The Fortune Cookie Principle | Bernadette Jiwa

Summary of: The Fortune Cookie Principle: The 20 Keys to a Great Brand Story and Why Your Business Needs One
By: Bernadette Jiwa

Introduction

Discover the power of brand storytelling with ‘The Fortune Cookie Principle: The 20 Keys to a Great Brand Story and Why Your Business Needs One’ by Bernadette Jiwa. This book summary highlights the importance of building a strong connection between your customers and your product through an authentic, captivating narrative. Jiwa emphasizes the role of purpose, vision, values, and location in crafting an effective brand story that stands out in a fiercely competitive market. Explore the Fortune Cookie Principle and unlock the potential of compelling brand storytelling to draw in customers and foster loyalty.

The Importance of Brand Storytelling

In today’s market, having a great product isn’t enough. To succeed, businesses need to create a brand based on a story. This narrative or fortune can foster a connection between the customer and the product. The cookie is the tangible product, while the fortune is the intangible story that captures your values, purpose, and vision, making customers adopt your story as a part of themselves. Apple’s successful business model is an excellent example of the Fortune Cookie Principle, which includes the key points necessary to forge a brand story that’ll create a bond between customers and products.

Finding Purpose in Business

Building a successful business goes beyond making a profit. The first step to building a thriving company is to identify its purpose, a clear vision that is central to all your operations. The purpose will guide every decision, from product design to hiring. Without a clear purpose, businesses risk losing sight of why they exist. Jim Stengel, an executive at Procter and Gamble, together with market researchers, identified businesses that had experienced tremendous growth over the past decade. The success was attributed to each business having a clear purpose. Lego, for example, had lost sight of its purpose, leading to a $300 million deficit. The company refocused on inspiring creativity in children across the world, leading to a $110 million profit within a year. Defining purpose is crucial, but the next step is to create a vision for the business, which will be discussed further in the book.

Crafting Your Company’s Vision

Building a successful business starts with creating a clear and impactful vision. Room to Read, a Californian non-profit, is guided by a vision of providing access to education for all children in developing nations. Defining your vision requires a consideration of how your company will affect the future, how your daily work can support the vision, and how it will affect your customers. Your vision can evolve over time, as demonstrated by the founders of Airbnb, who quickly adapted their original vision of providing accommodation for conference-goers to creating a platform for listing and booking vacation rentals around the world. As you build your business, it’s essential to develop and prioritize a clear vision for the future.

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