Publicity is an extremely powerful form of marketing. Not only is it free, but it gives you and your business great credibility. Specifically, when potential customers hear about you in the media sources they read/watch/listen to, it gives you incredible legitimacy in their eyes.
And perhaps most importantly, it gets customers to find you and purchase your products and/or services.
There are many ways of getting publicity. And when you do get it, there are several varieties. For example, a journalist may give you a simple quote in their article. Or, they may quote you several times or attribute the entire theme of their article to you. Or, in the best case, they write an article solely about you, your company and/or your products or services.
The key point to note, even though it may be obvious, is that the more the article talks about you, the more likely the reader will seek you out after reading it.
One concern many entrepreneurs and business owners have when first considering publicity is what the journalist will write about you. However, you really shouldn't worry about this. The journalist will nearly always position your company in a positive light. But even if they don't, the saying "there's no such thing as bad publicity" is generally true.
Importantly, there's one way to accomplish both the goals mentioned above: getting publicity (particularly articles) that fully discusses you and your company AND gaining 100% control of what the article says about you.
This way is to write the article yourself.
Articles are a great way to spread the word about your company. And there's no advertising cost; just the cost of writing the article which is minimal.
What should you write about in your article?
The best articles are often short "how-to" articles teaching customers something they want or should know about.
Where should you send your article?
Send your articles to relevant newspapers, magazines, trade journals and bloggers.
Importantly, add a "bio box" at the end of your article. Your "bio box" includes your name and contact information (e.g., website address and possibly email address, phone number, etc.) so readers can easily contact you.
How to get started
The fastest way to get an article published is to submit it to an online article directory like www.goarticles.com and www.ezinearticles.com. On these websites, online searchers will find your article, and many will click on the links in your bio box that link back to your website.
Here are two important notes for using article directory websites like GoArticles and EzineArticles.
First, search through the sites to see the types of articles already written. Doing so will give you new ideas and show you topics that have already been covered too much.
Second, bigger media sources (e.g., magazines, newspapers) want original content. So, if you have a great idea for an article, pitch it to the more prominent media sources first. Since, once you publish it elsewhere, they won't be interested (although you could then pitch them on another article).
Getting your articles printed in media sources is a simple and great way to get your company in front of lots of potential customers. And, you control the message, and build lots of credibility.
And here's a tip to make this technique even more efficient - don't start by writing the article. Instead, start by simply creating an interesting article title. Then pitch the title to the editors of relevant newspapers and magazines to see if they're interested. You can call them and/or email them to find out. They may say your article title is right on, or they might suggest something a bit different. By following this advice, you'll save time since you'll only write articles you know they'll publish.
One final tip: if you don't like to write or aren't a good writer, don't worry. As long as you're an expert on the subject matter, simple dictate the article. There are tons of apps which allow you to record voice memos directly on your mobile phone. Then, upload and send your audio file to a professional writer on a site like odesk.com or guru.com who can turn your dictation into a well written article for less than $20.
Click here for more tips on publishing articles and getting tons of free publicity for your business.
It’s been 17 years now since I started working with entrepreneurs. Over this time, I’ve seen lots of successes, and unfortunately lots of failures.
So, I started thinking, “what is it about those entrepreneurs who have achieved the most success? What are their common attributes and skills?”
While the initial list was pretty large, when I boiled it down, there were 5 common attributes or skills that the successful entrepreneurs all had. I’ve listed them below.
1. Vision & Leadership: Entrepreneurs must have a vision of where the company will be in the future. In addition, you must be able to communicate your vision so you can motivate employees, investors, and partners to help you achieve that vision.
You must be able to identify staffing needs, expertly fill them, and lead your team to success. Rarely (actually never) do entrepreneurs build successful companies all by themselves.
2. Focus & Execution: Entrepreneurs must focus to make sure that goals are achieved, customers are satisfied, and employees are motivated.
For most entrepreneurs, staying focused is harder than it sounds. Be careful not to be seduced by the next exciting opportunity without executing on the priorities at hand. And don't let perfectionism prevent you from taking action, either; at the end of the day, a product on the market is better than a product shelved due to lack of focus, execution, or perfectionism. Get to market and get feedback from your customers as soon as possible.
3. Persistence & Passion: As an entrepreneur, you must be passionate about what you are trying to accomplish. In addition, you must be willing to commit whatever is needed of them, whether it's time, energy, money, or other resources.
