Companies ‘go public’ for one main reason – to raise capital.
Which leads us to believe that Bojangles’ – which raised nearly $150 million back in May through their initial public offering – has something big up their sleeves. Something like significant expansion in and beyond their current market.
And I say thank goodness – as the rest of the world would do well to learn a little something about their delicious Cajun-spiced chicken, perfectly seasoned fries, pillow-like buttery biscuits and legendary iced tea so sweet it’ll turn your mouth inside out. Trust me.
When a company expands, the ripple effect is huge, and the situation facing a number of Bojangles’ suppliers right now is a good one. As with any major chain growth, it can be assumed that for the next few years, some of Bojangles’ suppliers will be able to count on this growth for increased sales of everything from flour to fryers.
But – alas – Bojangles’ does not go public every year.
The good news is that in order to develop a sustainable sales model that will help your company ride the roll-out wave successfully, you don’t have to go very far. Look to your current customers for penetration opportunities at times when roll-outs aren’t rolling your way. Here’s how:
- Leverage the relationship: any equity associated with your brand is already established, so it will be easier to connect with the right people and the right opportunities.
- Play the right product: if the customer is pleased with the product(s) they’re currently purchasing from your company, chances are they’ll be happy to entertain conversation around another one, but be sure it meets a need or solves a problem for them.
- Look beyond the corporation: just because your product has been ‘blessed’ at the corporate level does not mean franchisees have caught wind of it yet. Engage with and educate them to increase awareness and drive demand.
And in the meantime, do yourself a favor and drive (or hop a flight) to the nearest Bojangles’ location and order up a Cajun supremes combo – don’t forget the honey mustard sauce. You can send any thank-you notes my way.