Like many seasoned entrepreneurs, Oprah Winfrey views failure as “another stepping stone to greatness.” For her, it has been, and then some.
In 1977, decades before she became a billionaire media mogul, she was fired from her job as a reporter at Baltimore’s WJZ-TV. Her boss said she was “unfit for television news.” She was “devastated,” but she didn’t quit.
The “queen of all media” quickly rose from rejection and found her calling in daytime TV. Then came her eponymous talk show and 25 internationally syndicated seasons of success. The Mississippi native later launched her book club, magazine and TV network. Today, she sits at the helm of a multi-billion-dollar media empire.
“Lady O” is best known as an outspoken TV host, actress and philanthropist, but she’s also an incredibly accomplished founder. The chairman and CEO of Harpo, Inc., Winfrey made history when she became the first first woman to own and produce her own talk show. She’s now one of the wealthiest and most successful business leaders in the world.
There are many inspiring lessons entrepreneurs can learn from her remarkable journey from a “poor, deprived ghetto girl” to self-made billionaire. Here are three:
1. Trust your instincts
Winfrey is a known to be a big believer in listening to her instincts and honouring them, a skill that she credits much of her success to. Trusting her gut has helped her steer clear of trouble in her personal and professional life, she claims. “I know for sure whenever your gut is out of kilter, trouble awaits,” she wrote in O Magazine.
“Your gut is your inner compass. Whenever you have to consult with other people for an answer, you’re headed in the wrong direction.”
During a 2011 OWN Network Lifeclass session, she expanded on why she feels it’s important to mind to your inner voice: “Listening to your life as it whispers to you first, so that it does not have to knock you upside the head with a brick or come crashing down on you as a brick wall, is one of the greatest principles of life.”
Lesson: Pay close attention to your instinctual reactions whenever you’re faced with a considerable business decision. Hearing – and heeding – even the slightest bit of hesitancy from within could potentially stop you from making poor choices that could impact your bottom line, now and in the years to come. In other words, as Winfrey says, “Follow your instincts. That’s where true wisdom manifests itself.”
2. Fiercely protect your brand
From her namesake talk show to O Magazine, from Oprah.com to OWN Network, Winfrey has worked tirelessly to transform her unique name from a stumper – which once prompted viewers to ask “What is an Oprah?” – into a household name.
To legally protect her brand, she’s trademarked every one of her companies and their many subsidiaries, and her legal team actively pursues those who infringe upon her trademarks. Most recently, on May 19, she filed a federal application to trademark a suite of foods and other goods branded under the name “Oprah’s Kitchen.”
Lesson: Strengthen your brand and safeguard it from misuse and dilution by trademarking your business name and logo. Doing so gives you the ability to control how they are publicly used and displayed.
3. Value your fans
One of Winfrey’s favourite things about her talk show was her famous “Oprah’s Favourite Things,” a sometimes hilariously high-energy segment (check this SNL parody) during which audience members found free goodies of all kinds tucked beneath their seats on set. The popular segment’s purpose was twofold: First, it was product placement promotional gold and, second, it enabled Winfrey to connect with her brand fans in a memorable and public way.
“The surest way to bring goodness to yourself is to make your intention to do good for somebody else,” Winfrey, who gives away millions to charity every year, once said. The concept is simple:
What goes around comes around. Do good and good shall be done unto you.
Lesson: Surprise your customers and brand advocates with extra value from time to time, perhaps in the form of coupons, discounts and giveaways. Giving a little extra can go a long way when it comes to locking in their loyalty and repeat business.
This article was originally posted here on Entrepreneur.com.
Selling To A Corporate: The B2B Battlefield
If you can apply some of these, you may be able to stop your hair from going grey or halt that premature baldness more effectively than me.
So you’re running a start-up that targets corporate clients. All you need is a few corporate signatures on that paper, and all of a sudden you’ll have a sky-rocketing business with an exciting guaranteed revenue stream every month, right? Right… But it’s not quite that easy.
