Lessons We Can Learn From Great Business Minds of Yesteryear

Old ford motorcar
Business leaders of yesteryear can teach us lessons even today. Cornelius Vanderbilt, who dominated shipping and railroads, John Pierpont “J.P.” Morgan, who built a financial empire on investments and banking, Mary Kay Ash, who founded the exceptionally successful company Mary Kay Cosmetics, and John D. Rockefeller, who founded Standard Oil as was America’s very first billionaire are all worthy of admiration and have lessons they can teach us. Today, though, let’s look at one businessman, in particular, Henry Ford.

Who Was Henry Ford And How Did He Make An Impact in The Country?

Henry Ford, born in 1863, was a U.S. Industrialist who revolutionized automobile production, which allowed his company to mass produce cars, thus bringing the price down. This, in turn, allowed more regular folks to purchase cars and led to Ford Motors becoming hugely successful. In essence, Ford did more than creating a successful company; he revolutionized the entire transportation industry. Before his changes were implemented, most people were unable to afford such a luxury. Therefore, he took a product that was not widespread and made it applicable for the average consumer, thus changing the entire landscape of the country in several ways. Ford was able to achieve this success thanks to a few methods he applied within his business. These ideas are applicable to any type of business and can teach us as business professionals and entrepreneurs lessons on success even today:

  • Innovation is Everything: When it comes to innovation, Henry most certainly knew what he was doing. He utilized an assembly line technique that forever altered the way automobiles were produced. It’s worth noting that he was not the inventor of said assembly line. He only created an innovative way to implement the technique within his business. This is a great lesson we can learn from him today. You don’t have to come up with the idea or product in order to figure out a new way to utilize it.
  • Don’t be Afraid to Specialize And Offer Solutions to Undiscovered Problems: Henry Ford understood his market and specialized in it. He understood that it’s hard to find success when remaining too generic. He also understood his customer base better than they understood themselves. He was able to offer a product as a solution to a problem that his customer base didn’t even realize they had. He once stated, “If I had simply asked people what they wanted, they would have asked me for faster horses.”
  • Efficiency is Vital: Ford was such a believer in efficiency that he is credited with the creation of “Fordism.” This term basically describes a system of mass production that is both standardized and efficient. He understood the importance of keeping his workers productive and achieving a maximum output. He was able to do this, in part, by providing incentives. These incentives, which included a reduced workweek and better wages, resulted in worker loyalty and efficiency.
  • Don’t be Afraid to Learn Something New: Henry Ford once said, “Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” Henry Ford was personally committed to learning. He was never content to learn all he could about a subject and just stay there. He didn’t want to just “be,” he wanted to grow. This is likely how he was able to come up with such innovative ideas because he never got stuck thinking or acting a certain way. Instead, Ford was always up for a new challenge. We would do well to emulate this in our own professional lives.

There are countless other lessons we can glean from Henry Ford and other businessmen and women like him who revolutionized their industries and achieved amazing success. The important point to remember is that they all stepped out, took a risk, and believed in their goals. That is the foundation for any great success.


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AR, VR, and Other Ways to Use Technology in a Print Campaign

QRticketsFrom the affordable headsets that take users into another setting or world via virtual reality to games like Pokémon Go and even children’s coloring pages, technology is impacting the way we live and seek out entertainment. It may seem like virtual or augmented reality is firmly fixed in the digital world (and therefore of no interest to those who create and use printed pieces), but a surprising amount of technology can be incorporated into printed media.

Augmented Reality and Printing

Augmented reality technology provides an overly to the “real world” you can see via your phone’s camera, adding digital elements to the space around you. Pokémon GO is the best recent example of AR in action, and retailers like IKEA also use it to allow you to see what furniture pieces would look like in your own home.

Adding AR elements to your printed pieces gives people a whole new way to interact with your postcards, business cards, catalogs, and more. It also adds an element of fun and makes it more likely that the recipient of the piece will want to hang onto it and even show it off.

While not everyone will “get” AR right away, recent hits like Pokémon Go show that AR can be accepted by a wide group of ages and demographics. From including an interactive game in your materials (as Toys R Us did in a recent catalog) to using a playful mascot or other element, creative use of AR can help your printed piece make a splash in the real world.

