How to Launch a Business Instantly
The Importance of Testimonials
The generally recognized sequence of events in marketing is:
- Find a suspect.
- Make the suspect a prospect.
- Turn that prospect into a customer or donor.
- Convert into a renewer, multibuyer, regular customer or donor.
- Nirvana is when that person becomes an advocate who likes your product or service so much that you get a testimonial and referrals.
Cashing In on a Testimonial
In a prior edition of this e-zine was the following takeaway:
If your product or service is mentioned, shown or described in a positive light anywhere, is your PR person able to exploit it quickly—while the news is fresh in the public’s mind?
In the case of Trands suits, a campaign to hype the Buffett testimonial in the U.S. would represent a colossal waste of time and money, since the product isn't available. It’s the equivalent of sending an author on tour before the book is published.
But it would be possible to cash in big on this Buffett windfall by starting a North American business ASAP.
Here are the steps involved:
1. Research whether orders—a lot of them—can be fulfilled. If you can’t fill orders, you don’t have a business. However, Dayang has 15,000 employees and produces 10 million garments a year. Setting up a mail order export division quickly would be a slam dunk.
2. Get permission to quote Buffett's testimonial. The essential element needed to make this new business work.
3. Cut a deal with Madam Li. Get the damned lawyers involved and you’ll wind up with a 250-page contract that takes eight months to get signed. I'd go with a couple pages that said:
- Dayang Trands China gives Dayang Trands U.S. exclusive rights to sell Trands custom tailored suits in North America at retail prices (plus shipping) mutually agreeable to both parties.
- Dayang Trands China will fulfill orders promptly and ship directly to Dayang Trands U.S. customers.
- Dayang Trands China will supply sales kits that include photos of merchandise and generous-sized swatches of material.
- Dayang Trands U.S. will assume all costs of North American travel, advertising and promotion.
- Page 2 would be some legal-eagle stuff about warranties, covenants and exit strategies.
I may be naïve, but in this litigious, nasty, money-grubbing world, competent ladies and gentlemen can still do business together successfully.