During a recent interview on ITV’s This Morning, entrepreneur Richard Branson revealed one of his biggest business mistakes involving his brand Virgin Cola. In 1994, Branson entered the soft drinks market with the cola drink, which initially performed well and even outsold Coca-Cola in some stores. However, after a PR stunt in which a tank crushed a pile of Coke and Pepsi cans in New York, Virgin Cola eventually came to an end.
Branson admitted that the mistake with Virgin Cola taught him the importance of putting purpose at the heart of a business and ensuring differentiation when taking on larger competitors. He emphasized the need to be significantly better than the competition, which was not the case with Virgin Cola. The brand was discontinued in 2014, leading to lessons learned about business strategy and product differentiation.
In addition to discussing his failed attempt with Virgin Cola, Branson shared his motto of “S*** it, let’s do it,” highlighting his willingness to try new things and not be afraid of failure. He explained that his approach to business involves taking on outrageous ideas and being open to experimentation and learning. Branson emphasized the importance of having fun while trying new ventures and continuously learning from both successes and failures.
Overall, Branson’s experience with Virgin Cola serves as a reminder that businesses must be able to differentiate themselves from their competitors in order to succeed. By focusing on putting purpose at the heart of their operations and continuously learning from their mistakes, businesses can improve their strategies and ultimately achieve long-term success.