hi I’m Evan Carmichael and welcome to
another edition of Marlena masters I
believe that the fastest and most
effective way to grow your business is
the model the strategies of people who
have already done what you’re trying to
do so today we’re going to look at how a
young man cashed out his life savings of
$32 moved to a new city opened up a new
business changed businesses two times
eventually found his winning ticket and
built a multi-billion dollar company
this is the story of William Wrigley Jr
and a top-three lessons that you can
learn from his success William Wrigley
Jr was a US chewing-gum entrepreneur and
founder of the William Wrigley Jr
Company in 1891 he was 29 years old when
he used his life savings of $32 to move
to Chicago and start up his own soap
manufacturing business he started
manufacturing and selling soap but with
poor sales Wrigley began offering a can
of baking powder for free with each soap
purchase soon Wrigley realized that his
baking powder was more popular than his
soap so he switched the manufacturing
baking powder full-time and instead
offered free chewing gum as a bonus and
in an all too familiar pattern Wrigley
quickly saw his chewing gum bonus become
more popular than the baking powder so
he switched businesses again Wrigley
passed away in 1932 at the age of 70 the
company he founded went on to become the
number one maker of chewing gum products
in the world with over 16,000 employees
and revenues in excess of five billion
dollars in 2007 in 2008 Wrigley was
acquired by Mars Incorporated for 23
billion dollars William Wrigley Jr was
able to turn a $32 investment into a
multi-billion dollar company to help you
supercharge your growth here are three
action items you can learn from William
Wrigley Jr action atom number one give
something extra people love free stuff
it can either be used as an incentive to
get them to buy more or as a surprise to
reward their loyalty with you if you’re
able to give something little away for
free the
your competitors don’t it can be a great
way to build a relationship and win the
ongoing business of your customers it
also doesn’t have to cost too much or
even anything at all focus on the high
perceived value items instead of actual
cost William Wrigley didn’t have much
money to start his business but he had
what most successful entrepreneurs have
enthusiasm energy and creativity he uses
talent to differentiate himself from all
the other soap manufacturers he asked
himself what he could do to make people
want to buy more from him instead of
going to his competition and by
listening to his customers he came up
with the idea of giving away free
premiums
whenever someone bought from him it not
only increased the sales he also used a
strategy to end up in a completely new
and vastly more profitable business
according to Wrigley everybody likes
something extra for nothing action item
number two don’t focus on immediate
profits as entrepreneurs were often
strapped for cash and looking for ways
to make our businesses pay off right
away
the trouble is usually the quick cash
grabs are detrimental to the long-term
success of our business whether it’s
discounting your price to drive
short-term sales taking on business that
doesn’t align with your goals but pays
well or working with unprofitable
clients because you get money right away
usually the short-term influx of revenue
don’t help us build our businesses into
sustainable companies William Wrigley
always took a long-term approach with
his business by giving away free extras
many thought Wrigley had lost his mind
and would soon be out of business
instead Wrigley realized that he had to
plant the seeds for his company’s
long-term success even if it meant
sacrificing his profitability in the
short term according to Wrigley I’ve
sometimes been asked what the single
policy has been most profitable in our
business
I’ve always unhesitatingly answered
restraint in regard to immediate profits
that has been not only our most
profitable policy it’s been pretty
nearly our only profitable one
you
action item number three believe in
yourself we won’t get very far in
business if you don’t believe in what
you’re doing you have to know that the
product or service you’re selling is
really going to help people and it’s
your job to help them realize that if
you can’t get excited about what you’re
selling then it’s going to be really
hard to get other people excited about
it William Wrigley believed in his ideas
and wasn’t afraid to take bold steps
that hadn’t been tried before in 1907
the American economy was in a recession
and Wrigley decided he would launch a
new flavor of gum
spearmint his competitors had already
trialed and failed to make spearmint
successful but Wrigley believed he could
do it his strategy was to almost triple
his advertising budget despite the tough
economic times and he bought up over 1.5
million dollars in advertising for
$284,000 because advertising prices had
fallen in a recession the result his
revenues soared and spearmint soon
became the best selling gum in America
according to Wrigley a man’s doubts and
fears are his worst enemies he can go
ahead and do anything as long as he
believes in himself and believe in
yourself to finish up this video I
wanted to share one of my favorite true
stories about William Wrigley Jr and
some of his best quotes always thinking
about how to promote his products in the
1920s William regularly placed cards
promoting his gum in every bus subway
and train cars in the entire country on
top of that he twice said for six of gum
to every person in the phonebook across
the US reasoning that if someone had a
telephone they could afford to buy his
five cent gum he was right by 1922 the
company was selling over 10 billion six
of gum each year
thank you for joining me for another
edition of all in the masters if you
like the video and want to see more
please give it a thumbs up below I’d
also love to hear your thoughts if you
want to leave a comment below the video
and stay tuned for the next episode
you
