Some love the Kardashians. Others can’t stand them. But there’s one thing we can all agree on: they have no rival when it comes to building a business empire. With multiple TV shows, fashion and beauty lines, and gaming apps, the family has proven to be geniuses at capitalizing on their ever-growing consumer base.
According to an article published by FORTUNE magazine, these moguls have a few valuable business lessons to note:
Don’t be afraid to leverage new outlets to grow your brand
With 103 million Instagram followers and 56.1 million Twitter followers, Kim Kardashian is known for her early adoption of social media to engage with people. It’s not just that she has a huge following — it’s the way she talks to her fans while simultaneously promoting her always-growing brand. From prompting fans to send her Kimojis on Twitter to detailing her makeup routine on Instagram and her app, Kim’s savvy social media skills show how connecting with fans makes business sense.
Interact with your following in a meaningful manner
The bulk of Kim Kardashian’s success comes from her openness with fans, according to Nanton.
“It’s been proven over and over again that you can go directly to your audience without any filter in between,” Nanton says. “If you’re talented at that, you can clearly build quite a valuable empire.”
See everything as a business opportunity
What lesson can’t we learn from Kris Jenner? The Kardashian-Jenner matriarch has skillfully brought her entire family to prominence through TV by turning all potential scandals into opportunity and cashing in on that success. Jenner is great at seeing an opening — a reality TV show about her family’s daily life, for example — and following through to make sure it happens.
Last but not least, challenge industry standards
Khloe Kardashian has addressed a market need that had long been ignored with the launch of Good American, a denim line that runs sizes from 0 to 24.
Of course, there are many steps along the way to entrepreneurial success, and there is no specific formula that one can follow. However, when creating an effective strategy, it is important to look to successful individuals within one’s industry and recognize the effective elements of their business model. The Kardashian family may be a bit ridiculous, but they have definitely gained international recognition in the corporate world, and know how to use that branding to keep their popularity growing.