FT Start-Up Stories Episode 4 - Getting close to your customers
Nov 16, 2015
James Watt, Co-founder of BrewDog, shares insights on cultivating a passionate community around craft beer. He discusses how engaging customers as investors creates memorable experiences and influences product development. Watt highlights the importance of listening to customer feedback for choosing business locations, stressing that strong customer relationships are vital for sustainability. Additionally, he emphasizes transparency and aligning with consumer values to foster loyalty and drive marketing efforts, showcasing the modern shift in customer-business dynamics.
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Make The Product Irresistible First
- Make an outstanding product first and let customers find you through quality and word of mouth.
- Spend less energy chasing sales and more on craftsmanship and memorable experiences.
Customers As Community And Owners
- Treat customers as a community and call them 'fans' to deepen engagement and loyalty.
- Shared ownership (customers as investors) shortens distance and amplifies involvement.
Equity For Punks Born From A Funding Crunch
- BrewDog launched Equity for Punks in 2009 after banks refused to lend during the recession.
- The scheme gave fans equity, benefits, and early-stage investment opportunities in the company.
