Olympic Style Training for Business

Once again, the Olympics are upon us.  Hopes and dreams of hundreds of athletes are either achieved or shattered.  And all it takes is one mistake or one flawless performance.  Think about how much time and effort these athletes have put into their chosen sport, how dedicated they are, but how unbelievably rewarding it is in the end.

The same can be said about your business.  You can’t expect your business to be successful right out of the gate.  A lot of small business owners start their business with a grandiose idea of what their sales forecast will be for year 1, 2, and 3.  Rarely are those numbers realistic.  Why?  Because as a new business owner, you are absolutely determined that your product or service is the best and everyone needs it. 

Put that into perspective of the Olympic athlete.  When a 10 year competitive athlete says they’re going to make the Olympics one day, they’re generally just brushed off as having a “dream”.  Lots of kids have dreams of making it to the Olympics (that’s their grandiose sales forecast of life), but only a very select few will ever achieve that goal.  But, you can be one of those “kids” who grows up to be an Olympian in your own sport.

You have a business concept that you know is good, just like the kid who know he has an athletic gift.  But what you do with it will determine how far you can take it.  So, what do you need to do?

·         Dedication – If you want to make a name for yourself, dedication is paramount.  How hard are you willing to work?  Olympic athletes train 5+ hours a day, 6 days a week, with a solid focus on the goal they have set for themselves.  You can’t expect to compete in the OIympics by watching from the sidelines.  Nor can you expect to be successful by just sitting around waiting for customers.

·         Key Partnerships – Athletes have built relationships with the top coaches and doctors in the country to ensure that they are in the best possible shape.  Partnerships with carefully selected sponsors helps to fund all the training and travelling involved.  As a business owner, you need to make some very key connections as well.  Develop cross-promotion opportunities with other businesses, practice your communication skills to help you establish connections at networking events, reach out to your customers in a way that makes them feel like you really care.

 

·         Patience and Persistence – Any athlete who has been training for 15+ years has dealt with numerous set-backs.  If you expect to beat out the competition, you’ll need to have lots of patience, knowing that there will inevitably be set-backs and hurdles to deal with.  How you handle those will determine your future.  Handle difficulties with class and patience instead of getting upset and giving up.

So, use the Olympic athletes as inspiration.  Find that Olympian inside you and give it your all.  In time, you will also be basking in the glory of a very successful business.

Brand Loyalty: Marketing the New Kids on the Block, Then and Now

Anybody remember the New Kids on the Block?  You know, the boy band from the ‘80s?  Many people remember them as a manufactured, over-marketed group of teenagers calling themselves a “band”, a boy band to be exact.  In the late ‘80s you couldn’t escape them.  They were on every magazine cover, every talk show and every radio station.  You could buy everything from bed sheets to lip gloss to action figures, not to mention the vast array of posters that so many teenage girls plastered their bedroom walls with.

Whether you like the New Kids or not, whether you think they have any talent or not, there is no question that the New Kids had a tremendous impact on entertainment marketing.  Their marketing team knew exactly what they were doing.  They knew exactly who their target was, what they wanted and how they wanted it.  Hormonal pre-teen and teenage girls were spending their allowance money on a fantasy.  Although teenage girls have been doing this for years… swooning over actors and singers…with the New Kids, the marketing team now had 5 guys to use instead of just one lonely solo singer.  Each guy had their own image, presumably manufactured to appeal to as many different teenage girls as possible.  Donnie Wahlberg was “the bad boy”, Jordan Knight was “the sexy one”, Joey McIntyre was “the baby” and got the attention of the 8 – 12 year olds, Danny Wood was “the smart one”, and Jonathan Knight was “the shy, quiet one”.  Every girl had their favourite guy and the fans were adamant that these were the true personalities of the guys and there was nothing manufactured.

To many people it might have seemed to be a bit of overkill, but to the fans, they couldn’t get enough.  There is no doubt that the New Kids had a brand that nobody would forget, whether you were a fan or not.

Then, all of a sudden, they disappeared.  No more concerts.  No more albums.  No more screaming, crying girls.   Fast forward 20 years to 2008.  All of these die hard fans are all grown up, with only memories (and maybe a collection of posters, pins, T-shirts and dolls) of their favourite band.  In 2008, the New Kids quietly announced a comeback.  No over the top marketing efforts were needed.  Why?  Because they knew that their target market was a loyal bunch even 20 years later.  They released their first album since 1990 and went back out on a North American tour.  It was no surprise to the fans that the tour was sold out.  The non-fans were now calling them the Old Kids on the Block and joked that they’d be coming on stage with their walkers.  But even if they did, the fans would still be okay with that.

Over the past 4 years, the New Kids haven’t had to do a whole lot of marketing.  But of course what they do now is geared to a different demographic.  Where teenage girls once went crazy for T-shirts and magazines, grown women are now spending hefty sums of money to go on a yearly cruise hosted by the New Kids.  Some of the guys have solo careers as well.  For instance, Jordan Knight recently went on tour to promote his solo album, complete with tickets for his fans to have brunch with him.  His albums would have sold even if he hadn’t gone on tour, but creating that extra connection with his fans is just his way of continuing to feed that brand loyalty.

The New Kids know they have a sure thing in their fans.  It’s cheaper and easier for companies (and boy bands!) to retain existing customers rather than acquire new ones.  When your company is new (like the New Kids were in the mid – 80s) or you’re launching a new product, strong marketing efforts are needed to capture the attention of your target market.  But once you have those loyal customers it is imperative to build relationships with them.  Then, like the New Kids, your fans will still be spending money on you 25 years later.