Maybe you decided against a B2C (Business to Consumer model) because the marketing spend to win over one consumer at a time was not worth it, or that the South African consumer market is not big enough in your industry, or that it’s better to get 10 paying corporates rather than a million paying individuals. You’re not alone, and you’re not wrong.
Both models have their major pros and their major cons. Trust me, I know. But here are some of the learnings I’ve had by pursuing the B2B model.
The pitch: Anything other than a resounding ‘yes’ is likely a ‘no’
First step is to get the pitch. There is a huge temptation to go about it as passively as possible, hoping that the deal will fall in your lap with a well written email. Reality is a little different however. To secure most pitches, a combination (or all) of in-person approach, phone call, linked-in message and email could be required. Once you’ve secured the pitch, book it in both parties’ calendars and hope that there’s no last minute cancellation. The exciting part awaits.
The sad fact of human nature is that people don’t always say what they mean, or mean what they say. Possibly it’s because we don’t like to hurt each other, or it’s because we avoid uncomfortable discussion as if it’s the plague.
Whatever the reason, it’s quite rare to receive “hard no’s”. The reality is that after a pitch, anything other than a resounding yes, or a “when can we start”, or “where can I sign?”, is likely to be a soft no; they have no interest in doing business with you. The entrepreneurial spirit is one that looks at the positive in everything, so it could be very dangerous for a glass half-full entrepreneur to receive a soft no, because this person will very much believe the deal is still alive.
Once again, trust me, I know. I recommend tempering the enthusiasm by looking out for any sign of an excuse during the pitch, and addressing it then and there. You know how hard you worked to get that meeting – so make sure you leave with no question unanswered, knowing that you did everything you could to win that business, or learnt everything you could to enhance your product, service or pitch to win future business. If you don’t get their business, it just means you didn’t get their business right now. Extract the positives and move forward.
1. Balance patience & momentum: They don’t operate like start-ups
It’s often said that a corporate is the most important thing to a startup, but a startup is far from the most important thing to a corporate.
As start-ups or SMMEs, we just have to accept that. Where we would respond to an email in a heartbeat, it may take our corporate contact 2 weeks to respond; especially if they are decision-maker. They don’t need our business, but we need theirs. As such, it’s important to remember when following up on a successful pitch that they are big, they are busy, and they have multiple balls being juggled at once. It’s likely that our proposition is the least important to them, and may be seen as a luxury.
Remember, they didn’t pursue you, you pursued them. So we have to be patient. But this is the difficult part; we have to balance patience with the desire to keep momentum. It’s an oft-said phrase that “time kills deals”. As start-ups, we need to be respectful that our prospective client is busy, but also very direct and honest with them in terms of our position and our goals and objectives.
If we are direct about when we want to conclude a deal and why, it could scare them away, or it could lead to them prioritising the deal as a priority. Either way, it’s better to know where you stand rather than have something drag on in that mythical pipeline for months or years as false hope.
2. Their emails are not their priority
After the pitch, it’s easy to get in an unhealthy pattern. That pattern could look something like this: Send follow up documents directly after the pitch; hear nothing back from the prospective client; send a follow-up email the following week; hear nothing back; send another follow-up email the following week; hear nothing back; send another follow-up email the following week etc. into perpetuity until you go crazy and re-apply for your old job.
I have learnt that busy decision-makers in the corporate environment don’t just sit at their desk all day reading and responding to emails. They’re on the move, in important meeting after important meeting, flying to London followed by a quick trip to Doha and then 10 days in New York. They’re not setting the wheels in motion in response to your proposal in that spare 30 minutes in the airport.
Related: 4 Social Media Tips For B2Bs
As such, when they are available, you need their full attention and you need to get them to commit to the next step. Either a phone call or in-person visit is effective with this. Getting through to them and asking them the difficult questions about the next step is the only way to be top of mind, and to find out if they are serious about this deal or not.
From my learnings, I recommend emails as secondary to the phone call as a way of confirming what was discussed over the phone in terms of next steps.
3. Improve the product / service – become irresistible
With all else said, there is only one way to consistently increase chances of getting a deal over the line. That is, simply, have an incredible product or service that solves a real problem. If you have pitch after pitch where the response is luke-warm, you should ask them before leaving “what would this product have to do / look like for you to sign up right now?”.