another edition of Marlena masters I
believe that the fastest and most
effective way to grow your business is
the model the strategies of people who
have already done what you’re trying to
do so today we’re going to look at how a
young man cashed out his life savings of
$32 moved to a new city opened up a new
business changed businesses two times
eventually found his winning ticket and
built a multi-billion dollar company
this is the story of William Wrigley Jr
and a top-three lessons that you can
learn from his success William Wrigley
Jr was a US chewing-gum entrepreneur and
founder of the William Wrigley Jr
Company in 1891 he was 29 years old when
he used his life savings of $32 to move
to Chicago and start up his own soap
manufacturing business he started
manufacturing and selling soap but with
poor sales Wrigley began offering a can
of baking powder for free with each soap
purchase soon Wrigley realized that his
baking powder was more popular than his
soap so he switched the manufacturing
baking powder full-time and instead
offered free chewing gum as a bonus and
in an all too familiar pattern Wrigley
quickly saw his chewing gum bonus become
more popular than the baking powder so
he switched businesses again Wrigley
passed away in 1932 at the age of 70 the
company he founded went on to become the
number one maker of chewing gum products
in the world with over 16,000 employees
and revenues in excess of five billion
dollars in 2007 in 2008 Wrigley was
acquired by Mars Incorporated for 23
billion dollars William Wrigley Jr was
able to turn a $32 investment into a
multi-billion dollar company to help you
supercharge your growth here are three
action items you can learn from William
Wrigley Jr action atom number one give
something extra people love free stuff
it can either be used as an incentive to
get them to buy more or as a surprise to
reward their loyalty with you if you’re
able to give something little away for
free the
your competitors don’t it can be a great
way to build a relationship and win the
ongoing business of your customers it
also doesn’t have to cost too much or
even anything at all focus on the high
perceived value items instead of actual
cost William Wrigley didn’t have much
money to start his business but he had
what most successful entrepreneurs have
enthusiasm energy and creativity he uses
talent to differentiate himself from all
the other soap manufacturers he asked
himself what he could do to make people
want to buy more from him instead of
going to his competition and by
listening to his customers he came up
with the idea of giving away free
premiums
whenever someone bought from him it not
only increased the sales he also used a
strategy to end up in a completely new
and vastly more profitable business
according to Wrigley everybody likes
something extra for nothing action item
number two don’t focus on immediate
profits as entrepreneurs were often
strapped for cash and looking for ways
to make our businesses pay off right
away
the trouble is usually the quick cash
grabs are detrimental to the long-term
success of our business whether it’s
discounting your price to drive
short-term sales taking on business that
doesn’t align with your goals but pays
well or working with unprofitable
clients because you get money right away
usually the short-term influx of revenue
don’t help us build our businesses into
sustainable companies William Wrigley
always took a long-term approach with
his business by giving away free extras
many thought Wrigley had lost his mind
and would soon be out of business
instead Wrigley realized that he had to
plant the seeds for his company’s
long-term success even if it meant
sacrificing his profitability in the
short term according to Wrigley I’ve
sometimes been asked what the single
policy has been most profitable in our
business
I’ve always unhesitatingly answered
restraint in regard to immediate profits
that has been not only our most
profitable policy it’s been pretty
nearly our only profitable one
you
action item number three believe in
yourself we won’t get very far in
business if you don’t believe in what
you’re doing you have to know that the
product or service you’re selling is
really going to help people and it’s
your job to help them realize that if
you can’t get excited about what you’re
selling then it’s going to be really
hard to get other people excited about
it William Wrigley believed in his ideas
and wasn’t afraid to take bold steps
that hadn’t been tried before in 1907
the American economy was in a recession
and Wrigley decided he would launch a
new flavor of gum
spearmint his competitors had already
trialed and failed to make spearmint
successful but Wrigley believed he could
do it his strategy was to almost triple
his advertising budget despite the tough
economic times and he bought up over 1.5
million dollars in advertising for
$284,000 because advertising prices had
fallen in a recession the result his
revenues soared and spearmint soon
became the best selling gum in America
according to Wrigley a man’s doubts and
fears are his worst enemies he can go
ahead and do anything as long as he
believes in himself and believe in
yourself to finish up this video I
wanted to share one of my favorite true
stories about William Wrigley Jr and
some of his best quotes always thinking
about how to promote his products in the
1920s William regularly placed cards
promoting his gum in every bus subway
and train cars in the entire country on
top of that he twice said for six of gum
to every person in the phonebook across
the US reasoning that if someone had a
telephone they could afford to buy his
five cent gum he was right by 1922 the
company was selling over 10 billion six
of gum each year
thank you for joining me for another
edition of all in the masters if you
like the video and want to see more
please give it a thumbs up below I’d
also love to hear your thoughts if you
want to leave a comment below the video
and stay tuned for the next episode
you
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