What Happens When You Give Away Your Best New Invention For Free

Image: Hello Kitty Band-Aid        

Corporate Challenge: You have products in different categories, and you want to increase sales for all of them.

Ironbound Strategy:  Creating value forcustomers and employees positions your brand for growth.  Creating value for society skyrockets your brand.

Ironbound Action: When Johnson & Johnson first developed the Band-Aid in 1920, they realized it was going to be one of the most profitable inventions of that era.  Initially they did not sell it. They gave it away for free to all troopers in theBoy Scouts of America. Giving away your best new invention for free is initially costly, however Johnson & Johnson was able to get their brand name  inside the houses of most American families, which is a tremendous feat in marketing. The Johnson & Johnson brand became one of the most trusted brands of its time, and has grown to become a household name globally. Public awareness for one product raises notoriety for all products in the same brand, even if they are in different product categories. Creating value for society always pays off.