“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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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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Success Requires Separation

William Wilson ThinkingStaying ahead of your competition keeps them from being your competition. You must always be at least one step ahead of your competition at all times in order to separate yourself. Michael Irvin once said, “A receiver doesn’t have to be the biggest, the fastest, or the strongest. If his quarterback can count on him to create 12″ of separation at any time, and catch the ball, he can have a long career in the NFL.” Business is the same way.

You must be able to separate yourself from your competitors. You must be able to answer this question:  “Why should I use you over someone else?”  Your answer must prove you to be one of three things: first, better, or different. Either be the first one doing it, do it better than everyone else, or have a different means of doing it. If you aren’t one of these things, you’re either the status quo, or you’re less. That’s not to say you can’t still find some level of success. It will just be more difficult.

I’m an aggressive businessman. I take risks. I try new things. And I consistently b20140715_210445ite off almost more that I can
chew. Sometimes I actually do bite off more than I can chew. I am constantly trying to find ways to expand the William Wilson brand, or provide a service to my existing clients to separate me from other clothiers. Getting the client is just the first of three steps. I must  retain the client, and get the client to refer me to their peers. To do that, I have to do what I say I’m going to do. And if I make a mistake, I must fix it. Sometimes I have to take ownership of a mistake I DIDN’T make, just to keep the client happy. It’s often better to eat a little pride, than to win a battle that costs you a client (and their potential referrals). Business is not an arena for emotional people. The moment you start making business decisions, based on emotion, is the moment you begin counting down the days until your business is shut down.

I proactively look for ways to offer more for my clients, and to enhance the client experience at William Wilson Clothing. Whether it’s adding a poker table and chess sets,  TVs and XBoxes, or custom made belts made of exotic skins; I am always looking to stay 2 steps ahead of those who operate in my arena. When someone walks into my showroom, I want them to think, “Wow, this is impressive. This is the guy who should be making my suits.” I’m constantly trying to find ways to first, better, or different. Until next time……

God Bless and Dress Well,

William Wilson, CEO William Wilson Clothing

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