• #168: Uno – Say My Name, Say My Name
    Aug 28 2024
    Would you remortgaging the house, driving around the country and put your home address in the public for Millions? Dave Young: Welcome to the Empire Builders Podcast, teaching business owners the not-so-secret techniques that took famous businesses from mom and pop to major brands. Stephen Sample is a marketing consultant, story collector, and storyteller. I'm Stephen's sidekick and business partner, Dave Young. Before we get into today's episode, a word from our sponsor, which is, well it's us, but we're highlighting ads we've written and produced for our clients. So here's one of those. [JS Pest Control Ad] Dave Young: Welcome back to the Empire Builders Podcast. Dave Young here alongside Stephen Sample and we're talking about empires and ideas that people had that turned into something big. And as Steve started the countdown for the recording, he told me that today we're going to talk about UNO, the card game UNO. And I got to admit that I didn't play UNO as a kid. Stephen Sample: Oh, you didn't? Okay. Dave Young: I didn't know anything about UNO until I got married and my wife liked UNO and we taught it to our kids. Stephen Sample: Yeah. Dave Young: And I learned- Stephen Sample: So you played it with your daughters then, did you? Dave Young: Yeah. Yeah. Stephen Sample: Yeah. My nephew- Dave Young: It's a vicious game. Stephen Sample: It is a vicious game. My nephew used to love playing UNO, so I'd play it with my niece and nephew, but what would be funny is, for whatever reason, he would end up being the one getting all the cards and you have these little hands and he'd be holding- Dave Young: Oh yeah. Yeah. Stephen Sample: Now the funny thing is he would think it was hilarious that he would have all these. So it was kind of fun because he would find it funny that he'd have, "Well I clearly had the advantage because I've got all the great cards because I have half the deck in my hand." Dave Young: Yeah. How can I lose? Stephen Sample: How can- Dave Young: How could I lose? That's like me on a golf course. I've got way more golf experience than you do because I hit the ball a lot more than you do. Stephen Sample: So as soon as I got looking into UNO, I couldn't help but have all these really great memories of Jeffrey and Robin and playing UNO with them because it really is a great game to play with kids. Dave Young: Yeah. It's fun and, like I said, I always feel bad giving somebody a card that loads their hand up. I don't know why. That's just- Stephen Sample: The way you are. Dave Young: I don't have that killer instinct. Stephen Sample: So just to put in perspective how big UNO is, UNO is the best-selling card game in history. Dave Young: Really? Stephen Sample: Yes. Number one. Dave Young: Okay. By defined as a game specifically with those like that? Stephen Sample: With cards, like a card game. Dave Young: Yeah, but not- Stephen Sample: Selling card game. Dave Young: They haven't sold more cards than Bicycle playing card company. Stephen Sample: No. No because- Dave Young: But just a specific game. Stephen Sample: Yes. They've sold 150 million packs in 80 countries. Dave Young: That's a lot of UNO cards. Stephen Sample: That's a lot of UNO cards. It sure is. Dave Young: And 80 countries? Stephen Sample: Yes. Dave Young: See, that makes sense because you don't need to speak English to play UNO. Stephen Sample: Right. It's very simple. Right. You don't need instructions for it. Dave Young: It's numbers and colors. Yeah. Stephen Sample: Yeah. So it was invented by Merle Robbins in 1971 in Cincinnati. So the 1970s- Dave Young: '71. Okay. Stephen Sample: Yeah. It was 1970s. Lots of tension. Gas prices are crazy. Gas rationing, Vietnam, the stuff going on with Nixon,
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    16 mins