Once you’ve had a few meetings like this, you will understand exactly what your market needs. If you build that product or service that the market craves, you’ll be turning away clients because the demand for your business will be so high. Become indispensable. Build something so good that your clients would be crazy to say no to.
4. Build a pipeline
Your business should never rely on one client saying yes. Putting too much emphasis on one deal will make you desperate, and desperation is the easiest way to scare someone away – relationship, business or anything else. Your market should be big enough that a rejection here and there is water under the bridge and simply a learning.
Closing one deal will provide a proof of concept and credibility that can be leveraged to close the next deal. Each subsequent client should, in theory, be easier to win than the previous one.
Finally, if the product or service is constantly being enhanced according to the market’s needs, if there are enough clients in the pipeline, and if the follow-ups after a great pitch are being done effectively, deals should go through systematically. At the end of the day, closing a deal shouldn’t feel like hard work. The best way to win business is by building a great business that solves real problems.
How to Name (Or In Some Cases, Rename) Your Company
Naming a company is hard, and founders often get it wrong.
Jennifer Fitzgerald is co-founder and CEO of Policygenius. But in 2013, when her company was starting out, it had a different name: KnowItOwl.
“We thought it was a clever play on the term know-it-all,” she says. The company helps consumers find the right insurance policy for them, so she wanted a name that suggested wisdom and guidance, with a friendly animal like the GEICO gecko.
“Then we started talking to investors, engaging our first users and talking to vendors and insurance company partners, and we just kept having to repeat the name — spell it, explain it. Pretty soon we were like, We’ve got a problem.”
And it’s not an uncommon problem.
A name is one of the biggest early decisions a company founder will make, and many get it wrong. Best Buy was first called Sound of Music. Nike was Blue Ribbon Sports. Google was BackRub. Each was a mistake in some form — too narrow, too generic, too evocative of the wrong thing. (BackRub?) For KnowItOwl, the problem was being too clever.
So how should a company pick a name? Fitzgerald did some research and came up with this process.
Step 1: The big name dump
Fitzgerald created a shared Google Doc for her five-person team and over the course of a few weeks sent out prompts to focus people’s creativity — asking for portmanteaus (like Microsoft, the merging of microcomputer and software), names with numbers (like Lot18), themes like references to trees and more.
Step 2: Structure brainstorming
One Saturday, she invited friends in the branding and marketing industry to join her team for pizza, beer and what she calls “structured group brainstorming.”
She’d put up a word that related to her business — say, protection. Everyone in the room had 10 minutes to write down 10 protection-related names.
Then they’d pass their list to the person to their left and take seven minutes to create seven names inspired by the other person’s list. They repeated this a few times.
Step 3: Cut the crap
Between the Google Doc and the brainstorming, they had hundreds of names and started eliminating them in phases.
First: “Can you imagine saying your company name to a Wall Street Journal reporter?” That wiped out many. (Bye, “Harmadillo”!)
Then they nixed any similar to competitors’, names that could come off as unintentionally wrong (a classic of the form: Pen Island) and names they couldn’t get a dot-com domain for.
Step 4: Judge by colour
The surviving names were evaluated based on various criteria, including brevity (shorter is better), evocativeness (does it convey meaning?) and searchability (is it unique enough that when searched for, it won’t get lost?).
Each criterion was marked as red, yellow or green. The name Policygenius, say, got a yellow for brevity. Too many reds meant elimination.
Step 5: Test people’s memories
Will people remember a name? Can they spell it, if they hear it? To test this, the team recorded someone saying the finalist names, posted the audio to Soundcloud, and embedded it in surveys that they paid $2,000 to have sent to 1,000 people.
They also asked respondents to write down any emotional associations the names created z- “just to make sure nothing was offensive or conjuring up any emotions we didn’t want to conjure up,” she says.
After this, Policygenius had its name. It now employs 130 people and helps a million people each month find insurance, either through its service or content — success that (ahem) owl started with a great name.
This article was originally posted here on Entrepreneur.com.
