After 30 years of being in the business and over 60 episodes of Bar Rescue, Jon Taffer has learned everything there is to learn about failure. In this video by Inc. Magazine, Jon Taffer explains the cause of failure and how to succeed.
McDonald’s, once the world’s largest burger chain, is now headed into a downfall as their 2015 quarterly report displayed diminishing profits, sales, and traffic.
From a marketing perspective, McDonald’s has no story or narrative. Unlike other vibrant brands that feature health-related messages (fresh, organic, light, etc.) or quality messages (meat blends, local, not frozen), McDonald’s has no narrative to connect with today’s market. Legacy brands like McDonald’s cannot depend on their reputation alone to succeed. New brands with enticing stories and product “motivations” will erode stale legacy brands in today’s marketplace.
Read more on the downfall of McDonald’s on Business Insider.
Jon Taffer has spent four seasons of “Bar Rescue” turning around failing bars across the US.
The show is filled with plenty of yelling, fighting, and weirdos that make for great television, but the principles Taffer teaches are all based on lessons he’s learned over his nearly 40 years in the bar and nightlife business.
Taffer tells Business Insider that even though he was one of the first inductees into the Nightclub Hall of Fame and has worked with more than 800 businesses in his career, he’s never had formal management training. Instead, he’s learned through trial-and-error, and there have been plenty of errors.