A business’s primary mission is to acquire customers; the only way to profit from them is to meet their needs. Let’s examine the following two workplace stories.
Reviving an aquarium
In a northern city, an aquarium opened with an entrance fee of 50 yuan per ticket, which deterred many potential visitors. Eventually, the desperate investors sold the aquarium at a “bargain price” and returned to the South in dismay. The new owner advertised on TV and in newspapers, seeking golden ideas to revive the aquarium. One day, a female teacher visited the aquarium and told the manager she could improve his business.
Following her business method, within a month, the aquarium was packed with visitors daily. One-third were children, and two-thirds were parents accompanying their kids. Three months later, the previously unprofitable aquarium started making a profit. The new aquarium advertisement was simple, consisting of just 12 words: “Children visit the aquarium for free.”
Philosophy of the story
The only way to profit from customers is by meeting their needs. Is this just empty talk? Businesses around us often focus solely on charging customers while ignoring their core demands. By satisfying customers’ core needs and pleasing the people they care about most, even seemingly free offers can lead to substantial profits. That’s the fascinating nature of business.
Selling newspapers
Lee Byung-chul, the founder of Samsung Group in South Korea, came from a poor family. He had to sell newspapers from a young age to make a living.
“How many newspapers do you want to subscribe to sell each day?” the newsstand owner asked the ragged boy. “How many do other kids sell?” he shyly asked. The owner laughed: “It varies; some sell dozens, others can sell hundreds, but if you take too many and can’t sell them, you’ll lose money.” Lee Byung-chul thought momentarily and said, “I’ll take 100 copies.” The owner was a bit surprised, but gave them to him.
The next morning, Lee Byung-chul came back empty-handed. The owner curiously asked: “Where are the leftover newspapers from yesterday?” “Sold out. Today, I want 200 copies,” Lee Byung-chul replied. The owner was amazed, but again gave them to him. On the third morning, Lee Byung-chul returned empty-handed again and asked for 300 copies. The owner was shocked and decided to follow him to see how he sold the newspapers.
Unlike other kids who shouted to sell newspapers at the station, Lee Byung-chul kept handing out newspapers to waiting passengers. After distributing them to a group of passengers, he would return to collect the money, then move to another area and repeat the process.
Confused, the owner asked: “Aren’t you afraid some people won’t pay and just leave?” “Some do, but very few. After reading my newspaper, they feel embarrassed not to pay a kid. Compared to those who hold onto their newspapers, I still sell the most overall!” Lee Byung-chul confidently replied. The owner immediately looked at him with newfound respect.
Philosophy of the story
The primary mission of a business is to acquire customers; profit naturally follows. The two should always be in order. Otherwise, it will only lead to short-term gains followed by long-term losses. The principle of “give first, take later” is not just a strategy, but an attitude and even a form of wisdom.
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