The Jimmy Buffett business bonanza returns to Tampa
Jimmy Buffett returns to play in Tampa tonight at the Ford Amphitheatre. I’ve been to a dozen or so Buffett shows since that first visit, at what was then Pine Knob in Detroit, in 1993. Friends and I drank warm pina coladas out of a college buddy’s trunk on a scorching Fourth of July weekend. Who wouldn’t get hooked on Buffett after that?
If you can push past the parrots and the margaritas, you’ll find an amazing business success story in Jimmy Buffett. Looking for a textbook case in constructing a brand to meet customers' emotional wants across a massive range of products and services? Forget Proctor and Gamble. Forget Apple. Forget Starbucks. No corporate conglomerate has done it any better than Jimmy Buffett:
How big is Buffett?
With an estimated annual income of more than $40 million, you might mistake his portfolio for that of Warren Buffett (not a relative). And he's done it by sailing beyond most musicians' ticket, T-shirt and poster revenue stream.
The title of his most popular song is showing up on restaurants, clothing, booze and casinos. Among the products he's involved with are Landshark Lager, the Margaritaville and Cheeseburger in Paradise restaurant chains, clothing and footwear, household items and drink blenders. The Margaritaville cafe on the Las Vegas strip is said to be the top grossing restaurant in the nation.
Buffett writes best-selling novels. There's Radio Margaritaville on Sirius. Even his recording career is booming as the music industry tanks: His recent album, "License to Chill," was the first No. 1 album of his career.
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"Jimmy Buffett and his team at Margaritaville have created an extraordinary brand that is instantly recognizable to an enormously large and dedicated fan base," said Richard Fields, CEO of Coastal Development. "The brand implies quality, value and good times."
BuffettNews.com has a nice rundown of the full Buffett empire, from restaurants to record labels -- and two Margaritaville-themed casinos, set for Biloxi and Atlantic City.
My favorite thing about this Buffett business bonanza? There was no grand strategic plan. Just a guy who followed his passion for music, and then:
- Listened to and understood his customer base
- Built a compelling, powerful and long-lasting brand around his customers' wants
- Understood how to extend that emotional bond across a wide range of products and experiences
In short, Buffett did what he loved, paid attention to opportunities that created and then worked his ass off to build his business.
I’m looking forward to continuing Buffett brand research as part of the parking lot party this afternoon, and, of course, at the concert this evening.
Fins up.