Lamar Tyler is a successful entrepreneur who built and sold, Black and Married with Kids. Over the past several years he and his his wife Ronnie have built their second venture Traffic, Sales and Profit, focused on helping Black business owners, build thriving businesses. On day one of the conference Lamar shared these insights for business success.
During a Recession Don’t Cut Back on Your Marketing
So many businesses tend to scale back or cut back on their marketing. However, history shows that successful businesses don’t cut back. They often spend more on advertising, because their competition is holding back. Kellogs vs Post – just one example of a company who got more MINDSHARE of a market, while their competitor (Post) cut back on spending and lost MINDSHARE and MARKET SHARE.
Hustle vs Hardwork
Hustle has lost favor a bit in recent days. Largely because it’s been given a bad rap. Hustle, at the expense of your family and health is not good. However, Lamar warns, don’t give up hard work. Be sure to be a person of integrity, work hard, innovate, and press forward. Maybe you’re not hustling but don’t give up hard work.
Helping people is great and important. But don’t just want to help people that you forget to build a profitable business. The best way to help people is to build a profitable and successful business and use those funds to change the world. Marry your purpose to profit.
Your Business Failures are Your Fault
Lamar identifies with the struggle of business owners. The people we hire don’t always work out. We wonder why we even hired them. In the midst of this roller coaster of frustration, we must be better leaders. Us being a better leader is the way to build a better company. Are you onboarding correctly, what’s the mission of your business?
Your Business Money is Not Your Personal Money
We’ve been taught that debt is bad. However, in business, there’s a fine line between debt and investment. The power of leveraging other people’s money to invest in your business is powerful. Investing in your business is using money to create something that has even more worth.
Create A Great Customer Experience
Lamar closed the day by encouraging us to create a great customer experience. He showed us how, through emails and images, we can make the customer FEEL special. He shows us how a “wallet company” – drew him in to make him feel so special and even upsell him.
Get to know more about Traffic, Sales and Profit here.