QR Codes

Those little square barcodes are an ideal match for printed pieces and can bring visitors to your site. Since QR codes are designed to be read with a smartphone, you give the person holding your printed material the ability to visit your site in an instant. Use a QR code on your printed piece to link to a special offer, unlock content, or even provide additional information. QR codes are small and won’t take up much space on your printed materials, and incorporating one allows your prospects and recipients to interact with your business in a whole new way.

QR Codes and Virtual Reality

Immerse your reader in your printed materials by providing a QR code that links the viewer to a virtual reality experience or unlocks additional content. If you already have a VR showroom, game, or content, then making it easy for users to access it by simply scanning a QR code ensures you get plenty of extra traffic, without taking up space on your materials.

Variable Data Printing

This type of technology won’t change the look of your printed pieces, but it can help personalize the materials you create. Your customer won’t notice anything special about the printing, but they will think you’re really in tune with what they want and need.

The ability to create on-demand pieces that match your customer’s preferences boosts the likelihood that your offer will resonate with them. Used primarily in direct mail, but adaptable to other pieces, variable data printing allows you to target the elements used in a specific piece to the intended recipient. This technology is particularly useful for targeted marketing campaigns with a personal touch.

Adding a dash of high tech to your printed materials gives you additional ways to connect with customers and helps you get the most from your printing investment. Your pieces are also more likely to start a conversation, grab attention, and even be saved by the recipient, boosting their long-term value and ensuring your brand is remembered when your prospect needs something.


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What You Need to Know About Color in Design

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In a recent study conducted by KissMetrics.com, visual appearance and color ranked more important to consumers than just about everything else when viewing marketing materials. In fact, ninety-three percent of people who responded to the survey said that visual appearance (which color is a part of) was the most important factor they used when making a purchasing decision. Only six percent said texture, while on percent placed a heavy value on sound and smell.

Color and Marketing: Breaking it Down

Along these same lines, an incredible eighty-five percent of consumers said that color was THE primary reason why they chose to buy a particular product or service. It goes without saying that the right color design is the perfect place to start with your marketing materials.

In terms of your long-term success, one of the most valuable resources that you have available to you is and will always be your brand. It’s something that lives on long after a purchase is made. It’s the narrative and the set of strong, relatable values that are at the heart of your business. Additional studies have shown that the careful use of color can increase brand recognition by up to eighty percent, which, in turn, goes a long way towards increasing consumer confidence at the same time.

But What Do Colors Mean?

However, none of this is to say that your marketing materials should be jam-packed with as many colors as possible. Quite the contrary, in fact. Different colors have all been known to affect people on an emotional and psychological level in a variety of ways. Consider the following:

  • Yellow is often associated with optimism and youthful enthusiasm. This is why it’s often used to grab the attention of people like window shoppers.
  • Red is almost always associated with a sense of energy and excitement. In fact, red is a great way to create a sense of urgency in your readers (and when used right can even increase their heart rate, too!)
  • Black is considered to be very powerful and very sleek, which is why it is usually used to market luxury products.
  • Green is normally associated with wealth – which makes perfect sense because money is green. It also happens to be the easiest color for the human eyes to process, which is why green is often used to underline important information in marketing copy.

To that end, it’s important to use different colors depending on exactly what it is you’re trying to accomplish. Are you trying to highlight an upcoming clearance sale and want to create a sense of urgency? Make sure those fliers and posters have as much red on them as possible. Are you trying to attract the attention of a more sophisticated level of clientele, or do you want to positively influence the overall impression that people get when they see your products? Try using as much black as you can.

Color is a powerful tool when used correctly, but it’s important to remember that it is just one of many. But, provided your use of color matches up with both your audience and your long-term objectives, you’ll find that it can be a terrific way to put your campaigns over the top and start generating the types of results you deserve.


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Business Cards: Why They’re Still an Important Marketing Tool in the Digital World

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With all of the talk about the importance of properly marketing your product or service, it’s important not to overlook the most valuable commodity of all: yourself. As much as that beautiful-looking flyer attracts the right type of attention for your product, a business card is designed to do the same for both your professional image and your career as a whole.

But do business cards still have a place in a digital world? In an era where finding someone is easier than ever thanks to tools like social media, do people still need to go through designing, printing, and handing out a business card? The answer is one that might surprise you.

