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