  • #167: Clue – When Murder Becomes a Game
    Aug 21 2024
    Anthony Pratt wanted to elevate playing board games from games of chance to thinking games. His wife was responsible for keeping it random. Dave Young: Welcome to the Empire Builders Podcast, teaching business owners the not-so-secret techniques that took famous businesses from mom and pop to major brands. Stephen Semple is a marketing consultant, story collector and storyteller. I'm Stephen's sidekick and business partner, Dave Young. Before we get into today's episode, a word from our sponsor, which is, well, it's us, but we're highlighting ads we've written and produced for our clients. So here's one of those. [JS Pest Control Ad] Dave Young: Welcome back to the Empire Builders Podcast. Dave Young here with Stephen Semple. Today, Stephen told me we're going to talk about the board game Clue, Colonel Mustard in the library with the candlestick. Something like that. Stephen Semple: There you go. Dave Young: It's been a long time. It's been a long time since I've played Clue. Stephen Semple: Did you play Clue much as a kid? Dave Young: Not really. Stephen Semple: No? Okay. Dave Young: It was never my type of game, and I'm not sure why. Stephen Semple: Okay. Well, because you would've had to play it with your sisters. That's probably the problem. Dave Young: Yeah, that's probably it. Stephen Semple: More therapy for Dave about to [inaudible 00:02:01] right now. Dave Young: Yeah, you had to think. There was that thinking involved and eliminating things and... Stephen Semple: Well, it's interesting that you bring up the whole concept of thinking because when Clue came out, so it was created in 1949, when Clue came out, pre-World War II games, especially for kids, were like these mindless games of chance or things that required a little bit of a degree of skill. That was sort of all the games. There were not really any games that were thinking games. And Clue was sort of one of the first ones to come along to break into that whole genre of how do we make a game that's more of a thinking game and, frankly, it's not just a kid game as an adult game. Dave Young: Sure, yeah. And then it became a movie and all kinds of things. Stephen Semple: Oh, all kinds of things. And the original name was not Clue. The original name was Cluedo, so C-L-U-E-D-O, Cluedo. Dave Young: Cluedo. Stephen Semple: And it was created by Andrew Pratt. Today it's owned by Hasbro, and they sold like 150 million games. So it's gone on to become like a really big deal and, look, if you ask most people about Clue, they know what it is. Dave Young: Surely. Yeah. We all played it. Stephen Semple: So it's pre-World War II and games were mindless games of chance and whatnot, and there's nothing in between, and Anthony Pratt decides he wants to develop a game. Now, he was a pianist before the war, and he often did entertainment at murder mystery parties, and he remembers people love the murder mystery parties. Dave Young: Murder mystery parties have been going on that long? Stephen Semple: Yes. Yeah. Dave Young: See, I had no idea about that. Stephen Semple: Yeah. Dave Young: Okay. Stephen Semple: And they were really hugely popular. It was driven by, remember there's Agatha Christie, when she was writing in her prime, was just huge. There was a whole Agatha Christie thing, and so that fueled a lot of these murder mystery parties. So here he is, it's World War II, they're in bunkers, killing time, trying to figure out how to create things that are fun. He starts thinking about, like, how could you build a murder mystery game that you could play. He's reading Agatha Christie books and discovers there's all these archetypes and whatnot. That's how he came up with the idea about, well, how about a colonel and a professor and a femme fatale and an entitled rich and a servant?
