Kylie Jenner is now the youngest self-made billionaire in the world, but how did she do it?
Whether you love her or hate her recently became the youngest self-made billionaire to date but how has she managed to create a business that is so successful.
We’re not saying you have to be like her, she did have a bit of a hand when it came to media coverage with her famous sisters but we’ll be breaking the success down so you’re able to identify and understand what she’s done to create a thriving business.
Kylie’s business is a cosmetic company offering a huge range of products alongside her social media influencer business where she acts as a brand ambassador for specific brands.
Firstly, she runs a very tight ship, she knows exactly what her strengths and weaknesses are and outsources tasks that she isn’t proficient at. Her company still only has around seven full-time and five part-time employees, which is incredible considering the success and products they’re able to sell and produce each day.
Whatever she is weak at is outsourced to a more efficient, stronger business. For example, their production is outsourced to Seed Beauty in California with their sales and fulfilment going to Shopify.
Outsourcing when you’re first starting up can help hugely. You shouldn’t struggle with something you’re not good at, like marketing for an example, you could attempt to do it and do a poor job, or outsource it, giving you more time and use a business that knows exactly what they’re doing right from the off so your business is able to flourish.
Next, she completely understands what her strengths are with social media being one of them. She has 118 million followers on Instagram and 25.7 million followers on Twitter and she knows exactly how to tap into this fan base to sell her products.
You need to adapt and find what you can use to your advantage. Social media, for example, is a superb tool and can be used to create an emotional connection with your customers so your brand loyalty and image is extremely positive.
You don’t have to have millions of followers to create a successful emotional connection.
When you’re starting up, you should ask yourself this question, what are the top three brand emotions that you want your market to experience after every interaction with you?
Using this allows you to intentionally design your market’s interactions with your business to increase the chance of more customers using your product/service and customers returning.
You need to completely understand your target audience and market. You don’t want to create a product or service for a market only for them to have absolutely no interest in it. Do your research!
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