Business Cards: By the Numbers

Just going off of statistics, it’s easy to see that the answer to the question “are business cards still an important tool in a digital world?” is a resounding YES. According to one study, there are about 10 billion(!) business cards printed in the United States each year – or roughly 27 million each day.

But diving deeper, it’s clear that business cards perform a function that goes far beyond just handing out contact information. They actually serve an important role in your business at large, too. For every 2,000 business cards that you pass out, you can expect your sales to increase by an average of 2.5%. Business cards do everything from show someone you’re serious to increase personal brand recognition and awareness.

One of the major strengths of print marketing and the use of business card is that they’re physical. They’re something tangible that people can hold in their hand and, most importantly, share with friends and other family members. In an era where people are getting bombarded by more digital messages than ever and emails can be deleted in seconds (and people can be muted on social networking sites like Twitter), never underestimate how essential this simple fact really is.

The Power of the First Impression

Just because business cards still serve a purpose does not mean that all business cards are created equally. There are a number of design tips that you can use to make the RIGHT kind of first impression the next time you hand out your card to a customer or at that next big networking event.

StatisticBrain estimates that prospective clients will hold onto a color-filled business card a full ten times longer than they will a standard white card. Color also increases the impact of engagement on a person’s ability to follow simple directions; this is an advantage too powerful to ignore.

Approximately seventy-two percent of people say that they judge the company or brand that a person works for based on the quality of their business card. Likewise, thirty-nine percent of those who responded to a survey said that they would choose NOT to do business with someone if they had a “cheap-looking” business card.

Business cards are still essential in a digital world, and that means you need to devote the time to doing them well.


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How to Live Your Passion in Any Profession

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We all want to live a purposeful life. Some individuals are lucky enough to be in a professional role that allows them to live out their passion through their profession. Even if you aren’t able to make money while at the same time living your passion, you can still integrate your passion in your current profession. After all, “Often finding meaning in life is not about doing things differently; it is about seeing familiar things in new ways,” says author Rachel Naomi Remen. More on this below:

Understand You Don’t Have to Change Careers:

No matter what your current profession might be, you have the propensity to make a difference and live your passion. This means, living your passion doesn’t have to include a career move. Not everyone can get a job that embodies their passion. That’s why it’s good to “bloom where you’re planted” so to speak. Whatever your profession, find ways to live your passion within it. The following are a few ways to do that:

Treat People Like They Matter:

To live a life of purpose, you should treat those around you like they matter. For example, a cafeteria worker might feel her job doesn’t matter. Yet, what if while doing her job, she gives kids the only kind words and the most genuine smile they will get each day? Doesn’t that make her job of serving food more purposeful? Another example could include a handyman that takes the time to talk to the widow whose house he is repairing. It might not seem like much to the man, but to the lonely widow who was yearning for company, it can make a great difference. In the service industry, each customer served is another opportunity to make a difference.

Volunteer Your Time To Causes You Believe In:

If your nine to five job isn’t world-changing, that doesn’t mean you can’t still make a difference and live out your passion. Find organizations that are addressing the areas you feel need attention. Join their cause through volunteering your time. If possible, you can find ways to combine your day job with your volunteer efforts. For example, let’s say you work in an office and you want to give back to kids who have cancer. Ask your co-workers to make donations along with you. Organize a visit to a local hospital and take gifts to the kids. Make baked goods, sell them to your co-workers, and then give the proceeds to the organization. You could also take part in a run that benefits the cause and ask your co-workers to join in. The main thing to remember is you don’t have to keep your passion and your profession separate. In fact, many businesses are more than willing to give back to worthy organizations. It’s good PR, and they can write it off on their taxes.

Don’t Give Up:

Above all else, to live a life of passion and purpose, you can’t give up. Even if things haven’t worked out exactly as you would have planned, you can still live a life that changes the world. Of course, this doesn’t mean you have to remain in the same career, but you shouldn’t feel the only way to live a life of passion is to change your profession.


