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Lesson #3: Give Your Company a Shock Treatment
Article Overview: “The three rules we have right now are to be really consistent in the quality of our product, to be unpredictable, and to create emotion. That’s it,” says van Stolk.
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Free Download - Peter van Stolk Quotes By Peter van Stolk |
Lesson #3: Give Your Company a Shock Treatment
“The three rules we have right now are to be really consistent in the quality of our product, to be unpredictable, and to create emotion. That’s it,” says van Stolk.
It sounds simple enough, but that is only because van Stolk has mastered the formula that propelled his oddball beverage company to success. One of the most important ingredients in that formula? The shock factor.
Around every corner, Jones Soda was able to surprise its customers. With every new and wacky flavor, and with the company’s unique promotions, fans of the company were never left disappointed. How was he able to keep the surprises coming?
“It’s us making fun of ourselves. We look at our role as providing you with a treat,” says van Stolk. “I’m a firm believer that soda is an indulgence. You drink or eat a treat on an occasion that puts a smile on your face. You don’t drink and eat one every five seconds. A treat should be fun. And if you’re putting out turkey and gravy or pea-flavoured soda, people are going to laugh. It’s easy to play and get people excited if you don’t take yourself seriously.”
But unique flavours were not the only surprise van Stolk had up his sleeves. Jones Soda has become a pioneer of many novelties in the industry. Take for instance, sugar. Jones Soda has become one of the few companies to actually promote sugar in its products.
“If we promote sugar, that changes the game quite a bit. The largest use of corn right now is high fructose corn syrup. If you remove corn syrup and put sugar back in the drinks, then you have a crop that could actually be used for ethanol,” says van Stolk. “Maybe it’s my own fantasy, but that’s it. To me it sounds good and real, and that’s important.”
Van Stolk was excited about switching to pure sugar, a move he thought could revolutionize the beverage industry. “The Toyota Prius led the way, so now hybrids are real. Look at what Chevrolet and Ford are coming up with now — hybrids,” he says. “Selling a Prius won’t stop greenhouse gases, but it sets the example that will eventually stop greenhouse gases. If you don’t take that mentality, nothing changes.”
Other firsts for the company included carbonated candy, a line of Easter, Halloween, Holiday and Chanukah Sodas (with flavours such as Latke, Applesauce, Little Bunny Fufu, and Candy Cane), and flavoured lip balm.
“In business, you have an opportunity to lead and you have an opportunity to follow,” says van Stolk. “Companies and entrepreneurs that are successful tend to lead.”
From drinks, van Stolk continued to eye expansion. Specifically, since he sees his soda brand as “a state of mind,” van Stolk thought clothing would be the next logical step. “I think we can go mainstream but remain really cool,” he says. “It’s like VW. They’ve gone from the Bug to introducing a $100,000 car.”
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Article Tags: beverage company, beverage industry, ethanol, firm believer, flavours, fructose corn syrup, gravy, high fructose corn, high fructose corn syrup, hybrids, indulgence, jones soda, novelties, prius, pure sugar, shock factor, smile on your face, sugar jones, toyota prius, van stolk
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How to valuate a business
- Hi Garth - here is how we did it at Northern Crown Capital when I was helping them raise venture capital for Toronto-based entrepreneurs. Assume the start date is 2003 so 2008 projections are 5 years out:
How Northern Crown Capital Valuates a Business
2008 Financial Projections
Earnings Before Tax
$5,865,000
Tax Rate
42%
Taxes
$2,463,300
Net Earnings
$3,401,700
Amount Seeking to Raise Today
$3,500,000
Discounted Value of Future Opportunity, 5 Years Out
2008 P/E Ratio
15
Value of Company in 2008
$51,025,500
Discount Rate Applied
30%
Year 2008
$51,025,500
Year 2007
$35,717,850
Year 2006
$25,002,495
Year 2005
$17,501,747
Year 2004
$12,251,223
Value of Company at Investment in 2003
$12,251,223
Less: Investment Amount
$3,500,000
Present Value
$8,751,223
Discount for Risk & Private Company
40%
Less: Discount for Risk & Private Company
$3,500,489
Private Company Value
$5,250,734
Present Value (What the Owner Keeps)
$5,250,734
60.00%
Financing (What the Investor Gets)
$3,500,000
40.00%
Total
$8,750,734
100.00%
I hope this helps!
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- Small companies, especially entrepreneurs, can be much more flexible than large ones. Though personally I tended to rewrite rules when I was corporate, it was often frowned on (I still did it!).
In fact large organizations with their 'jobsworth' mentality, cannot beat a smaller business who can, sometimes, drop everything to respond.
So you must be alert to every opportunity you get; recognize in the moment when you can do it much differently. Shock and surprise them positively and you will deeply build your relationship.
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