00:00:11another edition of Marlena masters I
00:00:12believe that the fastest and most
00:00:14effective way to grow your business is
00:00:16the model the strategies of people who
00:00:18have already done what you’re trying to
00:00:19do so today we’re going to look at how a
00:00:22young man cashed out his life savings of
00:00:24$32 moved to a new city opened up a new
00:00:27business changed businesses two times
00:00:30eventually found his winning ticket and
00:00:32built a multi-billion dollar company
00:00:34this is the story of William Wrigley Jr
00:00:36and a top-three lessons that you can
00:00:38learn from his success William Wrigley
00:00:41Jr was a US chewing-gum entrepreneur and
00:00:44founder of the William Wrigley Jr
00:00:45Company in 1891 he was 29 years old when
00:00:49he used his life savings of $32 to move
00:00:52to Chicago and start up his own soap
00:00:54manufacturing business he started
00:00:56manufacturing and selling soap but with
00:00:58poor sales Wrigley began offering a can
00:01:00of baking powder for free with each soap
00:01:02purchase soon Wrigley realized that his
00:01:05baking powder was more popular than his
00:01:07soap so he switched the manufacturing
00:01:09baking powder full-time and instead
00:01:11offered free chewing gum as a bonus and
00:01:13in an all too familiar pattern Wrigley
00:01:16quickly saw his chewing gum bonus become
00:01:17more popular than the baking powder so
00:01:19he switched businesses again Wrigley
00:01:22passed away in 1932 at the age of 70 the
00:01:25company he founded went on to become the
00:01:27number one maker of chewing gum products
00:01:29in the world with over 16,000 employees
00:01:31and revenues in excess of five billion
00:01:33dollars in 2007 in 2008 Wrigley was
00:01:37acquired by Mars Incorporated for 23
00:01:39billion dollars William Wrigley Jr was
00:01:47able to turn a $32 investment into a
00:01:50multi-billion dollar company to help you
00:01:53supercharge your growth here are three
00:01:55action items you can learn from William
00:01:56Wrigley Jr action atom number one give
00:02:01something extra people love free stuff
00:02:04it can either be used as an incentive to
00:02:06get them to buy more or as a surprise to
00:02:09reward their loyalty with you if you’re
00:02:11able to give something little away for
00:02:13free the
00:02:13your competitors don’t it can be a great
00:02:15way to build a relationship and win the
00:02:17ongoing business of your customers it
00:02:20also doesn’t have to cost too much or
00:02:21even anything at all focus on the high
00:02:24perceived value items instead of actual
00:02:26cost William Wrigley didn’t have much
00:02:29money to start his business but he had
00:02:31what most successful entrepreneurs have
00:02:32enthusiasm energy and creativity he uses
00:02:37talent to differentiate himself from all
00:02:38the other soap manufacturers he asked
00:02:41himself what he could do to make people
00:02:43want to buy more from him instead of
00:02:44going to his competition and by
00:02:46listening to his customers he came up
00:02:48with the idea of giving away free
00:02:50premiums
00:02:50whenever someone bought from him it not
00:02:53only increased the sales he also used a
00:02:55strategy to end up in a completely new
00:02:57and vastly more profitable business
00:02:59according to Wrigley everybody likes
00:03:01something extra for nothing action item
00:03:06number two don’t focus on immediate
00:03:08profits as entrepreneurs were often
00:03:10strapped for cash and looking for ways
00:03:12to make our businesses pay off right
00:03:14away
00:03:14the trouble is usually the quick cash
00:03:17grabs are detrimental to the long-term
00:03:19success of our business whether it’s
00:03:21discounting your price to drive
00:03:23short-term sales taking on business that
00:03:25doesn’t align with your goals but pays
00:03:26well or working with unprofitable
00:03:29clients because you get money right away
00:03:31usually the short-term influx of revenue
00:03:33don’t help us build our businesses into
00:03:35sustainable companies William Wrigley
00:03:38always took a long-term approach with
00:03:40his business by giving away free extras
00:03:42many thought Wrigley had lost his mind
00:03:44and would soon be out of business
00:03:46instead Wrigley realized that he had to
00:03:49plant the seeds for his company’s
00:03:50long-term success even if it meant
00:03:53sacrificing his profitability in the
00:03:55short term according to Wrigley I’ve
00:03:57sometimes been asked what the single
00:04:00policy has been most profitable in our
00:04:02business
00:04:03I’ve always unhesitatingly answered
00:04:06restraint in regard to immediate profits
00:04:09that has been not only our most
00:04:11profitable policy it’s been pretty
00:04:13nearly our only profitable one
00:04:16you
00:04:17action item number three believe in
00:04:20yourself we won’t get very far in
00:04:23business if you don’t believe in what
00:04:24you’re doing you have to know that the
00:04:26product or service you’re selling is
00:04:27really going to help people and it’s
00:04:30your job to help them realize that if
00:04:32you can’t get excited about what you’re
00:04:33selling then it’s going to be really
00:04:35hard to get other people excited about
00:04:37it William Wrigley believed in his ideas
00:04:40and wasn’t afraid to take bold steps
00:04:42that hadn’t been tried before in 1907
00:04:45the American economy was in a recession
00:04:47and Wrigley decided he would launch a
00:04:49new flavor of gum
00:04:50spearmint his competitors had already
00:04:53trialed and failed to make spearmint
00:04:55successful but Wrigley believed he could
00:04:57do it his strategy was to almost triple
00:05:00his advertising budget despite the tough
00:05:01economic times and he bought up over 1.5
00:05:04million dollars in advertising for
00:05:07$284,000 because advertising prices had
00:05:10fallen in a recession the result his
00:05:13revenues soared and spearmint soon
00:05:15became the best selling gum in America
00:05:18according to Wrigley a man’s doubts and
00:05:21fears are his worst enemies he can go
00:05:24ahead and do anything as long as he
00:05:26believes in himself and believe in
00:05:34yourself to finish up this video I
00:05:37wanted to share one of my favorite true
00:05:38stories about William Wrigley Jr and
00:05:40some of his best quotes always thinking
00:05:45about how to promote his products in the
00:05:471920s William regularly placed cards
00:05:49promoting his gum in every bus subway
00:05:52and train cars in the entire country on
00:05:54top of that he twice said for six of gum
00:05:58to every person in the phonebook across
00:06:00the US reasoning that if someone had a
00:06:02telephone they could afford to buy his
00:06:04five cent gum he was right by 1922 the
00:06:08company was selling over 10 billion six
00:06:10of gum each year
00:06:43thank you for joining me for another
00:06:45edition of all in the masters if you
00:06:47like the video and want to see more
00:06:49please give it a thumbs up below I’d
00:06:51also love to hear your thoughts if you
00:06:52want to leave a comment below the video
00:06:53and stay tuned for the next episode
00:07:03you
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