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Make Customer Loyalty a Bigger Part of Your Marketing Efforts

custLoyaltyIn the early days of your business, the goal of your marketing program was essentially a singular one: you tried to get your product or service in front of as many eyes as you possibly could. Once you’ve established yourself, however, it’s time to switch gears a little. According to most studies, it’s between five and twenty-five times more expensive to gain a new customer than it is to keep one of your existing ones. This means that if you’re not already making customer loyalty a significant part of your marketing efforts, it’s about time to get going on it.

What a Difference Customer Loyalty Makes

According to a study conducted in 2014, seventy-three percent of consumers said that loyalty programs should be the way that brands show loyalty to their existing customers. Regardless of which way you choose to look at it, even instituting a modest customer loyalty program can have significant benefits across your entire organization. It can help make your marketing more appealing to new customers, as well as lead to higher levels of engagement with existing ones. That engagement breeds retention, which research suggests creates a situation where your average customer will be up to five times more likely to only buy from you in the future.

Also, remember that increasing customer retention (which these types of loyalty programs are great at doing) by just five percent can boost your profits anywhere from twenty-five to ninety-five percent, according to Bain & Co. Let that sink in for a second.

Building a Customer Loyalty Program

When you begin to institute a customer loyalty program for your business, the biggest mistake you should avoid is one of perspective. Remember that what you’re trying to do is show loyalty to your customers, period. Far too many businesses make the mistake of assuming that this is a way for customers to show loyalty to a brand, which leads to the type of ill-advised thinking that generates bad customer service and only ends up with a program few people want to take advantage of.

Assuming that you’re “giving your customer the opportunity” to show loyalty to your business is how you end up in a situation where forty-three percent of consumers say that rewards programs require too much spending to reach the next level, or where points expire before they can be used, or where points are worthless because of all the restrictions they come with. Build a program that lets you say an emotional “thank you” to the people who got you where you are, NOT the other way around.

If you are going to make customer loyalty a bigger part of your marketing efforts, however, always remember the old saying that “variety is the spice of life.” In a survey conducted by Collinson Latitude, sixty-three percent of respondents said that having a wide range of rewards and offers was the single most important aspect that decided whether or not they would sign up for a loyalty program. So the occasional coupon isn’t necessarily going to cut it (pun absolutely intended).

Again, making customer loyalty a bigger part of your marketing efforts is, and will always be, about giving back to the people who helped build your brand. If you make every decision with this one simple perspective in mind, all of the other benefits – from increasing the value of each customer to engagement and long-term loyalty – will happen as a happy byproduct.


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It’s Okay to go Niche: How One Unusual Brand is Turning Trash into Specialty Surf Bags

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Sometimes, we stumble across an answer to a problem that we did not know existed. Alec and Aric Avedissian are solving two problems at once with their business Rareform. Rareform’s customers get durable, one-of-a-kind surfbags while the company helps reroute some of the thousands of pounds of billboard material that is discarded in the U.S. every day.

The average billboard goes up for four to eight weeks, then is discarded. While there are no firm figures on how many billboards exist in the United States, the number is high. The Los Angeles area alone is host to over 6,000 boards. Since billboard material does not decompose, that is a lot of waste.

Inspiration in the Strangest Place

Avedissian stumbled on the idea of surfbags from billboard vinyl after spending time volunteering with a fishing cooperative in El Salvador. While there, he saw people using discarded billboards to make roofing. The sight was a revelation. He’d previously never considered the material and had thought that billboards were made from paper. The discovery that this durable material was being discarded every week spurred his innovative idea.

While the bags offered a durable product at a reasonable price, the company was having a hard time finding their footing. They’d had $1.1 million in sales over three years, but saw that sales were slipping. Had they reached saturation? They decided to go on Shark Tank to see if they could find the funds that would bring them growth. Two out of the three judges did not bite; they were concerned not just with the falling sales, but with the complexity of the concept of Rareform’s product. However, Kevin O’Leary was not dissuaded and made an offer. And, it turned out that the best benefit for the product was appearing on the show.

Before their Shark Tank appearance, Rareform would recycle anywhere from 10,000 to 20,000 pounds of vinyl each month. With the added visibility provided by the show, they’ve increased their monthly recycling to 50,000 pounds.

When It’s Okay to Go Niche

Surfbags are already a niche item, appealing only to the approximately 23 million surfers worldwide. By adding the factor of the recycled bags and their one-of-a-kind nature, they become even more niche. However, faith in their product and a willingness to seek out new opportunities to get their wares in front of the audience worked out.

