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Vast exposure- Martha Stewart got her big break when Kmart started pumping truck loads of money into making her a household name. Mary-Kate and Ashley leveraged the fame they had developed through their role on Full House. It takes millions and millions of dollars to become a household name. How are you going to utilize adequate amounts of marketing strength to put you in front of your prospective customers on a constant basis? Limit your exposure to markets that you can strike seriously with continual reoccurring messages.
Leadership- You must be a clear and decisive leader. If you don't have the ability to communicate your vision clearly, make intelligent decisive decisions, and manage your time effectively, then get out of your own way.
Brand & Line Extensions- "Line" extension and "Brand" extension are two different things. "Line" extension means that you have multiple products in the same category. "Brand" extension is using the power of your name to sell products in multiple categories. A billion dollar company has the ability to do both.
High Demand, Consumable and Unique Products- When demand is high the sales cycle is shortened therefore increasing profitability. Consumable means that the same customers buy the same products several times. Repeat purchases raise your profitability each time they purchase. Uniqueness improves profitability because it can significantly strengthen the value of your product and diminish the points of comparison that control the price.
Professional Management- Most business men and women avoid hiring professional management because they feel they have inadequate resources. Although, individuals with experience can really shoot you forward. Mary-Kate and Ashley created their billion dollar enterprise because the attorney they hired convinced them to create their own production studio. Until then, not only had they not thought about the possibility, but they didn't have the knowledge or skills to put it together. A business I owned doubled its capital acquisition rate overnight due to a professional CEO we hired. One may discover that not bringing in the skill might cost you your financial freedom.
Cross Selling through Circular Promotion- Jump at each and every opportunity you have to promote your products. All your products should compliment the others and encourage your customers to buy them. Mary-Kate and Ashley use brand extension to carry their products. They focus in on a demographic and provide complimentary products that serve the adolescent girl market by mass merchandising through Wal-Mart. It will be interesting to see how they effectively transition out of their target market as they become adults and their market is no longer able to relate to their brand.
Creating a billion dollar business is no small task. Hopefully, you have the vision, the passion, the desire, and the necessary leadership skills. Aiming for the stars puts you on an upward trajectory. Hitting the moon in the process is not a bad result, even hitting the tree tops is better than the mediocrity that most experience in their entrepreneurial activities.
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Category: ManagementYour Next Billion Dollar Idea was written by:Author:Jesse FisherAdded: Fri, 22 Jun 2007 21:35:10 -0400 This Article Has Been Read 266 times View all Jesse Fisher's articlesAbout the Author: Author Jesse Fisher likes composing articles for his clients including Transamerican Medical, a business that resells Philips Medical equipment and parts. See also the Imaging Centers; online directory. (You may republish this article online IF all links are kept intact.) |
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