Dolly Parton was also a great moat builder
Even after her passing the layered commercial flywheel of her brand continues to hum along.
The world's greatest investor...the Oracle of Omaha, Warren Buffett, is a big fan of investing in a business with a good moat.
According to Buffett, an economic moat is 'a sustainable competitive advantage that allows a business to protect its long-term profits and market share from competitors.'
A moat can exist thanks to: the network effect (becoming more valuable as more people use it), the high cost of switching away from it, holding insurmountable economies of scale, a cost advantage or possessing intangible assets (brands, designs, patents, contracts, partnerships) that drive an advantage.
On the last point, the late Dolly Parton was a smart moat builder.
Not only was she an incredible, singer, performer and song writer, but she was incredibly shrewd about how she leveraged her brand.
Opening this week 'the SongTeller Hotel and Dolly’s Life of Many Colors Museum both open in downtown Nashville, celebrating the life and legacy of Parton’s extraordinary output.
The hotel, which boasts 245 rooms and suites, including the Six Sisters Suite dedicated to Dolly’s five sisters, promises an immersive experience with Southern-style charm.
It’s also home to two live music venues: Parton’s Live and Jolene’s on the top floor, where you can enjoy craft cocktails and small plates alongside live music performances.'
For millions of Dolly Parton fans the hotel and museum will be yet another way to engage with the magic of the late singer and even after her passing the commercial flywheel of her brand continues to hum along.
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Lucy Shaw