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    14 mins
  • #166: Rocky – Not Just Another Bum in the Neighborhood
    Aug 14 2024
    Sylvester Stallone was not making it, trying to be an actor. So, instead of giving up, he tried a different path. Dave Young: Welcome to the Empire Builders Podcast, teaching business owners the not so secret techniques that took famous businesses from mom and pop to major brands. Stephen Semple is a marketing consultant, story collector, and storyteller. I'm Stephen's sidekick and business partner, Dave Young. Before we get into today's episode, a word from our sponsor, which is, well, it's us, but we're highlighting ads we've written and produced for our clients. So here's one of those. [ASAP Commercial Doors Ad] Dave Young: Welcome to the Empire Builders Podcast. I'm Dave Young. That's Stephen Semple sitting to your right, however you're facing your podcast listening device. As we normally do, Stephen whispered the topic into my ear just as the countdown thing was going, and I'm a little flustered and confused because I'm not sure what we're talking about. He said, "We're going to talk about the Rocky franchise." And literally, the first thing that came to my mind was Rocky and Bullwinkle. Stephen Semple: Oh, no, no, no. Not Rocky and Bullwinkle. Dave Young: And I'm like, really? That's an empire? Really? Stephen Semple: No, no, no, no, no. Dave Young: No, you're talking about Sylvester Stallone. Stephen Semple: I'm talking about Sylvester Stallone. Dave Young: Yo, Adrian, and all of that. Stephen Semple: All that stuff. All that stuff, yeah. That movie is almost 50 years old. Dave Young: Yeah. Stephen Semple: Came out in 1976. There's been five Rockys. There was, then, Rocky Balboa, there's been three Creeds, there's another Creed coming out. Dave Young: Really? Stephen Semple: There's plans for a prequel to be done on one of the streaming ones. There's a spinoff that's being talked about to be done on Drago. Remember the Russian, the Russian fighter? Dave Young: Oh, sure, yeah. Stephen Semple: When you go to Philadelphia, there's the Rocky statue in Philadelphia of him holding his hands up near the stairs that he ran up. Dave Young: Sure. Stephen Semple: And today, there is a lineup. There's a lineup of people to take their picture with that statue. And it's 50 years ago. 50 years ago. Amazing. Dave Young: Well, Sylvester Stallone, he's got to fund his retirement somehow. Stephen Semple: The story was first shared with me by Tony Robbins, and it blew me away. And I did a little bit of additional look into it like, is this an urban legend? And it turns out much of this is true, although some of the details, I don't know the exact numbers, but it is actually really speaks to Sylvester Stallone's determination and understanding and ability to get things done that I believe every entrepreneur needs to embrace and understand. Dave Young: Awesome. Stephen Semple: And that's why I wanted to talk about Rocky. One of the other things I want to talk about when it comes to Rocky, it won best picture, best director, best film editing. It's considered, by many, one of the greatest sports films of all time. Stallone was nominated for best actor, and also was nominated for best supporting actor in Creed. And is wild today that when you're at the Philadelphia Museum of Art, you still see people who run up the stairs and do the whole thing. Dave Young: Sure. Stephen Semple: And it's that, the statue is there, and there's a lineup. There's a lineup to take your picture with the Rocky statue. And yes, I have a picture of myself with the Rocky statue. I had to do it. Dave Young: How long was the line? Stephen Semple: Actually, I was there during the week on a weekday, so it was not too bad. It was probably about 15 minutes. But here's the story behind Rocky that I find remarkable. So Sylvester Stallone found himself, like many in Hollywood, wanting to be an actor,
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    16 mins
  • #165: Costco – 900 Stores vs 10,000
    Aug 7 2024
    Sol Price had and idea that he was not going to let go of. No matter how many times others tried to take it away. Dave Young: Welcome to The Empire Builders podcast, teaching business owners the not-so-secret techniques that took famous businesses from mom and pop to major brands. Stephen Semple is a marketing consultant, story collector and storyteller. I'm Stephen's sidekick and business partner Dave Young. Before we get into today's episode, a word from our sponsor, which is, well, it's us, but we're highlighting ads we've written and produced for our clients. So here's one of those. [ASAP Commercial Doors Ad] Dave Young: Welcome to The Empire Builders podcast. Dave Young here with Stephen Semple. And Stephen, shoot, just as you hit the button, I was compiling a list because Julie and I, we've got to go pick some stuff up and you reminded me about it. Stephen Semple: Glad I can help. Dave Young: Right? We