Kim Kardashian West, hate her or love her (and for the record we at #MoneyandMimosas L-O-V-E her), there is no denying that this woman is a BOSS. With a capital B.
After gracing the cover of Forbes magazine in 2016, Kim made a definitive move to step away from licensing and take ownership of her brand by launching her own line of beauty products.
KKW, her beauty product line, launched on June 21st with a contour kit. And within six short minutes it sold out- 300,000 units- $14 million.
$14 million in sales in six minutes.
If that's not BOSS, then I don't know what is.
And since, we are all about supporting women bosses, we did some sleuthing around Hollywood to find out three insider tips on how Kim was able to make this happen.
Of course, we are not just suggesting that these tips will lead to $14 million in sales. However, there are some key - yet simple- action steps that Kim took that may help your next launch or stimulate overall growth in your business.
Insider Tip #1: Nurture your position as an authority. Kim has shared makeup tips, specifically contouring tips, for years before she launched her own line. For over 10 years, Kim has worked with her makeup artist Mario to perfect her signature look and establish herself as one of the go-to resources for how-to makeup tutorials. As you are building your brand, it is fine to have a variety of areas that you are known for, however always have a home base. A topic that is synonymous with your name and company. For example, Kim has done fitness videos, a clothing line and been involved in a plethora of other projects, but her core message has always been related to makeup. And she has established herself as an authority figure in that space which gave her the foundation to have a successful launch.
Insider Tip #2: Own every step of the process. Just before the KKW launch, Kim appeared at the Forbes Women's Summit to chat about her experience as an entrepreneur. One of the insights she shared about her line, was how important it was to her to own this line as opposed to contracting another licensing deal. While there are certainly more risks to ownership, the potential upside is far greater. As you build your business, especially as a one-woman show it may feel overwhelming as you anxiously await for the moment when you can hire a team to help you deal with the nitty gritty. And while Kim obviously has a very talented team around to help her, she was involved with every detail of the launch. Take heed, and pay attention to all of the minute details of your business- from the font of your website to the thank you emails that are sent to your customers. Your future bank account will appreciate you for it.
Insider Tip #3: Launch with one specific offering. Kim is the queen of contour and it was a genius move to launch with a contour kit. Over time her product line will include additional offerings, and only time will tell if the business is successful. However, the decision to launch with one offering, as opposed to litany of products, was a wise move. As a small business owner, reflect on one service that you can promote the heck out of and generate buzz around during a launch. Maybe it's a 4-week training program, or a live workshop, or a physical product...whatever it is be sure that it is very specific and focused. And ideally one that ties to insider tip #1- a reflection of your authority in the marketplace.
And now we'd love to hear from you! Which of these tips was most helpful to you?
Let us know your business, website and the answer to the above question in the comments section.
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