Business Wisdom For 2023 And Beyond
Business Wisdom For 2023 And Beyond
How can business owners stay motivated and keep evolving despite ageism?
Every day I wake up feeling like it’s my first day. I have something to look forward to, a challenge that stimulates me, and opportunities to connect with others. I believe the mind dies when you stop learning, so I constantly seek new knowledge, whether it’s about technology or changes in business.
Defying the odds is important to me, especially in a culture where ageism is prevalent. Experiencing age discrimination is disheartening and insulting. Discarding age and experience leads to repeating past mistakes. When I first heard the phrase "OK, boomer," I felt dismissed. Being told you're worthless can be discouraging, but it motivates me to continue pursuing new challenges and making breakthroughs.
It's essential to adapt and not get stuck in the same process, as that leads to stagnation. Continuous evolution is exciting and keeps me energized. Technology and understanding what motivates people fascinates me. I find it intriguing how someone can initially dismiss an idea but change their mind moments later.
Ultimately, my driving force is the understanding that sellers never retire; they continue to evolve and adapt.
What formula can business owners follow to create successful marketing strategies?
There is a method to madness. It's not about yelling and selling or "crying and buying." There is a formula for success.
First, consider the category. My mentor, Tom, taught me that as long as we are human beings, five categories will always sell: beauty, weight loss, get rich quick, instant miracles, and staying younger. These elements resonate with human nature and have remained true for decades.
Regardless of the advertising platform—whether it's TikTok or traditional media—the effectiveness lies in how you execute your strategy. The structure should include problem, solution, efficacy, offer, enticement, and guarantee.
Now, here's another secret: sharing all my insights doesn't guarantee success. Just because someone knows the ingredients to a cake—like flour and baking soda—doesn't mean they can bake it. Many people fail to follow through on their ideas. I've seen entrepreneurs run 90 yards in a 100-yard race only to drop out with 10 yards to go because things didn’t go as planned the first time.
How can business owners capture attention and motivate customers to buy?
I don't want to be pigeonholed as just a TV guy because I'm primarily a marketer. We operate as vendors at major retailers, sell online, and have a presence on platforms like Amazon and home shopping networks. We also sell internationally.
I want to clarify that the infomercial and direct response business is far from dead. Globally, it generates approximately $400 billion, although the numbers may have decreased somewhat. I have experience as an officer in electronic reselling, which gave me access to a lot of industry information. This sector is still thriving, especially internationally, where growth continues to accelerate.
It's important to note that consumer behaviors can vary by region; for example, many Europeans don't rely on credit cards. Therefore, measuring success is relative to where the products are marketed.
My work is just one piece of the puzzle in effectively communicating a message or product to potential customers. The goal is to motivate them to buy or at least listen. This kind of advertising works because it cuts through the clutter and gets straight to the point. Subtlety does not sell; products or services need a strong pitch. How often have you seen a commercial and thought, "Why did they start with that?" This tactic, often referred to as a "car crash," grabs attention. You have five to nine seconds to capture someone's interest, regardless of the medium used.
Why is it important for business owners to focus on strengths and maintain credibility?
Smart individuals, especially decision-makers, can spot insincerity or what I call "the great pretenders." These are individuals who pretend to be something they aspire to be but have no substance to back it up. If I come in with confidence but can't deliver results, people will quickly label me as a blowhard. That's a reputation you want to avoid. You might fool someone once, but with the prevalence of reviews today, you won't fool them again.
If customers have a negative experience, they will share it, damaging your reputation and future sales. The best approach is to have everything organized and ready. If something doesn't work, simply don't pursue it.
Another crucial lesson is to avoid trying to be all things to all people. While it’s tempting to want widespread approval for your product or service, it's not necessary. For example, if you sell a left nostril inhaler, don't claim to offer foot cream too. Focus on your niche and maintain credibility. This specificity strengthens your message and prevents the dilution of your brand.
I take pride in being known for my reputation and successes rather than relying on mass emails or advertisements. Whether my approach frustrates or pleases people, I stick to what I do best. Most people tend to stray from their strengths, thinking they can make it work, but that often leads to bad ideas.
When should business owners focus on their core expertise and avoid expansion?
One of the important lessons I've learned is to stay in your lane. If you specialize in marketing, product sales, or creating content, focus on that. Many businesses fail when they stray from their core expertise, thinking they can expand by acquiring new ventures or adding new products. Without the necessary expertise, these moves often require significant time and money and can detract from your main business.
I liken a business to a tree; you need a strong trunk before you can grow additional branches. If your foundation isn't solid, expanding too quickly can jeopardize your chances of success. It’s crucial not to enter unfamiliar territory simply because it appears profitable. Changing consumer habits takes time—sometimes years or even generations. For example, the transition to cell phones took significant time before people accepted them over traditional landlines.
Additionally, never give up control over your finances. Many business owners have experienced financial setbacks due to misplaced trust. They often lose leverage by making early payments, extending terms, or providing discounts in hopes of securing future gains, only to be disappointed. While I recognize there are nice people in business, many successful individuals are shrewd and protective of their interests. The infomercial and direct response industries can be particularly challenging, similar to the feature film business, where success is often a hit-or-miss endeavor. You might encounter numerous failures before finding a successful project. Therefore, it’s essential to safeguard your financial resources and be cautious, even with close friends or acquaintances.
*This interview has been edited and condensed for clarity.*