have a Google Keep list. I don't know if you use Google Keep. It's just sort of a list software that you can share with other people. And so that's where we keep our Costco list. Stephen Semple: Right. Dave Young: And it's actually a Costco/Sam's list, but we hardly ever pick up anything from Sam's. Sam's has some things that Costco doesn't and vice versa. Anyway, we're going to talk about Costco, to try to make a short story long. Stephen Semple: I hope we still have some listeners at this point. Dave Young: Right? Come on, we're only a minute in, so I think we're okay. Stephen Semple: Here's the thing I find it's really interesting about Costco. Today, they have basically almost 900 locations. They do like 243 billion in revenue. They have over 130 million members, and they have over 300,000 employees. They have a reputation of paying and treating employees very, very well, especially for a discount outlet. But to put in perspective, they do a little bit more than half the revenue of Walmart. But Walmart has like 10,000 locations. Costco is like 900. Dave Young: Yeah. Stephen Semple: Think about that volume that they do. Dave Young: Do. The product turn has to be amazing. Yeah. Stephen Semple: Unbelievable. It's just mind-boggling. It's just mind-boggling. And it's really interesting to stand outside of Costco and just look at carts full of stuff. Nobody goes to Costco and buys two things, right? It's just incredible. There's some legal things that we need to talk about to really understand the history of Costco, because back in 1936, there was this Robinson-Patman Act that was passed and it prevented the discounting of goods below the manufactured list price. So when we see manufacturers list price, it used to mean something. And what it used to mean is you could not go below that price. And this was to protect manufacturers and small retailers, and you could not do large purchases at discounts. It didn't matter how much you were buying, couldn't go below that price. And in the 1960s, these laws started to change, but large retailers still resisted this idea of lowering prices, because they'd sort of gotten very used to that. Along comes Sol Price, and it's the early 1950s and he's working as a lawyer in San Diego, and he has a client in a jewelry business that's selling watches to non-profit member owned retail operation in LA called Fedco. And Fedco was a non-profit, like basically it was founded by 800 postal workers in LA, and they were leveraging the buying power to negotiate with distributors and eliminate store markups. And there was a membership fee. It was $5 for a lifetime membership for federal employees. And Sol visited Fedco and he noticed that the property was really similar to one that his mother-in-law had inherited in San Diego that sat empty. So he suggested the location to the client of his and his mother-in-law, and they agreed, and they opened under a different name instead of Fedco.
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    19 mins
  • #164: Howard Johnson’s – He Saw The Future
    Jul 31 2024
    Seeing that the world was getting faster and smaller, Howard Johnson started a hospitality empire. The first restaurant franchise. Dave Young: Welcome to the Empire Builders Podcast, teaching business owners the not-so-secret techniques that took famous businesses from mom-and-pop to major brands. Stephen Semple is a marketing consultant, story collector, and storyteller. I'm Stephen's sidekick and business partner, Dave Young. Before we get into today's episode, a word from our sponsor, which is, well, it's us, but we're highlighting ads we've written and produced for our clients. So, here's one of those. [Out of This World Plumbing Ad] Dave Young: So, are you going to actually tell me the topic, because the countdown is done? Stephen Semple: Oh, right. Howard Johnson. Dave Young: Howard Johnson, HoJo's. Right on. Stephen Semple: Yeah. Dave Young: Right on. The aqua building with the orange roof. We stayed at some when I was a little kid. Stephen Semple: Oh, is that right? Dave Young: Howard Johnson's, all right. Stephen Semple: Yeah. Dave Young: Hey, let me do something real quick. Hey, welcome to the Empire Builders Podcast, it's Dave Young here with Stephen Semple, and today we're going to talk about Howard Johnson's as seen in Mad Men. Stephen Semple: Yes. Dave Young: It was a monster. It sort of preceded the Holidome trend that Holiday Inn... I think Holiday Inn kind of kicked their ass with the Holidome concept. Stephen Semple: Oh, yeah. Dave Young: That's my guess. Stephen Semple: Here's the thing, in 1965 sales of Howard Johnson's exceeded that of McDonald's, Burger King, and KFC combined. Dave Young: Wow, that's many exceeds. Stephen Semple: Yes. When we talk about how it used to be a powerhouse, it was a monster that just seems to have disappeared. You see the odd one here and there. Dave Young: Yeah. If I had to guess the trend of, as I mentioned, Holiday Inn, Holidome sort