Many entrepreneurs question whether to start a new company with a single brand to compete against established companies with diversified product lines. The answer has been provided by Tito Beveridge, who built Tito’s Handmade Vodka into a huge success. The accomplishment was achieved without large financial backing or a national advertising agency. Most daunting of all, Tito faced firmly entrenched rivals with multiple brands.
Despite the formidable competitors, upstart Tito maintained a hopeful attitude and gradually made more people want to conduct business with him. Evaluating how Tito succeeded provides some valuable lessons for anyone starting a new company.
Before Tito began his vodka venture, he considered both his interests and abilities. Several of these tend to intersect for every individual. Perhaps the cause is liking what we’re good at…or maybe we become good at what we like. Either way, the combination provides the qualities an entrepreneur needs – ability and tenacity.
Tito decided that dedication to delivering a good product would cause the market to find him. His plan for the new business was providing high quality at a reasonable price. He used plain bottles and maintained low overhead. As Tito’s Homemade Vodka grew in popularity, the bottle hasn’t changed. The company has stayed with its counter-chic impression.
The tale of homemade goodness created by Tito has given his company a persona. He continues to promote that image. It all started with selecting a company name. Tito used his personal name in order to make the brand into a personal story.
Word-of-mouth marketing worked as Tito gradually built a base of loyal customers to spread the news about his company. This process turned Tito’s Homemade Vodka into a national brand. It all began because of the founder’s enthusiastic interest in his product and fondness for telling the story behind it.