This is a guest post by the Lean Life Coach who writes at Eliminate the Muda! [mooda] about how to improve life and personal finance through the application of proven business management techniques that originated with great Americans such as Henry Ford and Benjamin Franklin.
Fighting to Survive
Would you gargle with a floor cleaner?
Originally invented in 1879 as a surgical antiseptic, Listerine was later diluted and sold as a floor cleaner. The Lambert Pharmacal Company, maker of Listerine, was not a wild success, selling a little more than $100,000 per year of their concoction. In 1921 Jordan Wheat Lambert initiated a new marketing campaign advertising Listerine as a cure for “cronic halitosis.” In less than 7 years annual revenue exploded to $8 million.
Just as a small side note, “Cronic Halitosis” was a fake medical term! No doubt, a few of us have an occasional issue with bad breath, but it was not considered a major societal issue until this groundbreaking marketing plan. Not only did the Lambert Pharmacal Company create a new product they even created a new medical term that is commonly accepted to this day.
The objective of any business, big or small, is not only to make a profit but also grow. Doing so requires a focused approach towards obtaining and more importantly retaining a customer base. This of course requires marketing and advertising.
Years ago a company would develop a single marketing campaign and blast it to the world at large; “Buy our widgets.” A successful campaign might be profitable for decades while a failed effort could doom a company.
How Far Will They Go?