“Broke People Give Broke Advice”

You can do anything in the world, but you can’t do it alone. You need help. And quite often you need advice. When seeking advice,  make sure you get it from someone you can trust, and someone capable of giving you sound counsel. But also remember, “Broke people give broke advice.” This doesn’t mean broken in a financial way. I mean in mind. A mentally broken person will only tell you why something won’t work. They will never have suggestions to make your ideas better. And they will only tear down your dreams. Seek advise from those that care about you and your success.

But also understand, just because a person is on your side doesn’t mean they will always agree with you. Sometimes the best advice you can get is not try your idea. Or try it later. Or make some changes to it. Be smart enough to understand the difference between a support system and a cheerleader. Support system has your back and will ALWAYS tell you the truth. A cheerleader will agree with you, no matter how bad the advice.

You can’t build a strong foundation with broken pieces. And you can’t have a positive outcome seeking advice from a broken mind. Remember. “Broke people give broke advice.”

William Wilson, CEO

William Wilson Clothing

 

Focus on Your Market

Photo shoot 1 017 (resized)Just because everyone uses the product you sell doesn’t mean everyone is your market. Most brands carry products that exist in multiple market price points, and the success of the brand is usually dependent on facilitating and cultivating THEIR specific marketplace. I know this may sound confusing, so I will use my firm as an example.

My brand, William Wilson, was developed to cater to business men and women (yes – I also make women’s clothing). Athletes and celebrities were never my target market; nor are they now. I was just blessed to acquire an impressive client portfolio that happens to include a significant amount of them. I honestly would rather have the person that works in Bank of America Corporate Center than the one that plays in Bank of America Stadium. He’s going to be a more “consistent” buyer because he has a constant NEED for my product. Plus given the average NFL career is 3.5 years, the numerical longevity factor is far more beneficial to me at the corporate center than the stadium. That explains one part of the market place. But that isn’t the focus of this post.

I’m talking about straying from your corporate brand strategy to chase every dollar. There is no way to maintain brand integrity and chase dollars. Especially in the luxury goods market. Again, this may make no sense in the abstract, so I will once again use my brand to explain.

I sell a premium luxury product, custom clothing. My brand is known for being some of the best looking, best constructed and highest quality in the country. That comes at a price. That doesn’t mean it has to be astronomical in price, but it shouldn’t break the bank of my target client either. With the exception of my Morehead Collection. My suits range from as low as $699 up to $40,000 (my Morehead Collection begins at $20,000 and is delivered by an armed guard in an armored truck). So as you can see, I cover a large price range. However, there is a segment of my market that will never buy from me. In the industry, we call them “Hotel Ballers“.

You may be asking yourself, “What is a “Hotel Baller“?” A hotel baller is the guy that wears  custom suits, but instead of purchasing suits from established firms in the area, they wait for the guy to come from Asia, sets up in a hotel room for a couple of days and sells out of the room. They usually offer a ridiculous cheap price to get clients in the door, knowing that the client’s ego and/or taste won’t allow him to buy the advertised product. The advertised packages are usually a bunch of fabrics that no one buys. The fabric IS available. So they aren’t lying. It’s just an old bait-n-switch (common in the car business. The more desirable fabrics are sold as upgrades, usually about $200 per upgrade level. Afterwards comes the up sell. Working button holes, fancy jacket linings, monograms and contrast stitching are always lucrative add-ons. Then they hit them with the shipping and tax. The tax is ALWAYS funny because they don’t even pay tax in the US usually because they live in Thailand and China. This is usually about $250-$500 of just free cash to them. I have a friend that sells this way, and he explained it to me. And he said “William, the crazy thing is, by the time the walk out of here, they usually pay more for my suit than they would have yours. And if it doesn’t fit right, they have to add the additional time and charges of shipping it halfway around the world. It could take months by the time we get it right; and you’re right here.”

