How to Launch a Business Instantly
You start with the greatest testimonial in the history of the world!
Vol. 5, Issue No. 19 | September 29, 2009 By Denny Hatch
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IN THE NEWS
Omaha's Oracle of Style Sings the Praises of a Chinese Suit:Buffett Tapes a Testimonial for Ms. Li; President Hu's Wardrobe in the Closet
DALIAN, China — America's foremost capitalist may not have much in common with China's top Communist, but Warren Buffett and Hu Jintao do appear to share the same clothier. Move over Brioni, the truly rich and powerful are wearing Trands.
The obscure menswear label is produced by Dayang Group, a clothing company founded by Li Guilian, 63 years old, a diminutive farmer-turned-fashion mogul, in northeast China. Ms. Li's company got a major boost after Mr. Buffett, chairman and chief executive of Berkshire Hathaway Inc., recently appeared in a Dayang promotional video, posted on the company's Web site. He heaped praise on Ms. Li, her company, and the nine Trands suits he proudly owns. Shares of Dayang's Shanghai-listed subsidiary, Dalian Dayang Trands Co., have soared by more than 70% since the video was posted on Sept. 10.
—Sky Canaves and Susan Pulliam, The Wall Street Journal, Sept. 25, 2009
I have to tell you I now have nine suits all made in China; I threw away the rest of my suits. Our directors, my partner Charlie Munger, Walter Scott, Ron Olson and even Bill Gates now, are wearing suits made by Dayang Trands. And they know and love Madam Li for what she’s accomplished. As a matter of fact I think maybe Bill Gates and I should start a men’s clothing store and sell the suits made by Madam Li. I think we would be great salesmen, because we love them so much. The suits we’ve received that have been made in China we’ve never had to alter a quarter of an inch. They fit perfectly. We get compliments on them. It’s been a long time since I got compliments on how I looked. But since I’m wearing Madam Li’s suits I get compliments all the time. So maybe Bill and I can start a clothing store. And if we sold the suits made by Dayang Trands someday we might even be rich, who knows.
Warren Buffett's testimonial on the 30th anniversary of Madam Li Guilian’s company was released over The Wall Street Journal’s digital network on Sept. 10 as a YouTube-type video. Dalian Dayang Trands Co. stock jumped 70%.
Because I work at home, I haven't bought a new suit in five years. After that endorsement, I lusted after a Trands suit.
No dice. They're available only at the 20 Trands stores in China—mostly in secondary cities, the brand wasn't even widely known in China—or by mail to the very rich who know the owner, Madam Li, and have access to a great fitter.
What we're looking at is not only the greatest testimonial in the history of the world, but also a marketing opportunity that gives me the tingles.
The Importance of Testimonials
The generally recognized sequence of events in marketing is:
- Find a suspect.
- Make the suspect a prospect.
- Turn that prospect into a customer or donor.
- Convert into a renewer, multibuyer, regular customer or donor.
- Nirvana is when that person becomes an advocate who likes your product or service so much that you get a testimonial and referrals.
Cashing In on a Testimonial
Takeaways to Consider
- The generally recognized sequence of events in marketing is:
- Find a suspect.
- Make the suspect a prospect.
- Turn that prospect into a customer or donor.
- Convert into a renewer, multibuyer, regular customer or donor.
- Nirvana is when that person becomes an advocate who likes your product or service so much that you get a testimonial and referrals.
- “A good plan violently executed now is better than a perfect plan executed next week.”
—Gen. George S. Patton Jr. - “ A’s hire A’s; B’s hire C’s.”
—Donald Rumsfeld - “Agonize over one thing only: hiring.”
—George Mosher
Web Sites Related to Today's Edition
Warren Buffett’s love affair with Trands suits in The Wall Street Journalhttp://url2it.com/beok
Warren Buffett’s testimonial to die for
http://tinyurl.com/yd8fetg
A slide show of Dayang Trands Suits
http://url2it.com/beom
Traveling salesmen/fitters of Hong Kong and Chinese Suits
http://www.garytailor.com
http://www.ramsclothiers.com
The Worth Collection
http://worthny.com
Companies Mentioned:
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