Methods of Prosperity 111 From Playboy Bunny to Billionaire “Talk to successful entrepreneurs. Learn about what they’ve experienced so you can avoid some of the pitfalls that come with wealth.” – Diane Hendricks Many business owners centralize decision-making, stifling responsiveness to local customer needs. They often focus on price wars or generic offerings. They neglect the tailored service that builds sticky relationships. They fail to invest in understanding their customers’ pain points. Which only leads to commoditized businesses with no differentiation.
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Methods of Prosperity 110 “I never dreamed about success. I worked for it.” – Estée Lauder Estée Lauder was ahead of her time. Her approach became the foundation for modern cosmetics marketing. Free samples are now standard across the industry. “Gift with purchase” is a ubiquitous marketing strategy. Personal beauty consultations became standard in department stores. Customer relationship management became a crucial part of beauty marketing. Estée Lauder understood what the cosmetics industry failed to recognize: Personal relationships. Selling personal products requires trust, experience, and emotional connection. Which is something that traditional advertising alone won’t achieve. She established principles that remain effective today. I like you, – Sean Allen Fenn
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Don’t Waste Your Time on Anything Else. Get Incentives Right. Methods of Prosperity newsletter no. 109: Les Schwab “How can someone give away fifty percent of profits and make billions more than if he’d kept it all?” – Charlie Munger (referring to Les Schwab) Most business owners struggle in six areas: 1. They lack perfect alignment of incentives. 2. They lack generosity. 3. They don’t require reinvestment. 4. They lack supplier diversity. 5. They don’t build culture first. 6. They fail to maintain transparency. But after studying Les Schwab, you can do better.
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