You must persist through trying times (which will be frequent), and fight as much as needed to achieve the goals you have set for yourself and your team. I’ve never met an entrepreneur who didn’t struggle through hard times on their path to success. So, don’t give up when hard times hit you.
4. Technical skills: As the owner of your firm, you may not need to be the most skilled technician on your team. But you need to have necessary foundational knowledge to be able to lead your technical team and make informed decisions.
For instance, in my dashboard business, I can’t technically build most dashboard charts myself. But I know the metrics that must be plotted. And I understand the basic framework with which charts are built. As a result, I know whether a certain chart is feasible and approximately how long it should take to create. This is the information I need to effectively lead the organization.
5. Flexibility: Successful entrepreneurs understand that the world and the environment in which they operate are constantly changing. While you must focus on the end game, you also must adapt your strategies and offerings to meet changing market conditions.
Remember that many successful companies resulted from flexibility, particularly when their first idea didn’t pan out. Such as PayPal, which radically changed its business concept when its core technology of allowing one PalmPilot to pay another wasn’t gaining enough traction.
So, be persistent to a point when something’s not working. But realize that change and flexibility might be required.
The good news is that each of the above traits and skills can be acquired. You can teach or force yourself to be more flexible. You can set goals and give them laser focus. And so on. Make each of these attributes a habit, and you will have no choice but to achieve the success you desire.
The other day, my wife came home from a meditation class with a sheet of paper. On it was a verse written by Mother Teresa. Supposedly, these same words were written on the wall of Mother Teresa’s home for children in Calcutta, India. They were as follows:
While I believe these words to be true for all people, I find them especially relevant for entrepreneurs.
As entrepreneurs, we have elected to take on a challenging life, and a business life that is clearly harder than that of the average worker. We must constantly take risks, and success is never guaranteed.
As a result, to succeed as an entrepreneur takes a special mindset and commitment. Thinking and acting like an ordinary individual will get you ordinary results. And ordinary results just don’t cut it as an entrepreneur. Unless you act extraordinary, you can’t possibly achieve the success you desire.
This being said, below are my entrepreneurial comments and thoughts to Mother Teresa’s writings.
People are often unreasonable, illogical, and self-centered.
Forgive them anyway.
These people may be your customers, your employees, your investors and/or your family (who I will hereafter call your “constituents”). Forgive such actions when you come across them. And try to surround yourself with people who don’t do them.
If you are kind, people may accuse you of selfish, ulterior motives.
Be kind anyway.
Be kind to your constituents. If not, they will not follow you.
If you are successful, you will win some false friends and some true enemies.
Some of your current constituents will not want to see you succeed. Succeed anyway. And create a new group of constituents as needed (perhaps a peer group or Board of Advisors) of successful people you want to emulate and who DO want you to succeed.
If you are honest and frank, people may cheat you.
Be honest and frank anyway.
Be honest in all your dealings with your constituents. Entrepreneurs who cheat never win; it always catches up with them. If someone does cheat you, learn from it and don’t let it happen again (yet still be frank and honest).
What you spend years building, someone could destroy overnight.
As an entrepreneur, your job is to build, build, build. Build a great company. But while building, think about ways that others will NOT be able to “destroy” you. For example, a business model in which you have customers on a subscription plan (think mobile phone service providers) is very hard to destroy. Always think about ways in which you can “lock up” customers, employees and other constituents. How can you make it so that they’ll never want to leave you?
If you find serenity and happiness, others may be jealous.
Be happy anyway.
Yes, when you achieve success as an entrepreneur, many others will be jealous. And many will call you “lucky.” Yes, you’re “lucky” because you have the right attitude and mindset that allowed you to work hard and persevere. And you’re “lucky” because you invested your time reading articles (like this one) and learning the skills you needed to become a successful entrepreneur.
The good you do today, people will often forget tomorrow.
Do good anyway.
Keep doing good to your constituents. Doing good once is not enough. Continue to astound your customers, employees and others so they follow you to the finish line.
Give the world the best you have, and it may never be enough.
Give the world the best you've got anyway.
To succeed as an entrepreneur, you need to give 100%, and keep giving it. Never surrender. Never back down. Rather, persevere and make it happen. And if the best you have isn’t enough, then get others (advisors, peers, employees) who can give alongside you so collectively you ARE able to give enough.
