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.
Why More Men are Investing in Women’s Gyms
FranchiseHelp sat down with the next generation of that fitness legacy, Lucille Roberts President Kevin Roberts. Kevin discusses his mothers impact on the company and why the women's fitness niche continues to grow at a rapid pace. Kevin also gives insight on what it takes to be a good candidate to own a Lucille Roberts Women's Fitness gym franchise.
Advertising and Promotion Watch: McDonald's Monopoly is Back
This month sees the return of a venerated promotional campaign, McDonald’s Monopoly. The promotion first began in 1987, and in the last decade has become an almost yearly tradition. Each year, certain McDonald’s products come with Monopoly game tokens, each with either a space from the Monopoly board or an instant win prize for items such as a small fries. Larger prizes are won by collecting all of a group of Monopoly properties, usually three, but sometimes two (Illinois Avenue, Indiana Avenue and Kentucky Avenue, for example). Each group of properties have one whose piece is much rarer than the others; for most of the groups, it’s the last alphabetically (Kentucky Avenue for the red properties, Ventnor Avenue for the yellow), but for the dark blue, it’s Boardwalk, as it is the last and most expensive property on the board. More recently, McDonalds developed an online counterpart to its in-store Monopoly game in which customers can roll virtual dice, or more recently pick one of three chance cards for various prizes.
Why Doesn't Chipotle Franchise?
I’m a huge Chipotle fan and I’m not ashamed to admit it. I love a big fat carnitas burrito with every possible topping (is that even the right word for what you put on a burrito?) on it, especially guac. But every time I’m outside of New York I wonder why there aren’t more Chipotles out there. Sure there are a bunch (at the end of 2014 there were more than 1,700) but their numbers pale in comparison to other “fast food” giants like McDonald’s or Subway (they have more than 36,000 and 43,500 restaurants respectively). So why hasn’t Chipotle followed suit and gone the obviously successful franchising route?