Strategy

7 Business Strategy Lessons from a Lemon Stand

The kids started out selling better-quality lemonade they mixed from frozen concentrate. But when that ran out, they abruptly switched to some leftover powdered stuff with artificial sweetener scavenged from some forgotten corner of a kitchen cabinet.

Guess what happened? Sales—which had been brisk—floundered. The pair went back to their old recipe, this time adding slices of real lemon and crushed ice to help signal a product upgrade.

The kids rolled out multi-pronged approach, which included low-budget outdoor advertising (they taped creative to nearby telephone poles), display (they posted a notice on the town bulletin board), and word of mouth, which is always free.

“Tell your friends!” they said cheerfully to each customer. Meanwhile, a third friend rode her bike around the streets, shouting, “Lemonade by the beach! Lemonade by the beach! Get yours today!”

Strategy

7 Business Strategy Lessons from a Lemon Stand

The kids started out selling better-quality lemonade they mixed from frozen concentrate. But when that ran out, they abruptly switched to some leftover powdered stuff with artificial sweetener scavenged from some forgotten corner of a kitchen cabinet.

Guess what happened? Sales—which had been brisk—floundered. The pair went back to their old recipe, this time adding slices of real lemon and crushed ice to help signal a product upgrade.

The kids rolled out multi-pronged approach, which included low-budget outdoor advertising (they taped creative to nearby telephone poles), display (they posted a notice on the town bulletin board), and word of mouth, which is always free.

“Tell your friends!” they said cheerfully to each customer. Meanwhile, a third friend rode her bike around the streets, shouting, “Lemonade by the beach! Lemonade by the beach! Get yours today!”

Strategy

7 Business Strategy Lessons from a Lemon Stand

The kids started out selling better-quality lemonade they mixed from frozen concentrate. But when that ran out, they abruptly switched to some leftover powdered stuff with artificial sweetener scavenged from some forgotten corner of a kitchen cabinet.

Guess what happened? Sales—which had been brisk—floundered. The pair went back to their old recipe, this time adding slices of real lemon and crushed ice to help signal a product upgrade.

The kids rolled out multi-pronged approach, which included low-budget outdoor advertising (they taped creative to nearby telephone poles), display (they posted a notice on the town bulletin board), and word of mouth, which is always free.

“Tell your friends!” they said cheerfully to each customer. Meanwhile, a third friend rode her bike around the streets, shouting, “Lemonade by the beach! Lemonade by the beach! Get yours today!”

Read more
Visit Instagram