The Perfect Product

The strategies that have created legendary success for Jagger and company can be implemented in any firm looking to build market Ta ble 5. 1 Rolling Stones Income

ACTIVITY REVENUE Royalties $ 56.0 million Album sales 466.4 million Tour revenue: Ticket sales 865.3 million Merchandise 135.9 million Sponsorships 21.5 million TOTAL $1, 545.1 million share, maintain customer loyalty, and remain relevant in the culture and among its fans. The Rolling Stones illustrate how to: S Evolve a product over time at a rate that doesn’t alienate current fans yet keeps it fresh in the market.

S Build product familiarity and cultural acceptance with repetition, repackaging, and recycling.

S Harness the buying power of baby boomers to grow profits.

S Explore new marketing avenues from corporate alliances to alternative product delivery to maximize market impact and profitability.

S Relate to the changing attitudes and lifestyles of customers.

S Keep a talented team together for the long run.

The Rolling Stones didn’t start out as the slick performers or businesspeople they are today, but the band also didn’t fall into the trap that squelches the success of many corporate start ups-waiting for the perfect product before going to market. It often takes experimentation, mistakes, and some outright flops to perfect a product, and few would claim that the Stones started with a perfect product. Their earliest recordings were mostly hits of others, surrounded by some blues riffs, because they had little original material at that time. They certainly weren’t anyone’s definition of beautiful (far less cute than the Beatles); in fact, they appeared dark and dangerous to the general public. They prove, however, that just because early prototypes may not be perfect or stunning in appeal, doesn’t mean an entrepreneur can’t make modifications and improvements while in search of the perfect product.