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Business Ideas – Top 3 Business Lessons from Simon Fuller (American Idol Founder) by Evan Carmichael
Evan Carmichael discusses how you can model the success of American Idol founder and multi-millionaire promoter, Simon Fuller.
“You’ve got to get in there while it’s hot and get out before it’s cold.” – Simon Fuller
Action Item #1: Put Yourself In Your Customer’s Shoes
As entrepreneurs we can easily get lost in our product or service and how great it is. We can’t wait to launch the next version or introduce a new feature. The trouble is, we’re often creating for ourselves and are not focused enough on if our customer will actually want this new product or service.
Simon Fuller is a master at putting himself in his customer’s shoes. When he came across a pop group called “Spice” he recognized that their market was limited – young girls traditionally only buy music from male singers as they are threatened by the women. To fix this problem he changed the name to “Spice Girls” and launched their “girl power” theme which made young girls want to buy their music just as much as the boys.
Fuller took five young women, turned them into superstars and the best selling girl group of all time with over 75 million records sold by putting himself in his customer’s shoes. Think about your product or service. Are you really solving a need for your customers that nobody else is offering? Put yourself in your customer’s shoes so you can knock their socks off with your next product launch!
Action Item #2: Know What You’re Good At
Everybody has strengths and weaknesses. The trouble is as entrepreneurs, we tend to try to do everything even though we’re only good at a few things. If you focus your attention and build your business around what you’re really good at you’ll have a much higher chance of success (and also have a lot more fun!)
Simon Fuller’s strength is promoting someone or something while it’s popular and then dropping it to move on to the next hot trend. No matter how great the artist he is working on promoting today seems to be, he always has another one waiting in the wings to go. When the Spice Girls dumped him as manager, he immediately began to promote S Club 7. After S Club 7 split, he was ready with S Club Juniors. In his own words: “My business is creating fame and celebrity, and I’m one of the best in the world. I know it to the finest detail.” And that is the beauty of his Pop Idol / American Idol franchise — it doesn’t matter how much real talent or staying power the winners have, because audiences will quickly move on to listening to next season’s contestants.
Fuller built a business that complements what he’s best at. The business model works for him instead of the other way around. Think about your own business for a second. Do you have to do things you hate and aren’t good at like cold calling to bring in clients? You’ll see a huge jump in your business if you can make the business model work for you and focus your energies on what you’re really good at.
Action Item #3: Paint a Vision for Your Customers
If you’re trying to sell something new or have a difficult sales process you should consider giving your customer a vision of their future as a part of your pitch. Show your customers what their lives will look like if they work with you – let them imagine the benefits that you can offer and convince them on an emotional level that they should become your client.
When Simon Fuller wanted to expand his reach into managing celebrities he went after one of the biggest names in the world: soccer superstar David Beckham. Fuller sold Beckham by pampering him at Elton John’s mansion and then giving him a six day vacation in Provence, France. Fuller painted a beautiful picture of what it would be like working him and Beckham couldn’t resist – he signed up for Fuller’s services.
Ok so you don’t know Elton John and can’t afford to fly your clients to France but you can do the same thing on a smaller scale. Think about how you can show your prospects that working with you will lead them to a better life. Don’t ignore the emotional part of the sale and focus only on tangible facts.
The Life and Career of Simon Cowell
He’s known for role as a talent judge on shows such as “American Idol,” America’s Got Talent” and “The X Factor”. We take a look the life and career of English television personality and music entrepreneur Simon Cowell.