Love or loathe them, there's no denying their ability to brand themselves and use their hit TV show as a foundation to saturate the markets of clothing, fragrance, mobile gaming, and more. Just recently, Kylie Jenner graced the cover of Forbes magazine, which stated that the youngest KarJenner is worth $900 million dollars. You may know the Kardashians for their funny one-liners and addicting TV spin-offs, but the money they're raking in is no joke. I've put together a few money and business lessons that I've found from the Kardashian sisters.
1) Create Your Own Unique Selling Proposition
To differentiate yourself in the business world, you have to have your own USP. For the Kardashians, that meant using their TV show as an outlandish family to stray from the norm, use controversy to their advantage, and cultivate a diverse following through allowing their audience to connect with each sister in different ways. In this case, each sister has her own USP. Kendall has modeling, Kourtney keeps her following up to date with health regimes, etc. A big part of the family's appeal is that even though they are famous, viewers can identify with at least one member of the family.
2) Leverage Your Social Media to Sell Product
Kylie Jenner's advertising for Kylie Cosmetics is done entirely on her own social media platforms. She uses her social media following to her advantage to advertise new products through selfies, Snapchat and Instagram stories, and tutorials. Long gone are the days when advertising agencies were a must for every company. Now you just need hustle and a cellphone.
3) Invest in What You Know
Investing in yourself is one of the most profitable decisions you can make. The Kardashian family used a scandal to elevate their lives into branches of successful business. Kim Kardashian negotiated a deal with Glu Mobile, who created her wildly successful app, which allows her to own as much as 500,000 shares of the company's stock. The app, which allows players to increase their network and fame around Hollywood, is an extension of her likes and goals. Like Kim, investing in what you understand and care about most can reap great rewards.
4) Turn Your Weakness into Your Strength
Kylie famously stated that her insecurity with her lips inspired her to start a lip kit company. The Kardashians are rarely fazed by problems for too long, they continuously look for possibilities to grow through every issue that comes their way. Their success shows that there's always a silver lining and a blessing in disguise.
5) Have Multiple Streams of Income
Don't be fooled by their Instagrams, they don't just attend events and pose for pictures. The Kardashians have many streams of income coming their way, and mom, Kris Jenner, is happy about that since she gets 10%. Take this example of stacking successes- They started by using their small celebrity status to get their own TV show. Once the show took off they gained a larger celebrity status and started partnering with numerous companies. Then, they produced their own products and created companies which formed them into the successful business people they are today. Their brand stays consistent while their investments extend into new territories.
6) Network Harder Than You Think You Should
Make LinkedIn your new BFF. For every minute you spend on Instagram scrolling through the abyss of the explore page spend a minute on LinkedIn looking for new connections. Making mutual beneficial and valuable relationships is priceless. The Kardashians did this from the start. Kim started a closet organizing business where she would sell celebrity's unwanted clothes on Ebay. She used her connection to her client Paris Hilton to further her career by accompanying Paris to events. Expanding your network is crucial these days and is easier than ever to do.
I love keeping up with all of the Kardashian sisters and seeing how successful they have become over the years. There's no denying their persistence and use of social media to make money. There are countless people all over the world benefiting from business strategies that utilize what they innately have and growing from obstacles along the way. You can do it too!
-mms