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The Toy Tycoon: The Early Years of Beanie Babies Founder Ty Warner
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| He dropped out of Kalamazoo College to sell stuffed toys. It might not have been the most promising of starts, but when the young Ty Warner decided to start his own line of stuffed animals, he wound up taking children across the country – and their allowances – by storm. Beanie Babies were affordably priced, and with their cute individual names, Warner found himself sitting on top of a gold mine.
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Taking Beanie Babies to the Bank: Warner’s Company Takes Off
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| Back in the U.S., Warner was now in search of the funds he needed to start his new venture. He placed a mortgage on his small suburban home and also set aside the $50,000 inheritance he had received after his father’s death in 1983. That, in addition to his life savings from his six figure income at Dakin gave Warner enough to found Ty Incorporated in 1986. |
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Lesson #1: Tease Your Customers into Wanting More
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| Warner did not spend any money on advertising for any of his product lines, not even the ever popular Beanie Babies. He did not have to. Instead, he pursued a novel and cost-effective strategy of teasing and taunting his customers into wanting more. |
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Lesson #2: Use Secrecy to Seduce Your Customers
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| Throughout Warner’s entire career, he has granted just three interviews with the media, this despite being one of the wealthiest men in the world. Does he really value his privacy that much? Or rather is it yet another weapon in Warner’s chest of arms that works to further lure in the unsuspecting customer and make his products irresistible? |
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Lesson #3: Listen To Your Customers, Not Your Critics
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| By 1992, Warner’s sales catalog had become an increasingly important marketing tool for the growing company. It now featured several dozen plush animal toys, with retailers and collectors alike in a frenzied race to order the latest releases. |
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Lesson #4: Low Risk Means Low Rewards
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| When it came to taking the road less traveled, Warner was all about accepting risk. And not just a little bit of risk; Warner knew that the more risk he was willing to take, the greater the reward in the end would be.
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Lesson #5: Use Strategic Partnerships to Promote Your Products
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| Throughout most of his career in the toy industry, Warner had made a name for himself by bucking the trends. When tradition stated he should sell in the biggest stores he could, Warner opted to distribute his toys via the smaller “ma and pop” shops. And, when his competitors were spending millions of dollars on advertising campaigns, Warner resisted, choosing instead to cover the company and its products with a veil of secrecy. |
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Success Never Looked So Cute: How Beanie Babies Took the World by Storm
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| “Some companies are in it for the quick buck,” Warner once said back in 1996. “I want longevity.” In 1998, Ty Inc. surpassed Mattel Inc. and Hasbro Inc. to become the largest toy company in the U.S. How did this college drop out earn himself a spot on Forbes’ World’s Richest List?
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Ty Warner Quotes
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Samuel Warner, The Warner Brothers, And His Place In The History of Communication
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| A look at telephone and the history of communication would not be complete without noting the place and role of Samuel Warner. Among his work in advancing the accessability of cinema to the masses, he championed talking pictures.
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