You see, in the final analysis, it is between you and God.
It was never between you and them anyway.
Succeeding as an entrepreneur is more about you succeeding within yourself and less about you beating out a competitor. If you are thinking and acting the right way, you will naturally surpass your competition and achieve great success.
Right now is the time for you to “do it anyway” and become the successful entrepreneur you’re capable of becoming!
In writing his book, "Rich Habits - The Daily Success Habits of Wealthy Individuals," author Thomas C. Corley studied the daily habits of hundreds of wealthy and poor people.
He defined wealthy people as those earning at least $160,000 annually and owning assets of at least $3.2 million. Conversely, he defined poor people as having an annual income below $30,000 and less than $5,000 in assets.
Read below to see the stark differences between the two groups.
1) Maintain a to-do list
Answer for successful entrepreneurs: Maintain a To Do List
2) Wake up 3+ hours before work
Answer for successful entrepreneurs: Most entrepreneurs pretty much work all the time, and clearly work more than the general 9-5 work day. I prefer highly organized work to a ton of work. But either way, you need to put in the hours to succeed as an entrepreneur.
3) Listen to audio books during commute
Answer for successful entrepreneurs: Educate yourself during your commute. EVERY single one of the video training products I offer has an audio download component so you can listen to them during your commute. Yes, I did this on purpose.
4) Network 5+ hours or more each month
Answer for successful entrepreneurs: Network more. Networking is a great way to meet great people who can become: investors, mentors, advisors, customers, employees, partners, etc. If you need more of any of these things, then network more.
5) Read 30+ minutes or more each day
Answer for successful entrepreneurs: Read at least 30 minutes each day. Here I’m probably preaching to the choir, since you’re reading this essay of mine - good job!
6) Live a healthy lifestyle
Eat less than 300 junk food calories per day
Exercise aerobically four days a week
Answer for successful entrepreneurs: Treat your body well. You need the physical and mental energy to succeed.
7) Use television smartly
Watch one hour or less of TV every day
Watch reality TV
Answer for successful entrepreneurs: Don’t watch too much television and when you do, don’t watch garbage.
The final, and most important habit for the world’s wealthiest entrepreneurs is that they have built and sold their companies. Of Americans with a net worth of $5 million or more, an overwhelming 80% of them are entrepreneurs who have sold their businesses.
So, in summary (and feel free to print this out):
1. Maintain a To Do list
2. Wake up early/work hard
3. Listen to audio books during your commute
4. Network more
5. Read 30+ minutes each day
6. Maintain a healthy lifestyle
7. Don’t watch too much (or garbage) television
8. Build a sellable business
When you think about it, none of this is really that hard. Yes, YOU can do it!
Great leaders delegate. They get other people to do the work for them. They focus on vision and strategy, and getting their people to perform at their highest possible level. And when their people perform, the company executes on the strategy and achieves its vision.
While much about leadership has been written over the years, much of it has changed. Because many of the old rules and strategies, such as the “it’s my way or the highway,” strategy no longer apply. People are different today than they were even a decade ago. We have different needs and thinking, and nurturing your team to get them to perform is more complex.
In fact, when it comes to outsourced employees, leadership is even more complex. Because when you can’t look your employee in the eye, it’s hard to tell if they’re bought into your strategies and goals, and if they will perform to your standards.
What makes this so more important is that any good HR strategy nowadays includes outsourcing. Because outsourcing certain roles allows your company to achieve great progress at a significantly lower expense, and without increasing your fixed costs which decreases flexibility.
This being said, the following are five things a great leader would never do when managing their outsourced employees.
1. Rely exclusively on email. Email is generally the easiest way to communicate with outsourced employees, particularly if they live in different time zones. However, email is rarely the most effective communications method, particularly when you want to motivate people. Rather, make sure that occasionally you also use telephone calls and video calls using services such as Skype. By seeing your employee, and having them see you, you can gauge and influence their levels of engagement and excitement.
2. Give vague directions. If someone’s seen you do something several times, and then you ask them to do it, they might do a good job. But if someone’s never seen you do something, particularly when they don’t work in your office, they’ll generally fail wildly. Unless, that is, you give them precise directions. When you outsource a task, be sure to document precisely what you want done and why. This will guide the employee and set expectations for them to meet.