Small businesses should never shy away from a niche product as long as it has a few things going for it. The questions you should ask:

  • Is there an audience? Rareform built their early success with the help of dedicated hobbyists.
  • Do you have a platform that can get you attention? Their appearance on Shark Tank was just what was needed.
  • Do you have reasons for making your product the way you do? Rareform’s founders said they were committed to the cause of recycling. While this was a turn-off for some investors, it is what makes their product appealing and unique.

In today’s highly connected world, there is room for every well-made product, even if your audience is small. By focusing on what you bring to the table, you can find your audience and build success for your brand.


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3 Tips for More Emotional Print Marketing Collateral

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Despite what you may believe, most people don’t rely on information when it comes to making a purchase. While people do love to do research in advance of parting with their hard-earned money, they rely much more heavily on emotions to guide their decisions. Therefore, it stands to reason that if you want to motivate someone to take action, you should work hard to inject as much raw emotion into your print marketing collateral as possible. Luckily, there are a few key tips you can start using today to accomplish exactly that.

It’s All About Those Colors

Even if you don’t want to fill your marketing collateral with text that drives home emotions, there are a number of subtle steps you can take to instantly provide a richer, fuller experience for your readers. Case in point: depending on the colors that you choose, you could be saying a great deal with your marketing collateral without actually saying anything at all.

Do you want to create a sense of urgency, for example, to really sell how important it is that someone place an order RIGHT NOW before your inventory is gone forever? Rely heavily on the color red to do exactly that. Note that red is also a great way to encourage someone’s appetite, which is why it’s used so heavily in marketing campaigns for fast food restaurants in particular.

Do you want to leave someone feeling calm, tranquil, and powerful? Green is the perfect way to do that. Black is often associated with authority and stability, while purple is a perfect way to signify wisdom and respect. Even oranges and yellows can be a great way to promote optimism, something that would be ideal if you’re sending out marketing materials in advance of a product or service launch to build anticipation.

It’s Not About “Me.” It’s About “You.”

If you really want to convey emotion in your print marketing collateral, shift the focus of your copy to place the emphasis squarely on your consumer where it belongs. Don’t speak to a large group of people; speak directly to one person for more intimacy. Don’t write copy filled with technical specifications about the product; write directly about the experience someone gets and the problem it solves when using it.

At the end of the day, you’re conveying all of the same information; you’re just doing it in a more emotional way. It’s the difference between “this great new product has X, Y, and Z features” and “you have an important problem, which this product solves in X, Y, and Z ways.” Both are technically correct, but only one cuts right to the heart of the matter (no pun intended).

Tie Emotion Into Your Call-to-Action

Finally, learn how to insert as much emotion as possible directly into your call-to-action for the best results. Don’t just say “Contact us today for more information.” Think about the emotions you’re trying to play to, first. If you want to create a sense of urgency, say “to find out how you can take advantage of this deal before it’s gone, contact us today for more information.”

Always try to leave someone with a strong feeling when they get to the end of your copy, be it happy, sad, excited, etc. Exactly what they will feel will vary depending on what you’re trying to accomplish, but if you can leave them feeling SOMETHING, they’ll be much more likely to take that next step.


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The Best Marketing Solves a Problem

diamondDiamonds are a girl’s best friend, right? Unfortunately, not always. After learning about some of the poor working conditions and high levels of violence associated with most diamonds on the market, many girls (and guys) have decided that a conventional diamond is not the ideal expression of their love. While some have turned to vintage pieces or alternate stones, one Los Angeles entrepreneur has provided a third option: high-quality jewels grown in a lab instead of under the ground.

Vanessa Stofenmacher did not know much about the jewelry business when she started VOW, her line of engagement, wedding, and promise rings. To cope with the limitations of current diamond-tracking laws, she opted to have the stones for her jewelry line made by Diamond Foundry, a laboratory that makes diamonds in California.

In her market research, she found that women in their twenties were likely to be concerned about the source of their diamonds. They typically did not mind wearing lab-grown stones as long as they looked as good as natural ones. This research made her line a success; the company, beginning with $8,000 in seed money, was valued at $3 million in 2016.

