How to Build an Empire Based on Your Business Idea!
Brian Mac Mahon, The Founder of the Startup Accelerator; Expert Dojo shares his thoughts on how entrepreneurs should build their empires!
It’s not the product, the product is irrelevant, and any products can be copied. What it is, is the brand. You have to create the greatest, unique experience for your customers that nobody can copy. Just think of the iPhone, that iconic apple that sits on the back of the iPhone, that is such a strong brand that they can charge two, three, four times what anybody else can charge because they don’t sell a phone, they don’t sell a laptop, they sell you being more popular, you being more self confident, you having more friends. That’s what Apple embodies. The same with Nike, with runners, and being able to run faster. And all the way through with great brands, create a great brand, don’t get stuck focusing only on a good product.
FILLING SKILL GAPS
A lot of entrepreneurs hire their best friends, and make sure that they’re surrounded by people they really like and that are like-minded people. What Brian suggests is to do the opposite, and instead your entire focus should be on filling skill gaps. So, as you look at your company and what needs to happen in your company for it to be successful, through each stage there are skill gaps that you have, and you need to be not just hiring for the skill gaps that you have for today, but the skill gaps that are coming in the future as well. Look at those gaps and find incredibly awesome people to fill them.
DIFFERENT MARKETING CHANNELS
Don’t focus on just one or two marketing channels. You have affiliate marketing which is a form of partnership marketing. You’ve got direct emails, you’ve got cold calling, you’ve got advertising, digital advertising. Whether it’s on Facebook, whether it’s on Google, whether it’s on the other platforms. You’ve got social media, you’ve also got a million ways to do content marketing to build your audience, therefore Brian suggests you to practice all of the different ways and measure, measure, measure, along with milestones that you have for everything that you’re trying to accomplish.
BUILD A COMMUNITY
Now you have built your business, you are growing your user base, let’s take it to the next level, which is getting investment. Now, as you’re getting investment Brian suggests you to do something that you should’ve been doing with your users all along; building a community. Build the greatest community that any product that has ever had. Communities do not leave you as long as you provide to them what you promised them. Then you can add in the corporates on top of that, don’t be afraid of anyone because now you are a true cage fighter breaking through.