Many entrepreneurs see opportunity around every corner.
They could make a machine, but they hustle harder instead.
Regardless of whether or not you went out trick-or-treating on Monday, we wanted to give you the tools to make sure you build a machine instead.
That’s why Jeff will talk about building a factory for your business during today’s Back to Business section.
In today’s newsletter:
- 🗣 Amazing Announcements, learn more about factories on our podcast!
- 💸 Back to Business, Jeff will discuss Cecile Rhodes’ secret.
- 💖 Community Corner – Showcasing our client Rob who went on a trip across the country, and a neat follow-up tool.
🎙 Configure Your Business Factory: Jeff and Joe talk enthusiastically about the topic of this week’s newsletter on our podcast. So take a listen if you want to learn how to manufacture an experience.
Back to Business
Cecile Rhodes had a problem: too many diamonds.
In 1929 diamonds weren’t very popular; there weren’t enough of them to be popular.
There was no tradition of diamond engagement rings, pendants, or anything outside of royal crowns.
But he had a couple of diamond mines producing tons of diamonds.
So he needed a price factory.
When we say factory, most people think of manufacturing stuff: cars, iPhones, and gadgets.
Here’s the thing: you need a factory for your business.
See, a factory is where you “manufacture” any product, from iPhones to IT services to prices.
- And since your service is a product (seriously), you need a
- factory to make it in. Your factory is the physical space, hardware, and software that you use to build your product.
This brings us to Cecile Rhodes* and his price factory.
Rhodes’ factory, called DeBeers and the Central Selling Organization, produced nothing more than price.
The factory had a marketing component: the invention of a diamond ring tradition and the definition of “quality” diamonds (based on color, size, and inclusions).
It also had a carefully managed buying experience.
The CSO sorted diamonds in a specific light, using specific magnification, according to specific guidelines (as defined by the marketing component).
If you wanted to buy diamonds, you had to join the club, be a sight holder, and be invited to bid on sights (packages of diamonds) which you could examine in specifically defined rooms, with specific tools, in specific light conditions.
DeBeers engineered every aspect of the experience and the process for one purpose: to manufacture a price.
Rough diamond miners, mainly, still sell diamonds using this factory today.
When I developed strategies for diamond producers, I had to learn how the factory worked. I had to learn to sort and package and sell diamonds.
And I realize now how vital a factory is in building not just gadgets but also services and experiences – you can’t have repeatable processes if you don’t have a factory that supports them.
This means you must define your factory:
- What is the technology you use
- How does it fit together what hardware do you need
- What office space do you need
- What are the tools you employ to do your work
*Just a note: Rhodes was a pretty terrible human being, so only copy the idea of the factory, lets not emulate Rhodes otherwise.
- And talk about being human-centric! He’s part of a group called Independent Brothers MC that did a Motorcycle Run for St. Jude Children’s Research Hospital.
⬆️ FollowUpThen: As Joe says, “the fortune is in the follow-up.” Recently one of our clients David Maayani showed him this ah-ma-zing free and easy-to-use email reminder.
📊 Want to Make Animated Charts?: Google’s Data GIF Maker lets you put in data and create animated charts that you can export and post. So if you want to spice up your slides or create some nifty social media graphics, give this a try!