The Kardashians: Marketing Lessons for Every Business Owner
The Kardashians may not have any meaningful significance, but it's tough to deny their commercial relevance. The family is a well-oiled marketing machine: when you consider their four television shows, chain of clothing stores, book deals, and fragrances – to say nothing of endorsement deals for everything from pistachio nuts to sneakers, and a wedding worth $17.9 million for broadcast rights alone – the Kardashians can justifiably call themselves a lifestyle brand. As much as we hate to admit it, business owners can learn some marketing tips from the Kardashians. A few key lessons:
Accept lemons, make lemonade.
It’s no secret that the Kardashian family rise to celebrity fame was the result of Kim Kardashian's sex tape leaked in 2007. However, there is a business lesson that can be derived from the debacle. When Vivid Entertainment bought the rights for $1 million and released “Kim Kardashian: Superstar," Kardashian first sued Vivid for ownership of the tape, but was later persuaded to drop the suit and settle with the company for $5 million. Mortfiying? Yes. But profitable? A resounding yes. The Kardashians show business owners that when handed an obstacle, tackle it–it may even be a profitable opportunity.
Keep it in the family.
Kardashian matriarch Kris Jenner has been criticized for “pimping out” her children, but the mother’s shrewd dealings may be a smart move. Of the 10% manager fee Kris takes from her family members’ earnings, daughter Kourtney says, “We’d have to give it to someone else; I’d rather keep it in the family,” and Kim states, “She has this vision for us, and she makes it happen.” In fact, it has been reported that Kris “makes it happen” to the tune of $65 million a year. What can business owners learn from this? When the goal is to build wealth, keep it in the family – all of it.
Talk yourself up.
As Barbara Walters recently explained, the Kardashians are maligned as much as they are beloved because they are “famous for being famous." Regardless, the Kardashians are massive earners because they have presented themselves as important to television, profitable for companies, and valuable for consumers. When Kris Jenner says, "People love looking at the growth of a brand" in regards to her own family, we are also inclined to see them as an established, lasting symbol. What can business owners learn from this? Projecting confidence is the key to success – take it from the Kardashians.
Benefits of Opening a Retail Franchise
So you’d like to open a retail store, but you’re not quite sure how to go about doing it? Opening a retail franchise location has many benefits over starting a new brand. Here are some of the incentives you might consider when deciding if it’s a good path for you.
18 Perfect Businesses for The Modern Day Man
The Krystal Klear Water franchise specializes in providing clean, mineral-rich drinking water to their customers through specialized water filtration systems. Franchisees provide water contamination testing, preventive maintenance, and in-home, naturally purified water. The health and fitness nut will love this franchise because Krystal Klear's water systems have less pollutants than the competition. The systems are also low maintenance and do not add salt to the water like other water softening systems. This residential water filtration supplier targets an annual market size of approximately $2.6 billion, with sales growth projected to grow at rates of 6-8% per year. Sounds like the same amount some gym rats spend at GNC each month.
Beware of Franchise Scams
A franchise is only as good as its brand name, which eventually determines the performance and success of other franchisees within the system. Aside from happy franchisees and a strong brand, another indicator of a strong franchise is one that utilizes a broad recruitment process, which at some point replaces the selling process so only the best prospects gain entry into the system.