3. Wait to see finished work. When you outsource a project to someone, don’t wait until the end to judge their work. Rather, check in periodically. Ideally, break the work into pieces. For example, if an outsourced employee is responsible for creating a video, natural pieces or project stages might include: 1) writing the video script, 2) sketching or finding the images to be included in the video, 3) creating a video draft, 4) finalizing the video. If you wait to see the final video, you inevitably will be disappointed. Rather, check in after each stage and provide feedback. The end result will be infinitely better.
4. Fail to set deadlines. Employees, particularly outsourced employees who don’t see you, need deadlines. If not, they’ll generally take way too long to complete a task. When employees work in your office, they should have deadlines too; but, because you see these employees, if there is a deadline, you’ll simply remember to tell them. You don’t have this luxury with virtual employees, so make sure they know the deadline for each of their projects.
5. Fail to give time expectations. Even when you set a deadline, you still must set time expectations, particularly if you are paying your outsourced employee on an hourly basis. While two people can both complete a project in a week, for example, you’re clearly paying a ton more if one worked ten hours per day and the other two. So, at the beginning of each project, have the employee give you an estimate of the work hours, and have them check in periodically to let you know if their estimate is on track or not.
When you outsource properly, you can dramatically grow your company at a fraction of the cost as your competitors. But, make sure you avoid these leadership mistakes; when you do, you can effectively manage your outsourced workforce to get the most benefit from this key HR strategy.
Your website is a critical component of your marketing strategy. If set up properly, your website can be the source of tons of new customer leads. And even if they hear of you elsewhere, in many cases, customers will still visit your website to learn more about you.
So here are 5 quick and easy ways to make your website more effective.
#1: Establish a blog
Setting up a blog is the easiest way for you to continually add new content to your website.
And each piece of content you add is another opportunity for someone to do a search (on Google.com, etc.) and find your company.
Also, your blog posts can be used to show your subject matter credibility, and further prove to prospective customers that you are the best provider in the market.
#2: Promote your blog posts
In addition to adding new blog posts (ideally once per week, and at a minimum twice per month), make sure to promote your posts.
You can promote your posts by posting them on Facebook, Twitter and other social media sites.
Your goal is to drive more traffic to your blog posts. Also, try to get visitors to comment and/or ask questions about your posts. And then, respond to their questions and comments.
Finally, remember that each question posed by your visitors may be a great topic for a future blog post.
#3: Create videos
Particularly if you don't like to write, create videos.
Videos that teach prospective customers how to do something are extremely valuable. And they can be used to "soft-sell" your product and/or services.
For example, let's say you offer carpet cleaning services. A short video teaching people how to tell if their carpet is in need of cleaning would be extremely valuable. And, people who watched it would be prone to purchase your service.
#4: Add sharing buttons
Particularly if the content on your blog is good, make sure it's easy for visitors to share it.
You can quickly and easily accomplish this by adding buttons that allow people to share your posts on Facebook, Twitter, LinkedIn, StumbleUpon, and other social media networks.
This is how blog posts go viral; by making it easy for others to share them.
#5: Make your website mobile and tablet friendly
More and more people are visiting websites from their mobile devices and tablets. But not all website look good on these sources.
Make sure your website does. If it doesn't, there are some inexpensive services that manage this for you. Such services can tell when a visitor is not coming from a desktop, and will automatically push them to a version of your website (which they create and host) that is more mobile/tablet friendly.
Each of these five tips can be implemented very quickly and easily. And they will result in more customers and sales. So make completing this a priority.
Suggested Resource: Want to learn my complete strategy for methodically maximizing your online traffic, leads, sales and profits? Then check out my Ultimate Internet Marketing System.
Both Crowdfunding and Peer-to-Peer Lending are great new ways to raise money for your business. Below I explain the differences, and some of the advantages and disadvantages of each. I end by determining which is better.
Peer-to-Peer (or P2P) Lending is one person lending money to another person at a pre-defined interest rate. It's basically debt capital without the bank or traditional "middle man."
The benefit of P2P Lending is that 1) the interest rates are typically lower, and 2) the likelihood of getting the loan is greater than the likelihood of getting a traditional bank loan.
There are several popular websites that connect borrowers and lenders directly. The biggest two are:
The downside of P2P lending is that you need to repay the loan and that there are limits to how much you can raise (generally only $25K at a time).
Crowdfunding is raising money from the "crowd" or general population. In Crowdfunding, you don't need to repay the amount raised. Rather, you give rewards (usually the product you want to develop) or equity to those who fund you.
