In the realm of CEO as company icon, there’s “Face of the Brand,” where the CEO is celebrity spokesman (think: Lee Iacocca of Chrysler). There’s “Spirit of the Brand,” where the CEO’s persona sets the DNA for the company (think: Donald Trump, Larry Ellison). And then there’s “Sweat of the Brand,” where the CEO sweats the details over what is and isn’t representative of the brand, and more importantly, is the filter that extracts the granular essence of the specific products and services that the company delivers.
While the ‘Built to Last’ crowd can find plenty not to like about companies whose competitive advantage is predicated on the continuing heart beat and engagement of “sweat the details” CEOs, the magic that they create, and the seeming uniformity in their ability to marry product marketing with product management is breathtaking to behold.
Plenty of ink has been written about the consummate “sweat the details” CEO, Steve Jobs. And a post I wrote previously on Ron Popeil, founder of infomercial gadget maker, Ronco, plums the depths that such a CEO goes to breathe life into brand-worthy products.
“In the valley of the blind, the one eyed man is king”
Another “sweat the details” CEO is hotelier and casino operator, Steve Wynn, who pretty much transformed Las Vegas from a bunch of worn-down casinos to a luxury resort destination, with properties such as The Mirage, Treasure Island and Bellagio (and now Wynn & Encore), in addition to bringing Siegfried and Roy, Cirque de Soleil and upper-crust retailers to Las Vegas (not to mention, setting off exploding volcanoes every 15 minutes).
60 Minutes did a recent feature on him that’s worth watching. Beyond the financial success that’s the “score” of winning in the market (he’s a billionaire), Wynn is known as being fanatical in working with his design team to the point of signing off on nearly every detail.
A couple of interesting slices from the interview:
- Asked why he focuses so much on how things look, Wynn said, somewhat tongue in cheek, "I can't help myself. It's a sickness. My doctor says if I take my medication I'm no danger to anybody but myself. I can't help it," adding that this brings his greatest joy in life.
- On whether gamblers ever come out ahead in the long run: "You have never known in your entire life a gambler who comes here and wins big and…walks away?" (Charlie) Rose asked. "Never," Wynn replied. "You know nobody that over the stretch of time is ahead?" Rose asked. "Nope," Wynn said.
- On the irony of being hailed as visionary when he is gradually going blind with a degenerative ailment. “I've gotten too much credit for that really. If you look at Las Vegas in the 1980s, there hadn't been anything built since 1973 new. And so the city was in a time warp and as has so often been the case, in the valley of the blind, the one eyed man is king."
Ah, the
vision thing when married to the “sweat the details” thing. Very potent.
Related
Posts:
- The Pitchman: Must Read for "Product Nuts"
- Holy Shit! Apple’s Halo Effect
- Apple is a Great American Company Worth Celebrating
