Frozen yogurt is not a new concept. It’s been done before and it’s been done well, so starting a new froyo chain in an already saturated market could have been a risky move. But former investment banker Daniel Kim was used to risk, and waded right in, opening his first Red Mango (www.redmangousa.com) location in 2007 at the age of 30. His youth or former occupation might have been the more notable things about that launch, but now with more than 200 locations nationwide, the meteoric rise of Red Mango to one of the major players — not just in the frozen yogurt space, but in the quick-serve space in general — is what makes his story truly impressive.
So how did a money man launch a yogurt empire? Before the first Red Mango even had a plot of land to break ground on, it had a definitive presence. This was a shrewd move on Kim’s part, who knew that in order to make the brand successful he needed to make potential customers love the product. No big deal, right? Business owners always seek customer loyalty, but the difference was Kim started that process before he really had a brand.
“This was my first restaurant venture so I really didn’t know what I was getting into in terms of building awareness,” Kim admits. “Everything we did was related to making the product. There was a lot of R&D and I had a general idea of when the store was going to open, so I knew I had to build awareness before that.” READ MORE