The most established rewards-based Crowdfunding websites are:
On the equity side, Crowdfunding if still extremely new and still only limited to accredited investors (expect this to change shortly). Crowdfunder is one of the leaders in the equity based Crowdfunding market now. We will see how it grows and other sites pop-up as non-accredited investors enter the market in 2014.
So, Which is Better?
I prefer Crowdfunding over Peer to Peer Lending because of the potential to raise more money through a larger group of people, and not having to pay the money back. I also like that all the people who crowdfund you 1) are potential future customers, and 2) can spread the word about your business.
However, the two funding sources are NOT mutually exclusive, so definitely consider using BOTH Crowdfunding and Peer to Peer Lending, since both are great forms of funding.
Suggested Resource: Do you want Crowdfunding? If so, don't try to raise it from scratch -- the 14-step blueprint already exists. Get the Crowdfunding blueprint here.
Regardless of how good your current website it, I'm confident it can be better. In fact, on my website, I'm constantly testing new ideas to improve it. I test different colors, different headlines, different pictures, and so on. And each time, I learn ways to improve.
Below I summarize the 10 key aspects of your website that you should review and improve over time.
1. Look and Feel
The look and feel of your website is much more important than you might realize. Because when visitors go to your site, it's critical that their first impression is positive.
Think for a minute about who your customers are and what they are seeking. Then cater to them. For example, the look and feel of Porsche's website is extremely cool and elegant. Conversely, the look and feel of the Ben & Jerry's website is much more animated and fun (right now it's showing cows drinking on the beach).
Both websites do a great job of conveying the image in which they want customers to view them. Make sure that the look and feel of your website does the same.
I'm sure following situation happens to you (since it happens to me all the time): I go to a company's website, I read the homepage, and I still don't know what the company does.
So, I end up going to the "About Us" page to read more and to try to decipher what it is that the company does.
Importantly, I'm the exception. Few other visitors will invest the time to figure out what your company does. Rather, if they don't immediately "get it" and you don't immediately show them how you will benefit them, they'll leave and be gone forever.
A quick tip here is to use compelling headlines. For example, if your website sold tires, a great headline would be: "See Our Selection Of Over 500 Brands of Tires at the Guaranteed Lowest Prices." This is pretty much what all customers are looking for (selection and best price), so this headline lets visitors quickly know what the company does and that they are in the right place.
I'm sure your website has many pages, and it's your job to make it as simple as possible for your visitors to find the pages they want.
Navigation should be done on a top and/or left navigation bar, using links at the bottom of your website AND within the body text of all pages of your site.
More and more people are using devices other than computers (particularly mobile phones and tablets) to access websites. Make sure your website is accessible from all of these devices or you will unwittingly be turning away new customers.
5. Quality Content
Website visitors have come to expect that your website will include quality content or information. For example, if your website has articles, they shouldn't be "fluff" - they need to include actionable advice that shows visitors that you know more than they do.
And clearly, having typos and grammatical errors will also turn off site visitors and prospective customers.
Think about the information you need to convey to customers to better solve their needs and differentiate from the competition. While some of this information is compelling verbiage about your company, more of it should be information that's truly helpful to customers and makes them feel they made the right choice by visiting your website.
6. Amount of Content
The amount of content you include on your website is important for two reasons.
The first is that the more content you have on your website, the more preference search engines like Google will give your site when ranking it for desired keywords.
The second is that if customers are considering doing business with your company, they will want to learn more and more about it. Having a 5 or 10 page website clearly won't allow you to do this (you can start with a small website, but you need to add to it over time).
Having a blog on your website helps solve both your website's need for amounts of content (#6) and interactivity (#7).
With regards to amount of content, adding a daily or weekly blog post entry will allow your website to constantly grow in size. This will boost your website's search rankings and give you more keyword opportunities to rank on (since each blog post might rank for certain keyword search terms).
With regards to interactivity, having a blog allows customers and prospective customers to interact with you. It gives you the opportunity to solicit feedback, which provides quick and easy market research.
Your blog also gives you a voice. Here's why this is important. People prefer to buy from people and not faceless companies. While your main website can have a professional, corporate look and feel, your blog gives your customers a look into your personality, and can encourage rapport and sales.
8. Prove that You are Worthy
Your website must prove that you are a worthy company, since many of your visitors may have never heard about you or your company, and there is a natural skepticism consumers have against companies they find online.
