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

10/24/2016

5 Comments

 
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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.

5 Comments
essay writing link
11/24/2016 12:04:36 am

The Band aid is really a good product that we can all use. I am glad that this is invented and this invention has contributed a lot to all of us. I will share this to my friends for them to be notified about this and for them to know the value of it. This is a good reading that we all must see.

Reply
Sarah
11/24/2016 03:41:02 am

Thank you, and Happy Thanksgiving!

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Richard Maldonado link
9/17/2018 05:39:17 am

I would like to tell that invention is the creative ability. It is the process of designing something. Sometimes, inventions are made by mistakes. No matter, how an invention is created, because the development always leaves its impact after getting invented. Even though a discovery can be given away, still, it's always been difficult for an inventor to blab his invention. Some innovators betray their layouts willingly, whereas some do the same even not having a willingness to do. Nobody except the inventor can predict the end consequence of his come through.

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kumar sree link
8/16/2019 04:39:55 am

I have been looking around for this exact information. Thanks for providing detailed and straight to the point topic. It solved my problem. Keep posting more.

Reply
Sarah
8/16/2019 04:41:32 am

Thank you! We plan on posting concise and useful articles until the end of time.

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