Have you ever seen such a thing? People pay a large amount of money to get the opportunity to stand in the hot sun for over an hour in a long line to be able to shop in a certain store. Then when they finally get into the store, they spend lots of money buying theme products. Unbelievable? That’s what hundreds of Muggles (non-magical types) did at “The Wizarding World of Harry Potter,” as part of the newest attraction in Universal Studios in Orlando, FL. Wouldn’t every business love becoming an international craze with huge demand?
Over Spring Break 2011 besides attending the CTIA Wireless show where Radish was finalist for an emerging technology award, I experienced with my daughter one of the biggest business successes. People of all ages traveled in from all over the world and spent lots of money for parking, entrance fees, food, and products. As a Harry Potter fan, I must admit it was brilliant and the Hogwart’s Castle ride whereby you experienced being on a broom in a Quiddtich Match with Harry was the best ride ever.
Seven Practical Pointers. What are the Harry Potter business success strategies? What can we learn and apply to our businesses? Radish Systems is using these.
- Start with an exceptional product or service. The Harry Potter book series by pauper turned billionaire J. K. Rowling was one of the biggest and most profitable publishing phenomena. My daughter has read all seven books hundreds of times – no lie. The product is different, is filled with characters readers can related to, is action-filled with magic and suspense addressing a universal good versus evil topic, and hit at the right time. By dividing the book into many parts, there was anticipation for the next part of the story. One of the most important P’s of marketing, have the right product.
- Be responsive to the market, your customers. Here is another important P of marketing, know and respond to the people. Wouldn’t it be great if your customers can’t stop thinking, dreaming, and talking about your firm and your service? Your customers are your most important asset – without them you would have no revenue, you would be out of business. If you make sure your customers are happy, they will keep coming back and make sure you are happy. How often do you ask your customers and prospects what their pain is and how you can best resolve it?
- Leverage success to breed more success. The bestselling book, led to sell-out movies, which led to in-demand products, overflowing amusement parks, and much more. It is the same concept that Starbuck’s and other well-known brands have used for concentric diversification and additional revenue streams.
- Go viral. Harry Potter came out just as social media channels began to take hold. Readers spread the word to other readers. When the park was about to be announced, the top 10 Harry Potter bloggers were invited to a private meeting. They then spread the word virally. Within 24 hours, millions knew about it. How can you use this most important promotional tool (another P of marketing)?
- Think BIG. Believe everything is possible. Be open to the possibilities. Use the Attraction Strategy to power the pull (as explained in Chapter 8 of Pursuit of Passionate Purpose, www.PursuitofPassionatePurpose.com).
- Surround yourself with great people. Harry had Hermione and Ron, and Dumbledore and the Order of the Phoenix who were united in a common set of values. Rowling found a great publisher and other support team members.
- Be lucky. It is said that luck comes when preparation meets opportunity. Believe, prepare, and then act. It is useful to be lucky.