Gather round while I tell you the story of Kennebec Ice. It's a story full of valuable business lessons even though it happened long ago.
Once upon a time, before the invention of modern refrigeration, folks kept their food cold by using large blocks of ice. That ice was readily available to residents of my state, Maine.
(For my friends in other countries, Maine is the northeastern-most state, bordered by New Hampshire, Canada, and the Atlantic Ocean. We have very cold winters and the ice freezes deep into lakes and rivers.)
Now, residents of Maine didn't think too much about ice other than for their own use. Ice was just a part of life, no big deal. During the economic depression that followed the Civil War, ship's captains in Maine had a hard time finding enough cargo to fill their ships. To compensate for the lack of cargo the ship's crew substituted large blocks of Maine ice to act as ballast. The ice was covered with sawdust to help slow the melting process. This need for ballast created a new market for ice.
When the ships arrived in tropics and sub-tropics, it was discovered that the ice being used as ballast was a valuable product to the residents of those regions. They were willing to pay for that ice. Cutting and shipping ice to other parts of the world became an industry for Maine. This new market saw ice being shipped to China, India, Cuba,and many other places.
Now, somewhere along the way, through some clever promotion, the ice harvested from the Kennebec River in Maine became known as "the best ice". Consumers thought it was higher in purity and health benefits.
There are many rivers and lakes in Maine, all of them produce ice. There really wasn't much difference at the time, all the lakes and rivers were clean enough to drink from, but the perception was that Kennebec Ice was the best. People were willing to pay more to get it.
Because Kennebec Ice was the best, ice companies all over the world started referring to their ice as "Kennebec Ice" even though their ice might come from Kansas or New York. Kennebec Ice was the gold standard for ice.
And then along came modern refrigeration. The ice industry died out and Maine residents, who are always resourceful, moved on to other industries to support their families.
So, here are our modern day business lessons from the story of Kennebec Ice.
1. One product can have many markets and uses, even a product as simple as frozen water.
2. The things we take for granted may be valuable to others.
3. Becoming the gold standard increases business and allows you to charge a higher price.
4. It's important to protect your brand to keep it from being cheapened and compromised by others.
5. Watch for trends that tell you it's time to get out of the ice business and develop new products or services.
Of course, the ice business is still alive and well in the modern world, driven by a new industry--tourism and recreation. So, next time you fill your cooler,think of the humble ice cube and the proud part it played in creating business history.
Caroline Jordan, MBA delivers icy cold business advice in a frosted glass to self employed professionals in the desert-parched land of business ownership. For more tips and strategies to create a successful, thirst quenching business, attract a deep pool of customers you enjoy, increase your cash flow river, and develop additional streams of refreshing revenue visit http://www.thejordanresult.com
disinfecting cleaning services Arlington Heights ..If you're like me, you love accounting. It's so fascinating... Read More
A consultant must remember that the business belongs to the... Read More
When does your ego get in the way?Let's go back... Read More
The efficiency of debt collection is the difference between a... Read More
Frankly, given the legal and regulatory requirements involved in attempting... Read More
Send handwritten notes. That applies whether you're a guy or... Read More
The temporary staffing industry continues to expand, with yearly double-digit... Read More
There are countless ways to save your business money. Unfortunately,... Read More
Here are just a few ways to increase and diversify... Read More
What is in an information plan?Before you even meet with... Read More
During the California Recall Election, I was very interested. Without... Read More
Why? Because they have access to world class public relations... Read More
While there are few career paths that some would call... Read More
One thing I have noticed in my travels to different... Read More
When a person knows and knows not that he knows.... Read More
There are both fixed and mobile detailers. Consumers often will... Read More
You need to be visible to attract customers, right? But... Read More
When deciding to host a fundraiser for your company or... Read More
Just as you are about to say "good-bye" to your... Read More
First, we need to define the different kinds of skip... Read More
You've been meaning to tend to the administration part of... Read More
In these days of insecurity and uncertain futures, the tendency... Read More
What was your aim when you went into business for... Read More
If you really want to earn more money with your... Read More
Researching information for a recent business plan, I came across... Read More
bathroom cleaning service Mundelein ..Concrete Roof Tile Business: During the 2004 summer season, storms... Read More
Do you need grant funding for your nonprofit organization? If... Read More
As small business managers, we juggle limited resources in a... Read More
I believe the number one reason why a business will... Read More
1. Look Over Your Shoulder ? Of course, Punxsutawney Phil... Read More
1. There Are No "gimmes" ? They count two-foot putts... Read More
Would it help you as a real estate investor to... Read More
Senior citizens are generally not a large marketing segment for... Read More
There are many potential niches for pressure washing companies that... Read More
When you go into business for yourself, there are many... Read More
The American system of business management has been admired and... Read More
Why do you need an account plan?When you first decide... Read More
Marketing is one of the four corner-posts of a solid... Read More
If you are in the pressure washing business and are... Read More
The Service-Disabled Veteran-Owned Small Businesses (SDVOSB) is a program that... Read More
The following tips have come from a wide variety of... Read More
You've been meaning to tend to the administration part of... Read More
Many people ask how many graphs or charts they should... Read More
How far away is the person you need to meet?We... Read More
Why does consistency in the message have an effect on... Read More
Are you a small business owner who wants to expand... Read More
During the 1980 presidential campaign, candidate Ronald Reagan vowed, if... Read More
Why? Because they have access to world class public relations... Read More
Why does a good business relationship rely on having some... Read More
Do you like animals? Would you like to work for... Read More
Small Business |