First thing first, yes, we are STILL talking about Beychella because it was truly magical.
Beyoncé Knowles-Carter may not be among your favorite musicians, but any self-respecting entrepreneur or business owner would be remiss if they chose not to acknowledge this woman for her business acumen. Beyoncé first “went into business” as a teenager. With each passing year, her knowledge of the industry grew; thus, in 2018, making her a force to be reckoned with, not just in the music industry, but also amongst the nation’s elite businesspeople.
This year Beyoncé took the stage as Coachella’s first Black woman to headline the show since its inaugural. Making history before even setting foot on stage. In the months leading up to this performance, several business lessons stood out to me. These lessons are simple, tried and true. So simple in fact, they are sometimes overlooked. So here they are, in no particular order, 5 Business Lessons, from the Queen Bey herself (and yes, it’s pronounced “bee!”).
Rebranding is NOT a bad thing. I don’t think there is a single successful business on earth that has not rebranded at least once. Rebranding is a marketing strategy that many business owners overlook. But if you’re attempting to stay current or position your brand to reflect new goals, services, or products, then you may want to consider rebranding to convey the additional value your business now offers. Beyoncé, a worldwide superstar, rebrands her business with every album release and subsequent tour. So whether you’re a local company or a global brand, rebranding is almost always the way to go if you’re looking to broaden your audience or boost your bottom line.
You’re never too big (or too good) to collaborate. For her wildly talked about Coachella performance, Beyoncé partnered with Balmain (a very high-end fashion designer) to design her stage costumes. She also has an ongoing partnership with 22 Days Nutrition (a medium sized business)—an online vegan nutrition store and meal delivery service. Neither Beyoncé nor Balmain NEED the added exposure, however, the partnership exposed each brand to new potential consumers. In the case of 22 Days Nutrition, they received the better end of the collaborative deal. By partnering with Beyoncé, they have now tapped into her extremely loyal fan base (who will purchase anything with Beyonce’s name on it) and are now able to reach people who may have otherwise never considered going vegan. Their sales have increased significantly since partnering with her—and that’s the main goal of a collaboration, right?
Staying engaged with your audience is crucial. For YEARS Beyoncé was notoriously known for steering clear of all social media. When she finally decided to join Facebook and Instagram, you can only imagine how quickly her follower count grew. But what KEEPS all those followers is the consistency of her social media team (she only posts personally on occasion). Her team has developed such a clear strategy that fans now expect at least 3 new updates to her Instagram account at one time. Beyoncé’s number of IG followers is sitting pretty at a whopping 114 million. And like most intelligent business people, Beyoncé knows that constantly posting on social media to keep your audience engaged and entertained is a service well worth paying for. If you’re a small business owner or an entrepreneur with several employees, I highly recommend allowing a Social Media Manager or Digital Agency to manage your social media for you so you can focus on what’s most important—your clients or customers.
Pre-sale to scale. Pre-selling is not a growth strategy specific to the entertainment industry. You can virtually pre-sell any product or service. When Beyoncé and Jay-Z announced the On The Run 2 tour, the pre-sale date was only 2 days after the date of the initial announcement, yet shows all around the world sold out in mere minutes. Having a well-oriented pre-sale process creates the foundation for a robust sales pipeline. For example, an entrepreneur wants to offer a new online course. By pre-selling the course, the entrepreneur can explain what the benefits and end results of the course will be without having created a single piece of content. Let’s say the entrepreneur made 10K during the pre-sale. They can now create an even more dynamic course, offering even more value, and create yet another asset (piece of content or new service/product) to introduce while the consumer is taking advantage of the initial course. They have now scaled up their business with just one pre-sale launch. This is a process that can be used over and over to continue to grow any brand.
What would you say is the easiest way to build brand loyalty? If you answered “consistently underpromising and overdelivering,” you’re correct! There were rumors, but Beyoncé did not reveal a single detail for her Coachella set (“the underpromise”). Now I don’t know about you, but I was basically hyperventilating when Kelly Rowland and Michelle Williams, the remaining members of Destiny’s Child, popped up on stage (“the over-delivery”). That’s how it’s done, folks. If you’re an entrepreneur offering a monthly service, try going above and beyond what typically comes with your packages. I have personally done this and I can honestly say it’s a win-win. You significantly increase the chances of getting repeat customers and quality referrals, while giving your client MORE than what they paid for!