Daymond John on Marketing - The Complete Interview and Audio
A couple magazine issues ago, I interviewed "Shark Tank" star Daymond John for our cover story "The Shark on Marketing." That story included excerpts from our interview, but there were a lot of things we didn't have room to fit in the magazine.
Now you can read — and listen! — to the complete interview in one handy PDF that you can download right here. (The audio is embedded in the file, so it's about 20 megs.)
What takeaways didn't make the cover story? For starters, here are some things John sees marketers getting wrong and right in their marketing.:
Thorin: When you see a company that’s getting its marketing wrong, how do you most often see them going wrong with that?
Daymond: When I see companies doing their marketing wrong, I see that they are not upselling and they don’t have a good CRM system and/or a way to really, really engage a current customer and keep upselling them in a way that it’s beneficial for both parties, them and the customer. Not offering them incentives to loop other people in and benefit all of them.
That’s the basic one. I see the fact that they’re saying, “Well, we know that our customer acquisition cost is $7,” or whatever the case is. Unless you go look at new pockets to find people instead of really, really trying to find a way to increase the offering to the current customer, that’s one of the things.
The other thing is, as I shared with you, they don’t create a lifestyle or a following. They just, as I said, [it's like they're doing a TV show and] 27 minutes is commercials and three minutes is information. So they don’t give the customer anything to take and learn and use in their life for their own benefit, not for the brand’s benefit.
Thorin: Other than doing those things correctly, is there anything else that you really notice when a marketer is doing it right?
Daymond: Yeah. You know what I’ve learned? When I see the guys that I know that I respect do it right, they start off the relationship with somebody from a transaction standpoint.
[Rather than saying] "Let me give you something free, free, free, free, free, and then hook you on something," they generally have started off with the hook. “Let’s have a transaction now, and we will continue after this to always provide stuff for you free.” But at any given time, you were converted from transaction one. Now we’re going to give you a lot of stuff that’s going to improve your life, but we know anytime we have something to sell you, you believe in us already because the relationship was based off of a transaction.
I generally see that working more than the one before where it’s, "Try this for 30 days, try this, try that, try this, and then if you want more ..." It just seems to be a little bit more successful at this point.
In a couple weeks, I'll post about what John looks for when hiring marketers. But you don't have to wait! Click on that link and you can read and listen to it all today.
It felt like a great interview to be a part of, and I think you'll benefit from reading or hearing the whole thing.