During an exclusive interview on ITV’s This Morning, entrepreneur Richard Branson revealed one of his biggest business blunders, involving his brand Virgin Cola. In 1994, he entered the soft drinks market with the cola drink, which initially performed exceptionally well and even outperformed Coca-Cola in some stores. However, a PR stunt gone wrong in which a tank crushed a pile of Coke and Pepsi cans in New York marked the beginning of the end for Virgin Cola.
Branson admitted that the failure with Virgin Cola taught him an important lesson about putting purpose at the heart of a business and ensuring differentiation when facing larger competitors. He emphasized the need to be significantly better than the competition, which was not achieved with Virgin Cola. The brand was eventually discontinued in 2014, leading to valuable lessons learned about business strategy and product differentiation.
During his interview, Branson also highlighted his motto of “S*** it, let’s do it,” emphasizing his willingness to take risks and not be afraid of failure. He explained that his approach to business involves taking on outrageous ideas and being open to experimentation and learning from both successes and failures. Branson stressed the importance of having fun while trying new ventures and continuously learning from every experience he encounters.
Overall, Richard Branson’s failed attempt with Virgin Cola serves as a reminder that businesses must constantly adapt to remain competitive in today’s rapidly changing marketplace. By focusing on innovation and differentiation while embracing risk-taking and learning from failures, entrepreneurs can create successful businesses that stand the test of time.