7 Strategies Entrepreneurs Can Learn From The Kardashians Real-life business lessons you can put in place inspired by the reigning royalty of reality TV.
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Love them or loathe them, America's royal family, the Kardashians, can teach us entrepreneurs a thing or two. The family has graced our airwaves since 2007, generating hundreds of millions of dollars through endorsements, clothing lines, beauty companies and more. Despite facing many hurdles along the way, nothing seems to be stopping them.
But what makes them so successful, and how can we keep up with the Kardashians — or at least try to? Here are seven strategies, inspired by each one of them, that you can implement into your business and life.
1. Define your brand
"Mompreneur" Kris Jenner is no doubt the mastermind behind the initial success of the Kardashian family. One reason she's such an effective manager is because she's able to clearly communicate what each of her children's brands is about — their similarities and differences. When launching your own business, you need to be able to clearly define your purpose, know what you stand for and differentiate yourself from others. Having a set of brand guidelines is imperative for any company, spokesperson or personality. If you don't know what you stand for, how will anyone else?
2. Leverage social media to your advantage
Getting social on social media is an art in itself, and the Kardashians have perfected this to a tee, using channels like Twitter and Instagram to communicate with their fans. Having a dedicated following on your platform of choice is something that can't be overvalued. Whether you want to launch a new product, service or even do some customer R&D, you need to find the best way to leverage your social media audience.
3. Take calculated risks and diversify
Too often business owners get stuck in a routine of following the same processes, offering the same products and never looking at the ways they might pivot their business. Kourtney Kardashian is a great example of a member of the family who knows about the importance of diversification. For example, in addition to her role on Keeping Up With the Kardashians, she has a new health and lifestyle site, Poosh, that also acts as an online store, not to mention her string of boutiques and TV spin-offs. Having your manicured hands in more than one pie can pay big dividends.
4. Be able to reinvent yourself
Khloe Kardashian's weight and relationship struggles have all played out in front of a massive audience. Through it all, she's had to reinvent herself and rely on her inner resilience. Entrepreneurs should be no different. Having the ability to pick yourself up, dust yourself off, set your ego aside and figure out what in your business is working — and what's not — is something every business owner needs.
5. Find a niche
Compared to his sisters, Rob Kardashian's journey to entrepreneurship has been mired with roadblocks. Though he's struggled publicly with health and relationship issues, he now lives his life largely out of the limelight and has found success with his sock company Arthur George.
Focusing on a niche is often more profitable than trying to be something for everyone. Having a deep understanding of your customer, from what they read to where they shop, is a great way to boost your sales and focus on your target market.
Related: The Riches Are in the Niches
6. Collaborate with like-minded companies
Ever wonder how Kylie Jenner went from oft-forgotten younger sibling to arguably the most successful member of the family? She started small with clothing collaborations and established herself in the beauty and makeup industry before launching her first product line, the Kylie Lip Kit. That company evolved into Kylie Cosmetics, which cosmetics giant Coty bought a 51 percent stake of for $600 million in 2019.
Doing joint ventures with others is a great way to leverage from another company's followers, market to a new audience and ultimately help you to boost your brand, profile and sales. Now, Jenner is paying it forward by collaborating with her siblings on limited-edition lines for Kylie Cosmetics.
7. Use the power of publicity
The Kardashians have been linked to controversies, but they've managed to use the media coverage to their advantage. After all, Jenner spun Kylie Cosmetics out of rumors about her lips.
Having a strategic PR plan is priceless for any entrepreneur. No doubt the Kardashians have an amazing PR machine behind them, and every entrepreneur should, too.
The above seven strategies can help put you on the road to success — and might even help you secure a reality show too.
Related: 10 Ways to Get Global PR Exposure