Richard Branson: 'There's No Shortcut or Magic Recipe to Success'
Editor's Note: Entrepreneur Richard Branson regularly shares his business experience and advice with readers. Ask him a question and your query might be the inspiration for a future column.
Q: Are there any quick ways to succeed in business without spending a huge amount of money on marketing? -- Geraldo Kandonga Fillipus, Geraldo Financial Solutions, Namibia
Unfortunately there’s no shortcut or magic recipe to success -- or if
there is, I haven’t found it yet. Creating a successful and profitable
business takes time, since you build your reputation as customers learn to trust and rely on you, one by one.
Also, there’s no guarantee that spending a huge amount of money on
marketing will slingshot your business forward. If you spend your time
looking for shortcuts, you will find one -- right out of business.
While there are no set rules for succeeding in business, over my 40
years as an entrepreneur I have embraced some rough guidelines that can
be very helpful:
1. Create a Useful Product or Service
Above all else, you should not go into business purely for financial
reasons. Running a company involves long hours and hard decisions; if
you don’t have a better reason than money to keep going, your business
will more than likely fail, as many new businesses do.
So it’s important to create something of use that is going to benefit
society as a whole. If you do something you truly care about, you will
be in a much better position to find customers, connect with them, and
keep them coming back.
Once you have decided on the type of product or service that
interests you, focus on how to do things differently from the
competition: Do your research, find a gap or an area ripe for
innovation, and position your business in a way that sets it apart.
2. Simplify Your Message
Customers don’t just shop for a brand and its products, but also
identify with its core values. Ask yourself, why did I start my
business? Be honest -- this will help you establish an authentic value
and voice. Then distill your message into something simple.
At Virgin, we stand for great customer service, good value and
innovative alternatives to our competitors’ offerings. Most importantly,
we view business as a force for good. Knowing who we are and what we
stand for ensures that we don’t waste time or money on messaging that
doesn’t represent us or resonate with our customers.
3. Market Yourself
Marketing is a powerful tool, but it doesn’t have to be expensive. My mentor,
Sir Freddie Laker, a man who had started a company to challenge British
Airways on their home turf, gave me some invaluable advice when I was
starting up Virgin Atlantic Airways. Knowing that we couldn’t match the
more established airlines in terms of marketing budget, he encouraged me
to drive the publicity myself: “Use yourself. Make a fool of yourself. Otherwise you won’t survive.”
I took his advice and I’ve been thinking up fun ways to stand out
from the crowd and draw the media’s attention to our company ever since,
from breaking world records to pulling pranks.
While I’ve always been interested in sports and physical challenges,
that might not be the route for you. Find your tone, know your brand, do
things your own way, and create waves. The free advertising will
follow.
4. Embrace Social Media
Tools like Twitter and Facebook
are wonderful ways to get your message out to a wide audience. Social
media is not only more cost-efficient than advertising, but it also
offers great opportunities for innovative engagement with your
customers. Use it to your advantage.
Remember that there is a difference between selling and marketing. In
my experience, selling a product through social media doesn’t work --
it’s better to simply communicate with your customers in an authentic
way and have fun. As you build an online profile that people can
identify with and trust, you’ll find that they will soon become
customers.
The feedback you receive on social media can be invaluable,
especially when your business is just starting out. Listen to your
customers’ comments about your company’s offerings to gain an
understanding of what you are doing right and wrong. You can also use
this feedback to sharpen your social campaigns and measure the
effectiveness of your calls to action.
5. Keep On Enjoying What You Do
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