audience feel. This is about relaxing, parking your troubles for a while, and enjoying life with other people.
- Everything Jimmy Buffett did (songs, concerts, etc.) was in service of generating this laid back, good time feeling. That is why people bought the albums and went to the concerts. It’s not Progressive Rock; it’s a 6-string guitar, maybe some pedal steel or steel drums, and having fun.
- Buffett toured aggressively, because he understood that it was all about the experience. His tours generated more revenue than his record sales.
LESSON: The more you can understand why people gravitate to your product or service, the better you can do in not only offering more of the same, but also positioning and marketing what you do. Ultimately, it’s not always about tangible features, but how it makes someone’s life a little better or more fun.
Extend your brand opportunistically, but thoughtfully
- Besides his off-stage exploits in acting, directing, writing novels, composing soundtracks, and being a conservationist, Buffett was very busy and very successful and disciplined in staying on-brand in his business ventures.
- The following is just a partial list:
- Restaurants: Margaritaville restaurants, Landshark Bar & Grill, Cheeseburger in Paradise restaurant
- Food and Beverage: Margaritaville Tequila, Margaritaville Foods, Landshark Lager
- Entertainment: Margaritaville Casino (in Atlantic City NJ), Margaritaville Online video game
- Music production: Margaritaville Records
- Retirement living: Latitude Margaritaville, large senior living communities in progress or planned in Daytona Beach, Hilton Head and Panama City. (at some point Buffett realized that his audience was pretty close to him in age).
- Last but not least: Coral Reefer brand marijuana and vape products, and Margaritaville Footwear (trigger warning: it’s not just flip flops!)
LESSON: if you’ve got a strong product or service offering, isolate what makes your product popular and apply it in other areas to generate growth – but just make sure that the thing that makes the original offering popular also translates to extended offerings.
A lot of people who hadn’t listened to Jimmy Buffett in years (or decades) are missing him now – – because of an appealing state of mind that he offered.
A great example of the most basic of marketing rules:
Be unique if you can, understand your brand, and stay on brand.
The Armchair MBA 