Unfortunately, overcoming this skepticism is not as easy as simply stating "we are great." Rather, you need to prove that you are worthy.
You can accomplish this by including any or all of the following on your website:
9. Have Multiple Calls to Action
Even though all of us have grown accustomed to going online to find new products and services to buy, the way each of us likes to buy is different.
Some of us like to buy online. Others like to fill out an online contact form. Others like to call a toll free number. And so on.
It is your job to ensure you have multiple ways in which visitors can contact you to learn more about buying your products or services.
Also, if customers may not be ready to buy now, include calls to action to download free reports or other items to satisfy their initial needs; these items should require them to give you their contact information for further marketing.
10. Effective Page Layout
The final key attribute of your website is the layout of your pages.
The key here is to ensure visitors have to think as little as possible. The idea layout influences visitors to take the desired actions. For example, if the goal of one of your web pages is to get the visitor to give you their email address, having the email box near the top of the page, with a clear headline above it in a big font, will yield much better results than the same email box on the bottom left corner of the page with a small headline.
Consider using a heat map program that can show you exactly how visitors are interacting with your website; what they are looking at, what they are clicking on, etc. As you can imagine, this information enables you to make significant improvements to your site.
From reading these 10 key website elements, ideally you will have identified at least a few improvements you can make right away. Also, please realize that improving your website is an ongoing process. You should always be trying and testing new ideas, so your website keeps getting better and better.
Suggested Resource: Want unlimited online leads? And want a proven step-by-step system to get them. Check out our Ultimate Internet Marketing System to learn how you can build the ultimate online lead generation machine. Click here to learn more.
Are you an Empire Builder?
How do you gauge yourself and your business? Do have the potential to turn your business into an empire? You may not know it yet, but you may just be the person to create the next business empire.
Empire builders are ordinary people who perform extraordinary tasks. There are certain traits and actions that distinguish these outstanding individuals from others. By learning certain skills and adopting successful actions you can set your business growth to super-size.
10 Characteristics of Empire Builders
If you have painstakingly built your business from scratch to where it is now, assuming it is growing steadily, you should not be surprised that you possess some characteristics in common with empire builders. Here are the 10 common characteristics.
1. Sacrifice & Hard Work. Empire builders are willing and ready to make sacrifices to be successful. Running a business is quite different from simply joining your workmates at a desk job; it involves hard work.
2. Passion. Empire builders are passionate about what they do. They put in extra effort to achieve their goals. Being passionate about what you do usually means that you are having fun doing it. The journey should be just as rewarding as the destination.
3. See Opportunities. Do you see opportunities where others see obstacles? Another trait of empire builders is that they see an opportunity where others see barriers. Many people think that to be successful you need to come up with an idea that nobody has thought of before. Many successful empires have been built without innovative ideas, just the will to do the same thing others are doing but in different way. Or they dare to tackle a problem others are afraid to tackle.
4. Highly Motivated. Empire builders are highly motivated people. They don't let their determination cool off due to defeats. If they don't succeed at first, they simply try again and again. They use failure as a motivation rather than an obstacle.
5. Disciplined. Another important characteristic of empire builders is discipline. Empire builders are focused on their goals. They do not let distractions derail them from achieving their objectives. They have clear steps that they take every day to bring them closer to their goals.
6. Open Mindedness. Open mindedness is a vital characteristic of empire builders. These are individuals that are ever open to new ideas and new ways of doing things. They get inspiration from different sources and focus it on achieving their goals.
7. Team Builders. They are skilled networkers who build strong contacts needed for success. Nobody ever succeeds alone; rather, success requires team building. Empire builders have persuasion skills that enable them to convince people to work for them even when their ideas may seem crazy.
8. Decision-Makers. Empire builders have good decision-making abilities. Sometimes people may wait for the right time to do something but empire builders launch their projects and then make the necessary corrections later. Decision-making is vital and in many cases, not making a decision is as bad as making a wrong decision.
9. Can Create Or Expand a Market. Empire builders expand the market. Contrary to what many believe, you don't have to launch something completely new to be successful. You can simply get into a business that many have thought of and get your share of the market and grow it.
10. Understand Their Markets. In business, timing can mean the difference between success and failure. Empire builders are capable of predicting the precise time a product will be successful in the market. When Sony launched the walkman, skeptics said people would not be interested in listening to music as they walked. Know the wants and needs of you market.