of things, but my guess is that HoJo's, Howard Johnson's big rise was before the Interstate Highway system was built or right along with it- Stephen Semple: Right along with it. Dave Young: ... in some places. Stephen Semple: Yes. Dave Young: But in the East probably predates it. Stephen Semple: Yeah, because there's a couple of really interesting things. As we mentioned, it's not a big powerhouse today. There may even be people that we're talking to that might not even know what the heck Howard Johnson is. At its peak, it was massive, and basically it was a motor hotel along with a restaurant. They would have both. They had the restaurant, they had the motor hotel along with it. Dave Young: Right. Stephen Semple: Now, it started on the restaurant side. That's where it started. In fact, it was the first ever restaurant franchise. They were the first ones to do franchising for a restaurant. Dave Young: So it was the prototype for Denny's and all of those. Stephen Semple: All of those, yeah. Dave Young: Howard Johnson's was there. Stephen Semple: Yeah, and the type of restaurant it was was that fast casual dining. Yeah, really. It was kind of like a diner. It was the first ever franchise and the first location, this wasn't the franchise location, but the first location was Arlene Cape Cod, right at the intersection of Route 28 and Route 6A. Howard Dearing Johnson grew up outside of Boston in Quincy, and his first business was a drug store that he inherited from his father in 1925, along with a whole pile of debt. The business was a money-loser. It had a soda fountain, a newsstand, and sold ice cream. Again, very much like those 1920s drugstores. We think about a drugstore today, and it's not a place that you hung out. In the 1920s, it was a place that you hung out, and I said there was soda fountain, all that other stuff. They sold three flavors of ice cream,
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    20 mins
  • #163: Lite Beer – Diet or Less Filling
    Jul 24 2024
    Even if you make an awesome product, if you don't help your perfect customer identify with your brand, it won't sell. Dave Young: Welcome to the Empire Builders Podcast, teaching business owners the not so secret techniques that took famous businesses from mom-and-pop to major brands. Stephen Semple is a marketing consultant, story collector, and storyteller. I'm Stephen's sidekick and business partner, Dave Young. Before we get into today's episode, a word from our sponsor, which is, well, it's us, but we're highlighting ads we've written and produced for our clients, so here's one of those. [Tapper's Jewelry Ad] Dave Young: Welcome to the Empire Builders Podcast. Dave Young here, along with Stephen Semple, and we talk about brands, building big brands, big, exciting, profitable brands, and yet, during the countdown, Stephen didn't mention which brand we're going to be talking about, but he did mention a category. Somebody built an empire so big that their product actually created the category of light beer. Stephen Semple: Yes, and the reason why I have to look at it that way is it's a big company that made it happen, but it's still a pretty interesting story, because light beer, look, it's a huge category in the beer business, and it was not always that way. In fact, when light beer was first launched, it was a huge failure. It bombed, and it was Miller that created the first success in this space and really created this as a category. At its peak in 1977, Miller Lite was the number two beer in America. Dave Young: We've talked about Miller Lite and their campaign, and they had the world by the tail with Miller Lite. Stephen Semple: They really did, yeah. Dave Young: Then somebody talked him into changing the campaign. Stephen Semple: Yeah. Yep. Dave Young: Because it was at their peak, when it was the Less Filling, Tastes Great. Stephen Semple: Yes. That's what made it, and we're going to talk about how that came about, because it's a really interesting story. Because calorie-reduced beer was introduced in the market in New York by Rheingold Brewery as Gablister's Diet Beer. Dave Young: Yum. Stephen Semple: Sorry. Gablinger's Diet. It was introduced as a diet beer, and it was made using a process developed by chemist Herscher Gablinger of Basel, Switzerland, so it's this Swiss chemist created the process. The version used by Rheingold was developed by Joseph Owades. Now, Joseph then offered the recipe to Peter Hand Brewery, which created Meister Brau Light, so the second one that came out was Meister Brau Light. Now Peter Hand Brewery got into financial trouble in 1972 and sold several of their labels to Miller, and Miller relaunched the light beer as Lite Beer from Miller, not Miller Lite at first, it was Lite Beer from Miller, and Lite being L-I-T-E. It didn't do well. In fact, it was a dud. Around the same time, another brewery was struggling with a light calorie-reduced beer, and the category was simply not working. The problem was