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Massive exposure- Martha Stewart's opportunity arrived when Kmart pumped millions of dollars into making her name known in every household. Hillary Duff leveraged her fame acquired through Lizy McGuire and being a Disney Kid. It takes millions and millions of dollars to become a household name. How are you planning to harness adequate amounts of marketing strength to put you in the faces of your prospect on a constant basis? Limit your exposure to markets that you have the resource to hit seriously with consistently reoccurring messages.
Leadership- You must be a clear and decisive leader. If you do not have the power to communicate your vision plainly, make intelligent decisions, and manage your time effectively, then get out of your own way.
Brand & Line Extensions- "Line" extension and "Brand" extension are two very different things. "Line" extension involves adding more products in one 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 numerous times. Repeat purchases increase your profitability every time they buy. Uniqueness improves profitability as it can dramatically strengthen your value proposition and diminish the points of comparison that regulate the price.
Hire Professional Management- The majority of entrepreneurs avoid hiring professional management because they don't feel they have the resources. People with a lot of 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 in a single day because we brought in a skilled CEO that was formerly an executive at Microsoft. In counting the cost, one may realize that not bringing in the skill might cost you your financial freedom.
Cross Selling through Circular Promotion- Take advantage of each and every chance you have to promote your products. Each product in your mix 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.
Leading your company to its first billion dollars is no small task. It is vital that 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.
Category: EntrepreneurialismLeading Your Company to its First Billion Dollars was written by:Author:Jesse FisherAdded: Fri, 22 Jun 2007 21:35:10 -0400 This Article Has Been Read 241 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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