Despite my crafty title and that stunning Michael J. Fox emblazoned movie poster — which I don’t have permission to use and could probably get in trouble for bad blogger! bad blogger — this post is not about my love for ’80 cinema classic The Secret of My Success.
Instead, it’s about my reflections on how Entrepreneurs do it better, especially when it comes to marketing.
And I say this because when you look at nearly every business success story, certain traits pop up again and again. Among those traits, (1) caring for customers, (2) finding the right niche and (3) focusing on your strengths always seem to rise to the forefront. In many ways, these tenets form the basis for both success in business and effective marketing.
The sterling value of these traits or tenets was really driven home after I read Inc. Magazine’s March cover story, entitled: “How I Got Started.” A great piece, which I recommend, the article profiles a of handful successful entrepreneurs who’ve blazed a trail to the top of their respective industries.
The so-called “success secrets” of these self-made moguls can really be boiled down to the key tenets of effective marketing referenced above.
So, courtesy of Inc. Magazine’s March edition, let’s dive in and uncover the secrets behind three mad moguls mega success, and find out how these gems can be applied to your business…
Customers Count
Bobbi Brown – no, not R&B singer, former New Edition member and Whitney Huston’s Ex turned crack head (that would be more of cautionary tale of how not to succeed) – Cosmetics industry titan
Bobbi’s Russian immigrant grandfather worked his way up from selling handbags on the street to become “Cadillac Sam,” one Chicago’s most successful car dealers. One day a man, whose attire seemed to indicate he was homeless, wandered into Sam’s dealership. All of the salesmen on the floor ignored him, but Sam walked right up, extend his hand and offered an warm “how ya doin’, boss?” Despite his disheveled appearance, the seemingly “homeless man” was toting a bag full of cash ready to buy his next car.
Brown goes onto explain how learning from Sam’s quick thinking and eye for an opportunity helped her in negotiating her early contracts. But the real lesson here, from a marketing standpoint is the value of customer service and care. In what feels like another life, I worked in residential real estate on the west side of Los Angeles. I sat hundreds of open house for multimillion dollar homes, and I can’t tell you how many legit buyers wandered in who literally looked like they’d been scraped off the bottom of a dumpster.
Small Business Marketing Takeaway – Customers Count. In this day and age of uber-connectivity, customer service just might be the most important facet of marketing – everything you do and say is Tweeted, Facebooked and Instagramed literally around the world. How you treat you customers speaks volumes about your business and becomes a tenet of you brand – so act accordingly.
Respect the Niche
Tony Hawk – Pro skateboarder turned skateboard and apparel maker
Tony’s business was going great guns doing what they did best: making and selling skateboards and skate cloths – t-shirts, shorts, hats, etc… Then a close friend convinced Tony to sell a line of high-end denim jeans – which at the time was a seemingly a can’t miss opportunity. Several million dollars in lost profits later, Tony sold the line and cut his losses just to get out from under a losing proposition. When another opportunity to diversify can along from a partner within the company, Tony resisted and eventually parted ways with the partner. From there, Tony really dug into to doing what he did best: making skateboards. A savvy move which resulted in licensing deals that put Tony Hawk skateboards in Target and Walmart, and a mountain of cash in his coffers.
Small Business Marketing Takeaway – Respect Your Niche. Marketing impresario Seth Godin has made a career out of preaching the gospel of niche markets. Less is more. The more you do, they less well you’re apt to do it. The “cash cow” for every small business is in targeting the right customer. Find your niche, and fill it. Or focus in on that one thing you do better than anyone else, no matter how crowded the marketplace, and run with it (all the way to the bank)!
Play to Your Strengths
Clive Davis – Chief Creative Officers Sony Music
Clive Davis was a lawyer, not a musician. Never the less, he had what’s known in the music business as “ears,” an innate sense for music with a great sound, emotional weight and mass appeal. Davis signed a string of hit acts – Blood Sweat & Tears, Santana, Bruce Springsteen and Chicago – for Columbia Records. From there Davis formed his own label, Arista Records. Artisa proved another triumph, extending Davis’ hit making ways with the likes of Barry Manilow, Aretha Franklin, Dionne Warwick and Whitney Huston.
When R&B shifted dramatically and Hip-Hop entered the frame, Davis quickly realized he was out of his depth with a totally foreign cultural tableau. Instead of forcing a square peg into a round hole and gambling on artists his “ears’ couldn’t quantify, Davis partnered with (now hip-hop mega producers and industry moguls) LA Reid and Babyface, and Sean “Puffy” Combs to form LaFace Records and Baby Boy Records respectively – two giants labels in the R&B and Hip Hop music biz.
Small Business Marketing Takeaway – Play to Your Strengths. When you’re running your own small business, you can’t do it all – at least not effectively. Whatever you do – architect, lawyer, lock smith, dry cleaner – that should be your primary focus. If you wanna grow, expand your reach and put more cash in your coffers, you need a professional partner who can help. Just as hit-maker Clive Davis knew Hip Hop wasn’t his game and turned to pros who were in the know, you need to focus on your strengths, and seek support to effectively market your business.
What About You?
Has the caring for your customers, finding your niche and focusing on your strengths made an impact on your business? If so, how? Are there area’s in which you could improve, and if so, what would that look like (to you)?
Talkback – give us the skinny on your biz, we’d love to hear all about it.