Having spent seven decades in the promotional products industry, Norman Cohn has accrued a fair share of wisdom about running a business. On Thursday, ASI’s Chairman was joined by his daughter and ASI Corporate Vice President Stephanie Cohn Schaeffer as he recalled stories from his early days in the industry and doled out invaluable pearls of wisdom for the attendees at the ASI Power Summit.

“We’re in a simple business,” said Cohn, seated next to his daughter in his office filled with family photos. “If you help the end-buyers’ business grow, they’re going to stay your customers. And if you don’t, they would do what you and I would do and walk away.”

ASI Chairman Norman Cohn and ASI Corporate Vice President Stephanie Cohn Schaeffer offered wisdom and advice from their family’s 70 years in the promotional products industry.

Cohn shared the unlikely story of his entry into the advertising specialty industry. Visiting his uncle’s scrap business, he saw they had jars upon jars of Smucker’s fruit preserves that were to be given out as gifts. He asked his father, who owned a few grocery stores in Iowa where the Cohns lived, why they weren’t selling food gifts. That started Cohn on his unlikely path, selling food gifts, becoming a distributor and then a supplier, and then finally his family purchasing the financially struggling Advertising Specialty Institute in 1962.

Over that time, Cohn said he’s seen remarkable changes in the industry, such as the huge explosion of the number of distributors, the growth of new product categories, and much more. “However, the basic concept has not changed,” said Cohn. “Promotional products work, and they give you a great return on investment. That hasn’t changed in 70 years, and it’s not going to change in the future.”

ASI is now a fourth-generation family business, with two of Norman’s children – Cohn Schaeffer and Vice Chairman Matthew Cohn – prominently involved, and nine grandchildren having interned with the company. Noting the wealth of family businesses in this industry, Cohn espoused the importance of exposing younger generations to the family business. “It helps them see what business is about,” he said. “It helps them see what their family does. And it helps them see that there’s no pressure from our generation – to encourage, yes, to make, no – for them to go into the business.”

Promo patriarch Norman Cohn and his daughter Stephanie Cohn Schaeffer sharing stories from Norman's illustrious 70-year career in promo. Love all the family photos in the background. #asipowersummit pic.twitter.com/hXUGyvfoGj

— C.J. Mittica (@CJ_ASIMedia) October 14, 2021

Cohn Schaeffer recalled how she, at her father’s behest, worked elsewhere – first as a teacher, then as a supplier – before joining the family business. It taught her much. “That supplier is no longer in the industry because they did everything wrong,” she said. “But I learned a lot from that experience. That was fantastic because when I came to work for ASI, I realized a lot of suppliers who dipped a toe but aren’t full-time in the industry really needed help and guidance” – which led to Cohn Schaeffer setting up the New Supplier Development department.

Spouting one of his signature phrases – “The best is yet to come” – Cohn expressed great optimism for the future of the promotional products industry. Since $250 billion is spent on advertising but only $20 billion is spent on promo (the most effective advertising medium, he noted), Cohn sees plenty of room for growth. Still, he cautioned about reveling too much in success.

“You learn nothing from success,” Cohn said in summary. “You learn when people tell you what you can do better.”