Entertainment

6 Lessons From Marcus Lemonis

This past year I had the opportunity to go on The Profit with Marcus Lemonis. It was one of the best experiences of my life, so I decided to put together 6 lessons that I learned from Marcus. 

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1. Branding

It is very important to know your true brand identity. You must be able to choose fonts, logos, colors, patterns, a mission statement and a tagline that represent your brand. There should be a clear message from the verbiage to the ad copy. All of the brand partnerships should align with the brand vision and only amplify the story. If their is a social component, it should be highlighted and explained with a clear metric. 

2. Creating products

It is not about getting things done fast and cheap. In fact, when it comes to creating products it is all about slowing down and buying into the creative process. The core of every new product is the design and creation process. The look and feel of the product will determine how it is developed. It is very important to go through a development process before jumping into production.

3. Product packaging

Use the packaging to tell your story and showcase your product. I always took short cuts and tried to keep costs as low as possible. In reality, you should spend more on your packaging than you probably think. The perceived value of the packaging will make your customer want to purchase from you again and even gift your products to others. 

4. Merchandising

A great way to stand out and tell your story is by creating custom fixtures and displays. ON The Profit, Marcus taught me about the silent salesman. Meaning, your display should be able to sell the customer on your products without a store employee having to explain what it is. Another crucial aspect is working with you retail partners to create a full brand experience to match their stores “DNA”. You want your products to stand out, but fit naturally in their environment. 

5. Sales funnels

It is no secret that a big part of what I do is online marketing. I am always reading and researching new methods and techniques to sell products online. Even though I did know a fair amount, it is always evolving and important to adapt. I learned that using funnels makes it easier to drive targeted traffic and find custom audiences. I have become obsessed with building optimized sales funnels and identifying the right kind of traffic. 

6. Sales pitch

The most important thing I learned was creating a personal connection between your subject and your brand. Once their is an emotional connection it is much easier to have an open discussion about your product. You always want to lead with your story and be ready to demonstrate how you can execute what your pitching. 

Travis Featured On Inc.com

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Imagine this scenario: you are sitting in a bar, look over, and see that there is a film crew recording a group of people who are casually ordering a round of drinks. What would you do? Ask for a selfie? Try and position yourself into the frame? Or maybe you would do nothing and just tell your friends about it later.

Well when one ambitious entrepreneur was presented with this same scenario in 2012, he did what any hustling entrepreneur should do: he started selling. As fate would have it, the camera crew was there for MTV's hit show "The Real World". The San Diego-based cast had stumbled into a bar on a Sunday morning and sat next to entrepreneurs Travis Lubinsky and Trevor Jones, founders of luxury watchmaker Flex Watches.

If you watch the episode, you see Travis immediately reach out to the cast and begin showing off his products. This lead to an entirely new element being introduced to the usually raucous show: charity. One of the cast members had been affected by a friend's suicide and so decided to partner with Flex Watches to make a custom line of watches with a portion of the proceeds going towards suicide prevention.

And just like that, a product licensing pro was born. After the success of that line, Travis has gone on to create product licensing deals with brands such as Last Kings, WWE, Special Olympics, Anaheim Ducks and Stand Up To Cancer. As well as dozens of high profile celebrities such as Tyga, Paris Hilton, Xzibit and Daymond John. He has become a master of product licensing and he sat down with me to share his top 8 tips for entrepreneurs looking to lock in licensing deals with big name partners.

Start small.

While locking in a 6-figure deal with an A-list celebrity might sound glamorous, things are never that easy and it's best to start at the bottom and slowly climb the ladder. Lubinsky says, "Obtaining Greek and collegiate licenses has proved to be a great starting point for many entrepreneurs, including me."

Target your product.

Make sure you are hyper focused on who actually needs and will use your product. Otherwise, you are just wasting your time and money. Lubinsky says, "Your product needs to be targeted at a specific demographic that will pay top dollar to own it."

Make sure it is popular.

"It is important to ensure that the brand you are looking to reach a deal with is established, respected, and most importantly, popular. If they don't meet that criteria, there is little benefit in partnering with them."

Do your homework.

If you are trying to do a deal with an established brand name, you better come prepared and have a marketing plan that will sell the product. "Demonstrating that you have a plan can alleviate concerns that these big brands have in working with young entrepreneurs," says Lubinsky.

Make sure you have sales.

The more sales you have, the more influence you can have on the licensing negotiations. Brands like to be linked to successes; showing that you are already successful can greatly increase your chances of a successful licensing agreement. On his success, Lubinsky says, "I quickly learned the biggest factor to a successful licensing campaign was distribution and sales."

Stay organized.

Getting your first licensing deal can be exciting but it also opens up an entire new set of operational tasks that must be done. Brands will expect to receive regular reporting as well as their royalty payments in full and on time.

Always look for new opportunities. 

The entire goal of one licensing deal should be to leverage that to get another deal. Lubinsky says, "Use each license as a stepping stone to the next biggest thing." With forward momentum you can constantly get bigger licensing deals with bigger brands.

Be willing to negotiate.

Sometimes the deal you want just won't happen. Because of the complexity of licensing agreements, no two agreements are ever the same and the product, terms, and most importantly profit margins, can vary immensely.

Successful product licensing done properly can open new doors and elevate your idea to an entirely new level. While it can be challenging, complicated, and stressful, it is a skill that any determined entrepreneur can learn and master.

http://www.inc.com/aj-agrawal/8-tips-for-entrepreneurs-to-license-their-products.html

 

 

Travis on Business Rockstars!

BUSINESS ROCKSTARS is an Entrepreneurial Business Community driven by Broadcast, Mobile, & Social. Business Rockstars is the largest daily producer of entrepreneurial content, bringing together some of the world’s biggest and most accomplished CEO’s, Start-ups, and Entrepreneurs. Business Rockstars reaches a cume audience of over 1 Million listeners and viewers.

 

 

Starting Your Own Podcast Or Radio Show.

In January 2015 my good friends Craig Anthony and Ben Baller came to me with an idea to host their own radio show. They wanted to blend the local culture with social media, and music. They wanted the show to feature recognizable influencers, internet lingo and discuss the hottest topics in fashion, music and media. This all seemed like a great idea, but the real question became “how do we make it happen?” 

Since I have worked with these guys before, they know I have a passion for start ups and a background in fashion and entertainment. They also know I have a good network of artists and influencers so they offered me to be a partner on The Blast. We ended up exploring the world of streaming music and had a meeting with DJ Skee and Dash Radio. By February the deal was secured and the Blast Show was born. 

Once the vision became a reality, it was time to get straight to work. First we had to create a business plan to figure out how we were going to monetize and then fund the plan. The next step was to create our own brand. We designed and created everything we needed from a logo and a website to our own sound bites and verbiage. Once we created our brand we inspired our vision, built a team and began working. We created a show structure, thought of the first weeks show concept, and successfully recorded our first show. 

You can now hear the Blast Creative Directors Ben Baller & Craig Anthony every Friday night. The Blast is about having fun through self-expression, creativity and originality, just like their social media accounts, Ben and Craig are sure to keep you entertained. Tune in on Friday nights from 7pm-10pm on Dash Radio and stay current with them on social media. For help creating your brand or business or to work with The Blast, contact me for consulting.