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.
5 Hot Food Franchises for This Summer
People are always asking us what food franchises they should open. And with summer right around the corner, right now might be the best time for you to open your very own food franchise. Every franchisee is different, so these recommendations might not be the perfect fit for you, but without further ado here is my list of the five hottest food franchises for the summer of 2015.
Searching for the Best Franchises for Minorities
Many franchises incentivize minorities to join their systems. As president of the World Franchising Network Rob Bond puts it, these franchises "grease the skids" on behalf of minority candidates because they see value in promoting diversity among their franchisees. On account of a still-languid economy, however, many franchisors' approach has changed significantly in recent years. As Bond explains, “African Americans and Hispanics were being aggressively recruited five years ago to fill vacancies.” But today most franchisors are more concerned with trying to grease the skids for foreign investors with significant piles of investment capital.
National Brand to Local Business: 3 Rules for New Franchise Marketing
If you’re a seasoned franchisee, we’d love to hear what you’ve learned about marketing a new location! What has worked best for your business?