Oh the glorious 80’s, do you remember those days? I remember my cousin traveling 90 miles to bring his daughter who was all of maybe 8 or 10 years old up to Saratoga Springs, NY to see New Kids On The Block at the Saratoga harness track. Crowds and crowds of people were there, mostly young girls accompanied by parents. I couldn’t understand the attraction myself. What made New Kids on the Block such a success? Was it their great voices, cute teenage boy personas, or “cool looking clothes”. What inspired all those young people in the audience?
While all of the above were contributing factors to the success of the group, what made them charm so many young girls into to buying their records over and over again I can tell you was marketing. Without marketing they would have just been another handful of guys hanging out in the garage making a little music. Without the posters, T-shirts, pen and pencils and all of the the other promotional paraphernalia, paired with personal appearances, the New Kids would have gone nowhere.
Next to having a good product with a general appeal, marketing is one of the most important concepts for business owner’s especially new business owners to grasp. Unfortunately, marketing is so often downplayed and neglected resulting in the early demise of new businesses. All too often young, or unseasoned new business owners think all they have to do to get a space, put some furniture in it, open the door and “they will come”. Without a solid marketing plan in place these new businesses are doomed to fail, in as little as six months.
Grant Cardone is a famous author entrepreneur and business owner and if you haven’t familiarized yourself with him or read some of his books I would definitely recommend that you do. Some of his books include “The 10X Rule”, “If You’re Not First You’re Last”, “The Closers Survival Guide”, and “Sell or Be Sold.”
Grant Cardone has his own TV network and in one of the presentations he said that 93% of small businesses make less than $250,000 per year and over 51% make less than $25,000 per year. He basically said that that equates to 67% of small businesses breaking evening or even losing money. Cardone goes on to say that in business, as in life that if you simply kind of wing things as you go along then you’re not going to be confident. You’re not going to know where you’re headed and this is going to cause you to make a lot of mistakes. You will to be overly cautious when you should be bold and you’re going to be reckless when you should have been cautious and this is why businesses fail.
Grant Cardone has spoken and written repeatedly about why businesses fail. The list I relate to is short and sweet:
1) No one knows you
2) You’re too small
3) You don’t grow fast enough
4) You don’t spend or invest enough
5) You don’t make enough
Back to the New Kids, they obviously didn’t do their own marketing. They had paid promoters and managers handling the marketing and making money for both the band and the promoters. As a small business person must you have someone doing your marketing unless you are experienced at marketing yourself and have the time to devote to implementing your marketing plan. Failure to comprehend this will doom you to failure.
To be successful in business you need to have a solid marketing plan. That plan has to include funds for marketing and advertising as well as staffing, products, supplies and everything you can possibly think of that you might need and a little extra for the things you may have overlooked. You must sit down and have it on paper. Know where you’re going to get the funds , and how you are going to proceed. Sure you can start a business on a shoestring but the truth is you are going to have to move fast if you’re going to make it and actually get some money out of it, and marketing is the one thing you cannot skimp on. Failure in marketing means the New Kids Disappear.