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
Wood Dale Chicago prom limo .. Lockport Chicago limo O’HareThe Operations Plan is a critical component of any business... Read More
"If at first you don't succeed, then skydiving definitely isn't... Read More
Franchising Directory Sites-Paid Advertising, Lead Generation for FranchisingFranchising Directory Sites... Read More
You can provide affordable health care plans to your employees.... Read More
How do you make sure you have the business solutions... Read More
In the world today, many people are further in debt... Read More
Q: I'm curious. What is the dumbest business question you've... Read More
Outsourcing is the strategic use of outside resources to perform... Read More
Many auto detailers fall short in their sales presentations. I... Read More
Cash flow. To stay in business, you've got to keep... Read More
A cluttered world of marketing communications diminishes the ordinary. The... Read More
My clients and many of my readers are small and... Read More
Are you -- like 70 percent of small business owners... Read More
Franchisor expansion policies are not as simple as one might... Read More
If you are thinking of turning your current into a... Read More
As a specialist in getting restaurants open, it is surprising... Read More
Buying a franchise is not for everyone. This guide will... Read More
Small businesses need Public Relations, possibly more than large corporations,... Read More
-- Beyond Cold Calling, "Warm" Calling and Sending E-mails --Many... Read More
In the first article we mentioned the main characteristics that... Read More
What are the benefits of using a Freelance Consultant /... Read More
New Franchisors and Entrepreneurs need to watch out as they... Read More
Writing a business plan for a mobile car wash is... Read More
Many of us have noticed how some nearby communities seem... Read More
Let me get right to the point. The single most... Read More
Antigo wedding limo ..Why should you always maintain a good report with a... Read More
If you run a mobile car wash, mobile fleet washing... Read More
As a specialist in getting restaurants open, it is surprising... Read More
If you run a pressure washer business you need complete... Read More
Many pressure washing companies will be glad to take on... Read More
When you go into business for yourself, there are many... Read More
There are no "rules of thumb" in the pursuit of... Read More
Deciding to start your own franchise is just one of... Read More
One way to determine your companies mission statement is based... Read More
Forget everything you've ever heard about the U.S. Small Business... Read More
Send handwritten notes. That applies whether you're a guy or... Read More
Many people ask how many graphs or charts they should... Read More
If you've been thinking about starting a business, but are... Read More
I started working with another new client last week. He... Read More
Whether your target audience is in your neighborhood or across... Read More
As you reflect on this year and prepare for next... Read More
Whether you are an Entrepreneur or Business Professional there are... Read More
Habit: A consistent behavior you perform so frequently that it... Read More
As a solo entrepreneur or small business owner, one of... Read More
I've got good news and bad news. The good news... Read More
No matter type of business you operate you've got to... Read More
How do you find groups that are in need of... Read More
Canon City, Colorado is known for it's 6 Prisons; State... Read More
For many small businesses, the "S" corporation is the business... Read More
Concrete Roof Tile Business: During the 2004 summer season, storms... Read More
Small Business |