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Overview Transcript Case Study Video
Navarro Pharmacy #1
In 1961 the first location in Little Havana.
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Speak Your Customer's Language
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Another way to say this is, be part of the market you serve. The Navarros are Cuban and they all speak Spanish. All of the employees speak Spanish and they serve communities in Miami which is 50% Latin. At Wahoo's Fish Taco, the founders target surfers because they are surfers. At Le Travel Store, the owners themselves are independent, international travelers and this is the target market they go after.

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Key Ideas from this Episode
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1. Small Business School Do What You Know
2. Do A Lot With A Little
3. Pour Your Earnings Into The Future
4. Speak Your Customer's Language
5. Hire People Who Want To Move Up
6. Inspect What You Expect
7. Change To Meet Demand
8. Increase Profit Margins With Private Labels
9. Enroll The Next Generation In The School of Hard Knocks
10. Put Others Ahead Of Yourself
11. Be A Team Player
12. Develop Core Beliefs
13. Use Technology To Dazzle Customers
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Topic for Discussion: What does it mean to belong to a group that is defined by demographers?

Answer: It means you can focus and not worry about being all things to all people. It also means you should have insights that those outside the group could never have even if they did expensive market research.

In the case of Navarro, what seemed unique in the '60s and '70s is now understood. This country has a growing Hispanic population that will shop differently than will Anglos. Navarro's is cashing in big on this trend mainly because they are part of it and they have not drifted away from it.

In the case of Wahoo's, which targets surfers, the founders have been surfers since childhood and rather than give up surfing they invented a product to sell to surfers.

We believe that you can think of groups as tribes and Merriam-Webster says, a tribe is, "A social group comprising numerous families, clans, or generations together with slaves, dependents, or adopted strangers; a group of persons having a common character, occupation, or interest; a category of taxonomic classification ranking below a subfamily; also : a natural group irrespective of taxonomic rank."

You think about it: Could your target market be described as a tribe? If not, why not? If yes, what insights do you gain from thinking of them as a tribe? Would they like to see each other more often? Can you provide bonding experiences for them that others could not?

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