Successful Entrepreneurs
Hugh Hefner and The Playboy Brand
Written by Richard San Juan for Gaebler Ventures
The Playboy bunny logo is one of the most recognizable logos in the world. Founded in 1953 in Chicago, the Playboy men's magazine was the idea of Hugh Hefner. Currently, Playboy has expanded and diversified selling videos, network TV, online gambling, and clothing. It generates revenue of $338.15 million as of 2005 . All of this would not be possible, if Hugh Hefner did not have the ability to develop the Playboy brand as a powerful one.
When one thinks of Hugh Hefner, the immediate thought that comes to mind is an old man wearing slippers and silk pajamas with young models draped on each side of him.
Hefner has almost become synonymous with the world bachelor.
The capability of living the good life of luxury and style, he has become the ultimate dream role model for millions of men around the world. The lounging, the alcohol, and the Playboy entertainment have contributed to the legendary status of Hefner. This type of mythical portrayal has extended to his business...Playboy Enterprises.
How did Hefner as an entrepreneur bring success to Playboy as they targeted only a niche market?
He brought Playboy closer to mainstream by building Playboy to be a powerful brand. A brand is a business relationship that an entrepreneur has with customers and associated businesses.
Hefner took almost every encounter as an opportunity to give his brand a good impression on interested individuals and as a result, created greater loyalty. He knew that in order to guarantee that the Playboy magazine will create revenue, it was essential to create an exceptional image with a certain magnetic appeal. That combination will lead to spreading the magazine's popularity globally.
In an effort to imitate his living lifestyle, Hugh Hefner sought to have the Playboy magazine become a collection of not only beautiful women, but also classy articles relating to current music, literature, fashion, and lifestyle.
After achieving success through the popularity of his magazine, Hefner wanted to branch out into other areas of entertainment. Hefner established various hotels, resorts, and clubs with a Playboy theme.
Moreover, the Playboy corporation further expanded into book publishing and merchandising. Eventually, Hefner and his executives created its own modeling agency and movie production company.
Taking advantage of the online business explosion, Playboy.com was started and quickly became one of the most popular websites for the male demographic group.
Richard San Juan is currently pursuing an MBA degree with an emphasis in Finance from DePaul University in Chicago. He is particularly interested in writing about business news and strategies.
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