Don’t Be Afraid to Live Your Values

Many of us feel that, in business, our personal convictions should stop outside the doors. However, if we do not create products and marketing campaigns that align with our own values, the chances are good that they will not hit the mark with anyone else.

By choosing a product that she felt strongly about, Stofenmacher found the characteristic that makes her product line different from every other one out there.

Millennials, in particular, are happy to do business with companies that take an ethical stand. By doing something about your beliefs, you can increase connection and engagement.

Think Like Your Customer

The other thing that Stofenmacher did right was seizing an idea that had been troubling many people in the market for diamond rings.

Is there an issue in your industry that you are in a position to address? It does not have to be an ethical concern. It can be a common pain point, such as:

  • the amount of waste currently associated with a product.
  • the inconvenience of current ordering practices.
  • a lack of educational materials about your product and others like it.
  • an area where prices are out of line with consumer expectations.

By looking at what your customer cares about most, you can increase the chances of creating a product and a marketing campaign that will resonate with them.

Listen to Your Customers

How can you find out what people want? Just listen. Stofenmacher learned about the desire for ethical lab-grown stones by perusing Instagram. You can set up social listening on platforms that include Facebook, Twitter, and LinkedIn to see what people are talking about in your industry. Many brands also use customer surveys in front of gated content to learn more.

Over time, you will find that your customers respond best when you directly address an unmet need. The marketing campaigns based on this concept will get higher levels of engagement, a better conversion rate, and will help you build long-lasting relationships that are good for you and your customers.


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To Grow or Not to Grow; That is the Question

arrowBooster Juice started off in 1999 as a one-store operation with a lot of questions about whether it would burn out as a fad. Their product was a juice smoothie (a fruit, vegetable, or plant-based drink shake). However, by 2016, Booster Juice had over 330 stores across Canada, and they are now looking at entering the U.S. market for even more expansion. How did this company go from one small outfit to a mega corporation franchise, and what did Booster Juice’s management do right to maintain growth successfully?

Dale Wishewan, Booster Juice’s owner, was a mechanical engineer by training, being naturally geared to decisions based on analysis. However, he also realized that just running a business by not taking any risks or having the cash on hand to pay for those risks, was never going to produce fast, exponential growth.

A Path for Growth

So, Wishewan settled early on franchising. The franchise decentralization of daily work and keeping an eye on the big picture kept Wishewan and Booster Juice on track. However, the fact that the daily store management was placed with franchisees who had “skin in the game” also meant that Wishewan didn’t have to worry about the loss of loyalty or control.

The above said, Wishewan still avoided high risk markets, especially overseas like China or South America. While these emerging market venues seemed to offer faster growth, the risk level was higher with control issues. Distance and language also presented major management hurdles as well. So, Wishewan wisely turned down those markets to continue growing in Canada alone. It was a smart decision proven by Booster Juice’s metrics and profit figures.

It’s All About the Plan

Scaling up is as much about planning and strategy as it is understanding one’s current capability and cash flow. There is no one aspect of business an owner or manager focuses on; it’s a multi-faceted challenge to meet the increased sales demand promptly and plan logistics correctly while not ending up going bankrupt in the process. As was seen in the above franchise example, not every opportunity was pursued. The business owners had to do some hard research and probability testing to determine which markets were their best choices for solid growth versus high risk and potential failure. By doing so, they avoided common mistakes in fast growth, such as over-commitment and unreasonable sales targets in the process.

Have an Objective Perspective

Exponential expansion can seem alluring, even addictive. After all, with accrual accounting, things can look pretty rosy for a business once projected sales are included in the numbers, and they’re boosting the revenue side of the accounting reports. However, cash is the killer that brings back reality like a bucket of cold water in the face. When payroll, supplies, liabilities, loans and leveraging can’t be paid timely because the projected sales haven’t materialized yet, a company can fold very quickly, even within a thirty to forty-five day time cycle, just from lack of cash. Ideally, a business should have sufficient resources to take on extra growth, but that’s not how real business works. Risk and taking logistical bets are common which makes planning wisely crucial to not betting the farm on “maybe” revenue.

Wishewan and Booster Juice provide a clear example of why, even with positive growth, a business owner or leader has to judge ventures carefully before jumping in. Sometimes some revenue opportunities do need to be passed up to stay successful overall.


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