Lessons We Can Learn From Great Business Minds of Yesteryear

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.

Advertisements

Personalization Matters: Why Going the Extra Mile is Always Worth It

When people talk about the decline of “mom and pop” businesses in favor of the giant, national retailers, one of the things they bring up is that it’s hard to find a store that you can walk into these days where the person behind the counter actually takes the time to learn your name. You can’t walk into a national brand and expect someone to go “Hey, Phil – how did that new garden hose you bought last week work out for you? I’ve been thinking about you, and I thought you might like this other new product, too.”

But the fact of the matter is that these days are not over – not by a long shot and especially not in the world of marketing. You absolutely can inject this much more intimate, fulfilling level of personalization into your marketing collateral – provided that you’re willing to go the extra mile.

Personalization in Marketing: By the Numbers

If you ever wanted a clear cut example of why “going the extra mile” is an investment that pays off in more ways than one, look no further than the following statistics:

  • According to a recent study from Digital Trends, an incredible seventy-three percent of consumers prefer to do business with brands that use personal information to help create more enriching, more relevant shopping experiences.
  • According to a completely separate study from Infosys, eighty-six percent of consumers said that the level of personalization (or the lack thereof) absolutely plays a role in their purchasing decisions.
  • If you think that personalization is only a game for digital and internet-centric businesses, think again: direct mail success rates are continuing to trend upwards because, you guessed it, people find actual mail that they can hold in their hand much more personal and rewarding than something that is easily ignored like an email.

It’s About “Walking the Walk”

The major benefits of personalization in marketing extend far beyond just statistics like these, however. It all comes back to the values that your brand represents and the promise that you’re making to each and every one of your customers. Simply put, it’s one thing to say that you care about all of your customers – it’s another thing entirely to do the types of things that turn this from catchphrase into irrefutable fact.

Put yourself in their shoes. If you get two pieces of marketing collateral in the mail – one of which is addressed “Dear Sir or Madame” and another that has your name and maybe even specific information about past purchases that you’ve made – which one are you going to put more faith in? Which one would you bet cares about you more? Which one would you believe has a vested interest in making your life better?

Your customers have made their opinion loud and clear – they don’t just want you to sell to them. It isn’t just enough to have a product or service that is objectively better than anyone else’s. They want to be a part of something larger than a single purchase. They want something that they’re not going to get anywhere else – a true relationship with the people they give their hard-earned money to. Personalization and going the extra mile are just among the many, many ways that you can now do that in the modern era.

“Take It From Me”- Why Testimonials Are So Effective

Marketing is all about giving your customers the information they need to make an informed purchasing decision. Everything you do – from the copy you craft to the images you choose – is built around that simple purpose in mind.

But marketing itself has evolved over the years, away from the heavy reliance on the spec sheets of yesteryear. It’s essentially become an open line of communication between you and the people you’re trying to serve. People don’t want to be “sold to” anymore – or at least, not in the way they used to.

This is why customer testimonials are so important. Instead of “taking your word” for it that your product or service is going to impact their lives positively, it lets real customers hear from other real customers why the decision they’re about to make is a good one.

The Power of Testimonials: Facts and Figures

In addition to communicating with your audience, another essential goal of your marketing materials should involve building as much trust and credibility as you can. Your customers don’t just want to know that you can solve their problem – they want to know that you can do it better than anyone else. To that end, customer testimonials are incredibly effective – particularly in the world of print.

Part of the reason why testimonials are so important is that they help create a deeper, more emotional appeal for your branding. Consider the following statistics:

  • According to one study, the regular use of customer testimonials can help you generate roughly sixty-two percent more revenue not only from every customer but from every time they visit your brand.
  • Ninety-two percent of people said that they read testimonials when considering a purchase.
  • A further eighty-eight percent of consumers said that they trusted these reviews just as much as personal recommendations, according to the same study.
  • To top it off, seventy-two percent of those who responded to the survey in question said that positive reviews and testimonials helped them trust a business significantly more.

Simply put, customer testimonials create something of a self-fulfilling prophecy regarding your connection with your target audience. Someone enjoys your product or service, so you encourage them to leave a positive review or testimonial. Consumers naturally trust each other more than they trust just marketing collateral, so that testimonial adds more weight to the decision they’re trying to make. Those initial happy customers, therefore, encourage more purchases, which creates more happy customers, etc.

When you combine customer testimonials with other effective marketing tactics – like a heavy reliance on not just print but on print techniques that help your collateral stand out and make a unique impression – suddenly your message is being amplified in the best possible way. You’re giving an opportunity to let regular customers become brand advocates, which does more in terms of building trust, credibility, and emotion than you could ever do on your own. You’re also creating more brand advocates in the process, which is always a good thing.