What Lessons From Empire Builders Can Help You Grow Your Business?
I want you to take a challenge. Pick three characteristics from above and start applying them this week. Keep practicing until they become second nature; aim for 3 to 4 weeks. Then pick three more. Do that until you cultivate all these characteristics of empire builders.
Here's your checklist:
Let us know how this challenge changes you and your business!
Your brand is the unique design, sign, symbol, and/or words that create an image or impression of your product(s), service(s) and/or company.
A strong brand differentiates your product or service from your competitors, and is easily recognized by customers in your market.
Think about Starbucks...Their coffee is not the most affordable in the market, but their brand recognition and loyalty is off the charts. They have a wide-spread reputation for delicious, strong coffee that many people refuse to do without.
Disney is global mega brand. Show a child a black round circle with two round black ears and the screams of "Mickey, Mickey!" will leave you temporarily deaf. Not only is the image recognizable, but it's is associated with fun and happiness.
Developing a strong brand is important and can dramatically impact your success. Below are three surefire strategies you can use.
1. Create a New Product and Constantly Innovate it
Apple's introduction of the iPhone is a classic example of this strategy. While cell phones had been in the market for years, Apple introduced a new sleek design and took the cell phone into the realm of smart phones. Instead of just phone and camera, Apple popularized having music on your phone and later led in the development and release of mobile applications This strategy caused Nokia's market share to drop precipitously.
Not only did Apple innovate with the initial introduction of the iPhone, but the company keeps the product fresh by releasing updated models every 2 years or so.
Puma is also adapting this method by constantly introducing new sports products to the market. The company does this to continue building its reputation as the most desirable sport lifestyle brand.
By creating a new, unique product and constantly updating it, you will build a strong brand. And you will stay top-of-mind for customers since they will always be curious as to what they can expect from you next.
2. Using a New Campaign To Change a Brand's Image
As second branding strategy is to use a new marketing campaign to change your brand image. One example of this is the Dove soap campaign introducing "Real Beauty" in 2011. The concept is that women have real beauty and Dove can help them realize it.
This type of campaign can also be called "rebranding." You use an old product, repackage it, and possibly change its logo too. Your purpose is to change the product's identity and reputation in the view of consumers.
You can also use rebranding to overcome a period of poor publicity. For instance, if your company has been involved in public malpractice litigation, rebranding can help you get rid of negative connotations that may be hurting your sales.
Rebranding can be a powerful tool in helping you differentiate your product from competitors. Think of special stitching and serial numbers high-end purse manufacturers use to differentiate their products from cheaper knock-offs. When you make your product distinguishable, you can gain more customers.
Lastly, when your product has been in the market for a long time, curiosity and interest from customers may lessen. Rebranding can help you regain excitement in the market place and recapture market share. Intrigued customers want to try whatever is new in your product.
3. Advertise While Keeping Up with the Brand Value and Promise
Being seen on television and other advertising channels can do wonders for most products and services. Sometimes, despite being more expensive than other brands, consumers still buy products with which they are more familiar. This is true of the brand Tide. There are laundry detergents that are less expensive, but many customers still buy Tide. Because they hear about Tide frequently, it is top of mind when consumers are shopping.
Still, Tide has to keep up with its promise of being a great laundry detergent. If consumers experienced poor results, they wouldn't buy Tide again despite millions of dollars of advertising. The product must do what your advertising said it would.
It is also important to make sure your advertising, whether local or national, is reaching your target audience. Remember the Chrysler Pacifica? Its okay if you don't; they don't even make the Pacifica minivan anymore.
In 2004, despite warnings from their advertising consultants, Chrysler contracted Celine Dion for $10 million to promote the new Pacifica. The campaign was a disaster. The Pacifica appealed to young professionals, yet Celine Dion resonated with an older age group. The result? Nothing. Flat sales with millions of dollars out the driver's window. Know your target market!
Applying the Strategies
While many of the examples I used are from well known large companies, any business owner, even a one person operation can use the strategies listed above.
And importantly, you don't have to spend a fortune on this. With social media tools like YouTube, Instagram and Facebook, you can create videos and photos that can spread your brand message quickly, inexpensively and with amazing effectiveness.
So focus on building your brand, because the right brand will bring in tons of new customers and dramatically increase the value of your company.