the ads were aimed at dieters. Dave Young: This was the era of Tab soft drink. There were diet things. Everything was diet, diet. My guess is they steered the diet industry in a different direction. Stephen Semple: The whole diet thing, just for the beer category, didn't work, but here's when things get strange. When they were doing market research on it, because Miller really believed there was an opportunity here, and when they did market research on it, it showed that 90% of Miller drinkers had tried the light beer once, they had tried it. They didn't say they disliked it, but they didn't buy it again. On one hand, you can go, "Well, the advertising's working, the promotion's working, our drinkers are trying it. They're not saying they dislike it, but they're not buying it again." Here's basically where they landed. The Miller beer drinker at that time was really described as the two-fisted drinker,
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    18 mins
  • #162: Avon – Ding Dong Avon Calling
    Jul 17 2024
    David McConnell ditched his door to door book selling gig to pursue the bribe that he we giving for attention. Dave Young: Welcome to the Empire Builders podcast, teaching business owners the Not-So-secret techniques that took famous businesses from mom and pop to major brands. Stephen Semple is a marketing consultant, story collector, and storyteller. I'm Stephen's sidekick and business partner Dave Young. Before we get into today's episode, a word from our sponsor, which is, well, it's us, but we're highlighting ads we've written and produced for our clients. So here's one of those. [Travis Crawford HVAC Ad] Stephen Semple: Ding dong. What makes you think of when the doorbell rings, what ad? Ding dong. Dave Young: Ding dong. Well, I was expecting a topic, first of all. Stephen Semple: Okay, well work with me here. What do you recall? Dave Young: Shoot, in the last five years, just chasing people away from my front porch. Stephen Semple: Oh, okay. Dave Young: Avon calling. Stephen Semple: There you go. Avon calling. That's who we're going to talk about. Dave Young: Yeah, I don't think they're doing that anymore. Stephen Semple: No, they aren't. But that recall is really, really interesting from the fact that you were able to remember those ads. Because those ads have not run, they stopped running in the late sixties. We were like... Dave Young: Oh my gosh. Stephen Semple: We were really young when those ads stopped, and yet you were still able to recall it. Dave Young: And I'm probably recalling it as a persistent meme in our culture that Avon calling, it became, not, it was woven into probably movies and TV and mass culture, so that for the next decade or decade and a half, it was still echoing, right? Stephen Semple: Correct. Dave Young: Yeah. Yeah. Wow. Stephen Semple: So think about how powerful that was. We're going to talk about Origin, a little bit about Avon. Dave Young: I think that's a fascinating phenomenon. I'm anxious to hear the Avon story. It reminds me of cigarette jingles as well that ended when they banned cigarette advertising in the mid-seventies. Yet for the next 20, 30 years, I mean, anybody that was alive then could still tell you Winston tastes good like a cigarette should, right? There's so many of those. So yeah, they just become a part of us. Stephen Semple: And they're powerful enough that they're, as you said, spoofing them on Simpsons and things along that lines. But back to Avon. So Avon's a really old company. It was founded in 1886 by David McConnell, and today, it's still around today. They do 9 billion in sales, they have 23,000 employees. There's over 6 million representatives of Avon, and it's still privately held by Natura Holdings out of Brazil. And they're giving you an idea, there are four Avon lipsticks sold every second. Dave Young: Dang, that's a lot of lipstick. Stephen Semple: Boom four, boom four, boom four. Isn't that incredible? Isn't that amazing? Avon's founder, David McConnell, started in sales back in the 1880s as a door to door book salesman. And so we've heard this happen with other businesses because he then used a popular gimmick. Remember Wrigley's? Remember how Wrigley's didn't start by selling gum? The gum was the free giveaway? McConnell offered a free gift in exchange for a moment of the customer's time. So it was a gift with appointment. And guess what he gave away? Perfume. Dave Young: Oh, okay. Stephen Semple: Most of the customers McConnell dealt with were housewives who were home in the afternoon hours while their husband was away at work. And so he decided to work with a local pharmacy to create a fragrance that he could give away, little quantities for anybody who was willing to listen to the book pitch. But a funny thing happened, they were way more interested in the perfume than the books. So just like Wrigley,
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    17 mins
  • #161: How To Create A Strategy – Let’s get real.