Now some have asked why I don’t try that same thing locally and eliminate the competition. I explained to him, I have a brand to protect, a company to protect, and clients to protect. My clients trust me to provide them with the highest quality products on the market. My clients want a great suit, made with integrity and high quality, and they want a fair price. Not a cheap price, a FAIR price. My clients understand that quality costs. For me to be able to compete for that business, I would have to use lower quality fabrics, have them machine sewn in China, and machine sewn. These are all factors that would possibly increase my customer pool temporarily, but a client that is strictly shopping price isn’t concerned about quality and will leave for the next guy whose product is $50 less. Then you’ve lost your previous clients AND your new ones. Worse than that, you will have lost your brand credibility. That’s entrepreneurial SUICIDE.

You will never see Neiman Marcus competing with Wal-Mart (or Macys for that matter). You won’t see Mercedes and Lexus compete with Honda or Chevrolet. And you won’t see the William Wilson brand competing with hotel suit sellers. This is not to discredit them, or their customers. They do what they have to do. It’s not about them. It’s about the William Wilson brand, and my clients. My clients have placed trust in me. I owe it to them to be what I told them I was. They come to me because they feel I offer something they can’t get anywhere else. They come to me because they want the best from the best, and they feel like I fit that description. I appreciate my clients, and would never disrespect them by trying to flip-flop to chase a dollar. I don’t focus on my competition. I focus on my market. Where they go, the William Wilson brand goes.

 

God bless and dress well.

William Wilson, CEO

William Wilson Clothing

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How Would Dr. King Feel If He Came Back Today?

Photo shoot 1 017 (resized)Today we celebrate Dr. Martin Luther King Jr’s birthday. A day truly deserving of celebration. We will be inundated with an endless array of powerful quotes, facts about his life, and undoubtedly innumerable references to the movie “Selma”. All of which are due a man the caliber of Dr. King. But are we TRULY showing respect, or just giving in to the moment and making ubiquitous posts. I can not, nor do I desire to, judge the heart of any particular person posting what they choose on their chosen social media platform. But what I CAN do is make a observation of social trends and behaviors.

Let me preface by saying, I truly expect a backlash for this post. But, I’m ok with that. It won’t be the first, or the last, time. Here’s what I surmise. Today we’ll read EVERY powerful quote Martin Luther King ever made. Tomorrow, we’ll act like we’ve never heard of him. This is the unfortunate truth. Tomorrow we will go back to living our lives and doing the same things we always do. This is really sad. When I listen to the speeches of Dr. King and what he wanted from society, I look at today and I ask myself, “Would he be happy, or disappointed, if he could come back for one day?” I think both. America has made some incredible improvements since his assassination. Blacks can go to any school they want. We can sit, eat, pray, party, and work wherever we want. We are (at least on paper) equal as a society. Not only can little black boys and little white girls be friends; they can date, marry (or not) and produce bi-racial babies that can become President of the United States. On THAT front, I think he would not only be pleased. He would be overwhelmed! We have what he always wanted; a chance to be treated equal.

But I also think he would be beyond disappointed. The way we use “the N-word” to describe each other. The way we refer to women as “B”s and “H”s in music and television. The number of children raised in single family homes. The legislation that is engineered to create and maintain an invisible, but very real, ceiling on minorities. And the barely digestible trash we produce for ourselves on television (IE Real Housewives of LA, NJ AND ATL, Love and Hip Hop, Basketball Wives, The Bachelor/ Bachelorette and a host of others). I wonder how he would feel to know that parts of our society is completely fine with reality TV shows that depict African American women as catty, argumentative, and overly aggressive drama queens that are more likely to get into a fight at a fine dining establishment than pay the bill. Yet they are appalled and insulted once the SAME type of show involves their Greek letter organizations. What does it say when we are more upset to have our organizations demeaned, than our character as a people. What does that say about our pride as people. As Americans, and as Christians (or whatever faith you practice). If Dr. King spent a complete day with any one of us, at the end of the day would he say, “You make me proud.” or “You break my heart.”? I know many of us aren’t going to be honest with that question. But deep inside, you know the truth.

