We’ve been talking about the characteristics that successful people have in common and the first one we’ve identified is being innovative as demonstrated by the story that I gave you yesterday about the Dominos Pizza franchise.
Now, lets talk about the second characteristic that you find in successful people. In fact, it’s one of my favorites
The second characteristic we find in successful people is they have great marketing savvy. They are great students of marketing. They are really involved in marketing.
One the reasons why that’s so important is that in some respects the opportunities for the individual to start and build a business today are limited by the fact that there is more competition from big business.
Franchising is a marvelous example of that. Franchising was originally invented as a mechanism for the individual with a small amount of money to get into business and get some kind of a system to do business with.
And yet today most franchisors sell most franchises to big business people, to groups of business for big amounts of money.
What might once have been a $10,000 franchise today you got to have a $1,000,000 net worth and $500,000 in cash to get a hamburger stand?
So, you see that the whole thing has changed. Big business has invaded small business and so even as a small business person in almost anything your in, your going to find yourself competing head-to-head with some big, well financed organizations that can afford the best and the brightest in every aspect of what they do.
And the only way to compete effectively in that environment is to be a better marketer. To be smarter about how you advertise, promote market and communicate your message.
Bill Glazer came from a background of running his family’s menswear stores. In the last twenty years this industry has seen over eighty percent of the independently owned menswear stores close because they could not compete against the national retail giants.
Yet his stores continue to just not survive, but thrive.
What could possibly be his edge? His edge can’t be in building a better facility because he couldn’t possibly stack up more money than the BIG retail chains who have unlimited stockholders money to build their showcases.
So he can’t compete there. He can’t compete with the HUGE national TV buys? Can he possibly afford to run spots during prime time television of the big sporting events?
How does he compete?
He competes through marketing or the smart things that he does,