    Jul 10 2024
    Do not confuse Strategy with Best Practices. Creating a great strategy will allow you to stand out, not fit in. Dave Young: Welcome to The Empire Builders Podcast, teaching business owners the not-so-secret techniques that took famous businesses from mom and pop to major brands. Stephen Semple is a marketing consultant, story collector, and storyteller. I'm Stephen's sidekick and business partner, Dave Young. Before we get into today's episode, a word from our sponsor, which is, well it's us. But we're highlighting ads we've written and produced for our clients. Here's one of those. [Colair Cooling & Heating Ad] Dave Young: Welcome back to The Empire Builders Podcast. Dave Young here, with Stephen Semple. The topic you whispered in my ear today is not a brand name, it's not a service, it's not an invention. My favorite word to describe this is President Bush, the young one, the W. Stephen Semple: Okay. Dave Young: He called it strategery. Stephen Semple: Strategery. Dave Young: You want to talk about strategy today. Stephen Semple: I do. Dave Young: Or strategery. Stephen Semple: Strategery. Well if you think about it, this whole podcast, every episode is really about looking at a business and strategically, what did it do that made itself really successful. I get a bit frustrated because, a lot of times, businesses don't invest in strategy. They don't want to have a strategic session and invest in that. We all know that strategy ends up becoming really important. Then there's lots of things that are being paraded around as strategy, that frankly, aren't strategy, they're other things. What I wanted to do is talk a little bit about what strategy is, isn't, and how you create it, and why it's important. Basically, I think it distills down to this. When people sit around in a group and go, "Hey, let's think about this thing that we can then parade out to people in an industry, we have this idea." That's not strategy. That's best practices. Dave Young: Okay, yeah. Stephen Semple: They're best practices because they're looking at, "Oh, here's the best things that have gone on in the industry." Those are best practices. If it's something that's really common, it's a tactic. It's not a strategy because a strategy can't be repurposed. What a strategy is, is a business looks at its problem, "I've got this problem. I have these assets that I can leverage. Here's a creative way in which I can use these assets to solve this problem." Now what often ends up happening is it solves the problem so well, that they then systematize the solution, and now it becomes a best practice. Then that best practice gets so adopted in the industry, it becomes a common tactic that everyone does. That's what happens. But for it to be a strategy, it can really only be used in that situation. Dave Young: Okay. Can you give me some examples? Stephen Semple: Great examples. M.M. LaFleur. They invented this whole idea of mailing out clothing to people on this subscription basis, where they then try it on and send it back. They didn't start off going, "Hey, let's do this." They had a problem. They had clothing and they couldn't find a place to store it. But because they had been doing these private fittings, they had an asset. The asset was, "We have the contact information of all these customers, along with their sizes, and their preferences. We can actually send clothing out to them that we think they would like." They did it to solve a problem, and in the process, made more sales in a month than they had done in the entire history of the company. They then went, "Huh, let's turn this into a thing. Let's systemize it and make it actually our business.?" Dave Young: Yeah. I looked it up, it's episode 54. Stephen Semple: Thank you. That was looking at their problem, looking at these unleveraged assets, and solving it in a way in which it had not been solv...
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    19 mins