How To Develop A Unique Brand Name In A Global Marketplace And Protect It
A helpful How-to-Guide on developing a unique brand name and conducting trademark searches.
As a marketer, I know just how important it is to choose the right name for a company or product. It needs to be easy to spell and pronounce (in various languages if you’re going international). If possible, it should have some positive connotations (definitely no negative ones) that can be associated to your company or product. And above all, it must be distinctive and unique.
The question is how do you work out what is unique, beyond a URL search, and then how to protect it? The answer is trademarks. I know what you are going to say…
Do I really need to worry about trademarks?
Yes, for two reasons.
- You might be a small business already trading under a name that already exists in the market. And maybe the other company that has trademarked that name in your industry classification won’t ever issue you with a cease and desist letter when you enter their market, because they are nice people and just don’t feel there’s any harm in letting a company by the same name trade in their market. Or maybe they do. It’s a decision that is totally out of your control. Do you really want to take that chance as you build a global brand?
- You’ve invested tonnes of money into building your brand in your market and then all of a sudden another company enters the market with the same name. Trademarking your name protects your brand from being copied or from another company riding the wave of your brand awareness you’ve invested so much into building.
Trademarks are important if you want to build a brand on a solid foundation and protect it in the long-term.
Related: When do I register a trademark?
How hard is it to successfully trademark a name?
According to the US Patent & Trademark Office, there have been 182,000 trademark registrations and 312 000 applications in the past 5 months alone. That’s more words than there are entries for in the Oxford Dictionary!
You can imagine how hard it is, and how much harder it gets with each passing month, to dream up a name for your product or company that is unique and distinctive enough that it can be successfully trademarked and protected in large markets like the US or Europe – especially in the technology industry. But there are a couple of routes you can try when developing a new name if you find your chosen one is already trademarked.
How to come up with a unique company name
When coming up with a company or product name, you can either go with:
- an acronym (IBM, SAP),
- a family or person’s name (Ford, Dell)
- an existing word (Amazon, Apple, Salesforce)
- a misspelled word that looks or sounds like an existing word (Xero, Google), or
- a completely new word either made up of a combination of existing words (PayPal, Instagram, Accenture), or
- a completely new word entirely made up (Skype).
How to make sure it’s available
Try Google first. If you don’t get any companies coming up that are using that word as a name in your industry, you’re off to a good start. Keep in mind that even if another company does come in the results, it doesn’t necessarily mean they’ve trademarked it.
Check the national trademark search database for the country or countries you want to trade in and search for your name within your industry classification:
- US Patent and Trademark Office search system
- Canadian Trademarks database
- European Union Intellectual Property Office search system
- United Kingdom trademark search
- Australian Government IP Search
- New Zealand IP Office Search
- South African Companies and IP Commission search
If you don’ t come across any trademark registrations for that same word in our classifications, then contact a trademark attorney to conduct a more thorough search using their local experts in those markets and advise you further. You don’t need to work through an attorney as you can register a trademark yourself, but working with one can save you a lot of time and increase your chances of getting your registration through the first time.
In conclusion, some advice
My advice to any company already operating and with ambitions to grow globally is make sure your brand name is trademarked and protected.
If it is not, you should
- conduct your own search in any of the national IP or trademark offices’ databases (some of which are listed above, others can be found through a simple Google search);
- hire a credible trademark attorney to either register your name or advise and guide you along the process of registering a new name.
If you MUST change your businesses name, then
- hire a brand development agency for the creative process of developing the right name for you. (We didn’t do this but only because we had no idea how time consuming and difficult it would be. Although it worked out well in the end and we love our new name, it did take up a lot of time and perhaps more importantly “headspace.” I could have been focusing on other pressing things requiring that required this level of strategic thinking or creativity;
- hire a change management agency or consultant to help with the communication and roll-out process of the new name to all stakeholders: staff, partners, customers, and the market. We managed well on our own, but if you don’t have the internal competency for this, or the time, rather outsource this very important and often neglected step;
- and finally, just pray to whatever god(s) you believe in that whatever name you finally come with gets the green light from stakeholders and your trademark attorney. (Yes. Seriously.)
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