Missy Franklin wins a gold medal for team USA.
Unless you have been on a complete “information diet” for the past week or so, you'll know that the Olympics are well underway this week. If you pay attention, there are some valuable marketing lessons you can learn from the Olympics.
I really enjoy watching the Olympics, especially sports like water polo and skeet shooting that don't usually make prime time television. The fact that the athletes have trained their whole lives for one moment is impressive and humbling.
Thinking about it, I'm realized that there are marketing lessons you can learn and apply by paying attention to the Olympics.
Marketing Lessons from the Olympics
1. Focus on your talents. One of the great things about the Olympics is that there are hundreds of different events. Although there are all around medals in different events, there is no overall medal for best athlete. Athletes focus on one aspect of their sport – they don't try to do everything. The gold medals (and the customers) go to the athletes who are very specialized (rather than being good at everything). The more you can focus your business, the higher rates you can charge.
2. You only have to be well-known in your niche. One of the most inspiring stories of the Olympics so far is that of Kim Rhode – who has won medals in 5 Olympics in a row in skeet shooting. She is the greatest athlete nobody has heard of — but she has sponsors (to help pay for the 500 to 1,000 rounds she shoots daily) because she is the champion of her niche.
3. You need to have a coach. You cannot become an Olympic athlete without a coach. A coach in sports (as in business) provides experience — but also a second set of eyes to observe your performance and to help you to improve. (If you are looking for a coach for your business – check out my private coaching programs)
4. You need to have a team. Even athletes in individual sports belong to teams. Team members can support each other and split the cost of additional support (beyond the coach – there is a whole army of professionals supporting our professional athletes). Members of my coaching groups get an automatic team behind them. Even if you are not in a position right now to join a coaching program, you can find people in facebook groups and through social networking to bounce ideas off of.
5. Consistent and persistent. Any advice I give gets to this eventually. If you are going to be “gold medal” level at anything you need to be consistent and persistent. The five time medal winner, Kim Rhode shoots 500 to 1,000 rounds every single day (even the day that she traveled to the London Olympics). Often the only difference between an expert and an amateur is practice. The more you practice, the more likely it is that you will create a gold medal business.
What marketing lessons have you learned from the Olympics? Leave a comment and let me know.
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