Sir Richard Branson is one of the world’s most well-known and successful entrepreneurs. As the founder of Virgin Records and of the Virgin Group, he is worth an estimated $5 billion and has achieved immense success throughout his life.
Richard Branson came from a poor background, but this didn’t stop him from having the drive and determination to succeed. Aged just 16 he began his first business venture by setting up a magazine called Student. In 1970, at the age of 20, he set up a mail-order record business, and by 1972, Virgin record stores opened. The Virgin brand grew at a rapid pace, enabling him to expand the music label and also set up the popular airline, Virgin Atlantic.
Branson has since expanded his brand even further into the mobile phone industry as well as cosmetics, films and even his own coke brand. This has provided him with the safety that he needs if, for instance, one of his ventures were to fail.
Branson can teach us so much about business and marketing. Read on for 4 lessons can we learn from this successful entrepreneur…
1. Step into your customers' shoes at all times
When Branson set up Virgin Atlantic in 1984, he knew nothing about the airline industry except the knowledge he had acquired from being a passenger on various airlines. During those days, airlines were renowned for their poor level of customer service so Branson set out to establish an airline that focused on customer care.
Branson knew that the Virgin Atlantic brand had a major edge over other airlines as his value proposition and Unique Selling Point was that his brand was built on the foundations of outstanding customer service. The staff hired to fly on his airlines were fun, lively, outgoing, friendly and enthusiastic. This simple value proposition has been enough to support the brand over the years and enable it to flourish.
2. Engage with your customers
Despite being the founder and CEO of the Virgin brand, Branson often directly engages with his customers and sometimes randomly calls up new Virgin passengers in a Virgin limo to ask them how their flying experience was. Although half the time the recipients don’t believe that it’s him calling, by the time he’s convinced them that it’s really him, he’s secured a client for life and also found a fantastic way to positively spread the word about his brand.
Branson really looks after his clientele and engages with them on a deep level that cements their dedication to his brand. By taking care of your customers and treating them with respect, your business will definitely reap major, lifelong benefits.
3. You don’t have to be the biggest brand to experience success
The Virgin record label started off small and this brought with it countless advantages. Virgin was able to attract and attain artists such as the Rolling Stones because the company took care of all of their artists rather than them getting lost on a long list of bigger bands at major record labels. Thus, starting out small was what enabled Virgin to slowly grow and succeed. You don't need to be the biggest business in order to experience success. When smaller businesses focus on their area of speciality and their unique selling point, they end up excelling as a result.
4. Never ignore the power of social media marketing
Social media marketing is something we cover a great deal on the 8 Ways Media blog and that’s because we understand just how powerful it is in driving growth and sales. Branson has asserted that the brand takes a healthy and fun approach to social media, and campaigns such as the ‘$5 donated to KIPP School for every flight booked today’ resulted in the fourth highest sales day for the airlines.
Richard Branson has well and truly pushed boundaries when it comes to business and marketing. This innovative, pioneering entrepreneur can teach you so much about how to market your businesses, whether you are a small business or entrepreneur with a small reach or a large multinational corporation with a huge international clientele.
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