If we REALLY want to respect not only Dr. King, but ALL of the brave men and women, black and white, that fought, bled, cried and died ALL to have equal rights, we must be respectful to each other, as we want others to respect us. We need to stop bringing ourselves down as a nation, as a society and as a culture. We must stop being afraid of each other as blacks and whites, and start spending more time getting to know each other. Most fear doesn’t come from actual danger, it comes from lack of personal, first-hand encounters. We should stop striving to be better than the community, and make the community better. Just because we have a African American president DOES NOT make America “post-racial”. It’s ironic that I’ve never heard a person say that that actually VOTED for President Obama.

America has made amazing inroads towards racial relations. With each generation, race becomes less of an issue. Many of the racial obstacles that once hindered minorities from advancing have all but been eliminated. But some were placed onto others. We’ve now turned our hatred towards homosexuals, Muslims, and Hispanics. They deserve the same rights to life, liberty and the pursuit of happiness as the rest of us. We don’t have to always agree with each other’s opinions, religions, or politics. But we should, at least, respect them. And we cannot vilify an entire race or religion for the inhumane, and egregious, actions of a radical few. After all, when we look back out our own histories, EVERY race has had some radicals that we do not want to be connected to. Treat others as we would have them treat you. At the end of the day, that’s all Dr. King was dreaming about. Equality. It’s that simple. If you REALLY want to show respect to Dr. King on his day, get out of your comfort zone and talk to someone that isn’t like you. If you’re straight, talk to a homosexual. If your Christian go talk to a Muslim. Who knows, you may walk away with a new friend. And God would be pleased. Until next time….

God bless and dress well.

William Wilson, CEO

William Wilson Clothing

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The 3 Children of Assumption

WilliamWilson-1186-2660233048-OI was given a piece of advice by a good friend of mine named Tom Fehlman. He said “Always try to prove your assumptions wrong.” This advice is PRICELESS. When you have an assumption, it’s easy to prove yourself right. But if you turn it around and try to prove yourself wrong, you’ll ask yourself a completely different set of questions, and subsequently, may even see things from a different perspective. Assumptions can be one of the most dangerous things a person can do regarding success, because it’s not the assumptions that get people in trouble. It’s acting upon them without verifying first. Assumption gives birth to 3 children that will destroy your business, or personal, life.

1. Assumption is the Mother of Mis-communication: When you assume you already know what someone thinks, or is going to say, you don’t fully listen to them. You have your response already in your mind before they finish their sentence, and will usually cut the person off mid sentence. Or worse, instead of asking the question first, we act off of our assumptions and exacerbate situations. Take the time to fully listen to what someone has to say. THEN verify what you heard and what they said align. It will will prevent costly mistakes down the road.

2. Assumption is the Mother of Inefficiency: When you think you already know what you need to do, or how to do it, you tend to not read the instructions; and important, time-saving information is missed. It’s like not reading the assembly manual, but instead, putting something together our own way. We somehow always end up with extra parts when we’re done. And thus time, energy and potentially money is wasted going back to find out what we did wrong. Learn the rules, directions, expectations and process BEFORE you start a project or journey. It will save a lot of time and headaches.

3. Assumption is the Mother of Failure: Most people fail because they lack the necessary information needed to succeed. They think they know everything, so they do it their way. Often with poor, or incomplete data, lack of preparation, or bad timing. Either way, when you act upon assumptions without proper verification, you set yourself up to fail. Hopefully, you will recognize this and correct yourself before you’re too far into the process. But if you don’t, there will come a point when you’re too far gone to fix it. Don’t assume. And if you do, take the time to ask anyway. It’s better to take an extra 30 minutes to do it right, than another 2 weeks to do it over. Until next time…..

God Bless and Dress Well,

William Wilson, CEO William Wilson Clothing

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