Archive | January, 2015

Business Lessons from Willy Wonka

4 Jan

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The story of Willy Wonka is a classic childhood favorite that people have loved for generations. From the books to the original movie version that was adapted in 1971 to its latest incarnation in 2005, the idea of this fantastic chocolate factory has entertained and delighted children of all ages.

The story follows young Charlie Bucket, who manages to find one of five golden tickets hidden in delicious Wonka Bars. These tickets give the winners a tour of Willy Wonka’s chocolate factory and a lifetime supply of chocolate. The five winners receive their prize tours, during which the other prize winners are eliminated one by one because of their poor behavior. Only Charlie manages to pass all the tests for honesty. In the end, it’s revealed that his true prize will be the chocolate factory itself.

For us in the business world, the story of Willy Wonka and his chocolate factory is much more valuable than mere entertainment. It can teach us many lessons about successfully running a company. Here are just a few that every business owner should note.

The importance of innovation

Willy Wonka ran one of the most prized and valued chocolate companies in the world, with children of all ages eagerly consuming the chocolate in an effort to find the bars containing the sought-after golden tickets. One of the key reasons for the popularity of the brand was the sheer innovation of the factory’s products. Whether an ‘everlasting gobstopper’ or ‘three-course-dinner’ gum, the treats created at the Wonka factory were unique and delicious. The ability of the factory to remain a trendsetter of the candy world led customers to remain loyal fans.

We, too, must continue to look for ways to innovate and better meet the needs of customers. Being content with the same products and services will not help our brands become industry leaders or help us find loyal customers.

Promotions can be the key to successful advertising

Customers and companies alike enjoy promotions, making them a fantastic marketing tool. While most companies will never enjoy the publicity Willy Wonka’s factory enjoyed, with the competition and winners being featured on the news, it’s still possible for nearly any promotion or loyalty program to gain traction. Social media can be a major asset in promoting such a program. Reward your customers and encourage them to return time and again. This is a wonderful way to gain name recognition and build loyalty.

The value of honesty

Willy Wonka managed to cultivate a superior business plan because he knew how to select workers, and he chose Charlie because of his honesty. The boy impressed the chocolatier because he turned down offers of money in favor of being completely forthright, impressing Wonka. Wonka knew that this boy had the values that would enable the factory to continue to grow.

We, too, should always look for employees and leaders who value honesty and integrity. A positive reputation will help build a culture of trust. In turn, this will help enhance the cohesiveness among the staff and encourage communication.

The story of Willy Wonka and his chocolate factory has delighted people for generations. Next time you watch one of the movies or read the books, take the time to learn a bit about business from Mr. Wonka. If you’re ready to start building a new marketing campaign, contact us for help getting started.

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Keeping Your Resolutions in Life and in Marketing

4 Jan

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With the new year upon us, it’s time again to consider resolutions for the coming year. Unfortunately, most of us have a far easier time making resolutions than keeping them. Genuine lifestyle changes are difficult to achieve. If you’re planning to make radical shifts in your daily life, consider the following:

Bite off small chunks at a time.

If you haven’t run in over 30 years and are 40 pounds overweight, it’s not reasonable to say you’ll run a marathon by spring. Instead, set a goal of completing a mile a day for a certain number of weeks, then slowly increase your distance. Trying to get too much done too quickly can lead to burnout and discourage you from continuing.

Make the goals reasonable.

A person who’s just learning to cook might never win a “top chef” competition, but that doesn’t mean they won’t be able to successfully cook a full Thanksgiving dinner. Set goals that are difficult enough to provide motivation and challenge, but make sure they’re also realistic and attainable.

This same advice applies to your small business.

Starting a new business is tough. Countless seminars and classes make it sound as though doing X, Y, and Z will have you raking in millions in just a few months. While there might be a genius entrepreneur somewhere for whom that’s true, for the vast majority of small business owners, it’s not.

Instead, look at the advice given above, and find ways to apply the same philosophy to your business. Like an out-of-shape person starting to run, you need to take it slowly at first. A new business typically cannot expect to clear hundreds of thousands of dollars per month in profit. Instead, your goal might be just to break even the first few months, and then slowly start generating actual profit after that.

Also, give your books and prospects an honest look. Set realistic expectations for the next quarter and year. Creating progressive goals will give you something to celebrate when you attain those milestones and encourage you to keep moving forward, while preventing burnout and keeping your company on track.

Of course, this way of thinking applies to more than just goals. It can be equally useful in other aspects of your business, such as marketing. When you hear about a new type of marketing with great potential, take the time to develop your strategy and grow in stages, rather than jumping in blindly with both feet. This more tempered approach will keep you moving in the right direction without becoming overwhelmed.

We’ve all failed at some point with our New Year’s resolutions. Those who genuinely want to succeed understand they must set reasonable goals to avoid biting off more than they can chew. The same idea applies to running a business. Here’s to a successful 2015 for you and your company.