Virgin Strategy: System and Methodology

Gut Feeling

"I never get the accountants in before I start up a business"

Its done based on gut feeling. Reasons behind starting a new division are rarely financially driven.

Its about doing things differently and doing right for the consumer.

"If we make money out of the business, it's a bonus"


Targeting Lazy Industries

Entering markets controlled by monopolies and duopolies.

He loves nothing more than taking on large companies especially if they are taking advantage of their customers with their market dominance.

"It's simply looking at big, fat complacent industries and seeing whether we can get in their underbelly and tear it out"


Culture

All ventures has the ethos of 'fun' instilled in them.

"Apart from the passion of the business, we make sure that any business we go into, we do it with style, panache, great value for money, and that we have a lot of fun doing it"

"I like to employ the kind of managers that are willing to go out partying with their staff until the early hours of the morning then get up early and keep going"


Staff Morale

"Its important that staff really believe that they're working for the best company that they can possibly work for"

They have to be proud to say they work for Virgin.


Staff Incentives

Richard is a big believer in profit or equity sharing.

"We give the staff stakes in the company, and the key people quite big stakes in the company"

"Many of the original staff who started with Virgin Blue became millionaires from the float"


Customer Focus

Virgin has a strong customer policy.

"We want to be able to show that when the consumer comes into contact with us, they have a great experience"

"Our aim in life is to create the most respected brand in the world - not necessarily the biggest, but the best, and that's what were striving to do"


Doing Things Differently

Innovative and different

"We, have a lot of fun trying to rewrite business history and completely change sectors so they're never the same again"


Value For Money

"The credit card is going very well because its unbelievable to think that there's a country that still charges a monthly fee for the privilege of giving you a credit card"

Nobody else in the world does that.

The Australian public has had to put up with some abysmal, monopolistic behaviour by some big companies, which leaves those companies ripe for the taking"