Five Formulas to Success... in Anything!
How do you personally decide when and where to spend your money?
Every business revolves around money... whether show business or small business.
Success in any field requires the five formulas below. How can you apply them to your career or business?
Business = K.L.T. + W.O.M.
We do business with the brands we know, like and trust.
Think of Apple or Starbucks. You know them, like (or even love) them, and they've built your trust through consistent quality products and experiences. Because of the K.L.T. that they've earned over time... you're ready to spend $6 on a beverage or $600+ on a new phone!
However, we also do business based on word-of-mouth. You trust your friends' recommendations and referrals the most!
Think about the last time you went to a new restaurant, movie or even bought a new book... why did you make that initial purchase decision? Was it mostly because of the marketing and advertising (K.L.T.) or was it more based reviews from friends or even strangers (W.O.M.)?
K.L.T. and W.O.M. are essential elements to business success. However, in the long-term, garnering positive word-of-mouth is much more effective and economical.
Booking = Marketing + Networking
If you want to be booking more... you've got to do marketing and networking! They're both essential to booking your next project... at every level!
At a recent opening night party, a TONY Award-winning Director told me he had to work the room to find producers for his next project... and he hated it! Still, he was aware that networking (and marketing) are essential to booking the next project.
Connect this with the first formula...
- Marketing is K.L.T. = making it easy for people to know, like and trust you.
- Networking is W.O.M. = creating new word-of-mouth recommendations and referrals... not to mention new friends! :)
Results = Reputation + Relationships
Most artists hate marketing, networking and other business words. Remember this gentler formula... which I learned from the incredible Dallas Travers.
Think of marketing as working on your reputation. Think of networking as working on relationships. Your reputation and relationships will create direct results in your business.
R.O.I. is a business term for the return on investment. Are your investments of time, energy and money returning the results you want? Could nurturing your reputation and relationships create better results?
Career = Charisma + Connection
We can't necessarily control our results, reputation or relationships.
You can control your character. To me, having charisma is always sharing the best part of your character.
Start by focusing on how you share yourself daily online. This can really make or break your reputation, relationships and career...
Furthermore, you can only maintain so many close personal relationships. As your star continues to rise, focus on connection... maintaining intimate relationships at scale.
For better or worse, social media eliminated obstacles of time and distance between people. You can easily nurture relationships online through likes, comments, shares, live video and more. Through time and enough authentic interaction, it's quite easy to turn turn online connections into offline relationships... whether that's coffee with one V.I.P. influencer or getting thousands of fans to buy tickets to your show.
Online and offline, networking is about connecting with another human being. Online, keep nurturing that connection until it forms a real relationship.
Success = Consistency + Persistency
Success is rarely overnight or permanent.
You could have a hugely successful film, show or book—but what do you do next?
To create and sustain success, you can never stop working.
Note that these five formulas are all connected...
Consistency (Charisma, Reputation, Marketing, K.L.T.)
+ Persistency (Connection, Relationships, Networking, Word-of-Mouth)
= Success (Career, Results, Bookings, Business)
What's one way you'll apply this to your business? Comment below.