How did Kevin Harrington adapt his businesses when TV sales slipped?
Short answer: He built a new advisory team, moved products to social media, and raised their profiles with content and influencers.
In a keynote to a Family Office Super Summit audience, Kevin Harrington described his business background and the strategies he used as television viewership and sales fell.
He assembled a digital advisory team
Kevin Harrington says he replaced his old media focused team with tech gurus, digital marketing experts, celebrities and influencers. He also brought in advisers who could help him reach the right people and find new executives. (at 15:07)
He shifted to digital
Kevin Harrington calls embracing digital disruption the second step in his plan. He says his products needed to work through social media as television sales weakened. (at 16:05)
He raised his products' profiles
Kevin Harrington says the third step was raising the profile of his business, products or personal brand through content. He describes user style videos, influencers, podcasts, webinars and affiliate marketers, and says he tracked customer acquisition cost and lifetime value. (at 17:11)
"when you're on fire, you need to rewire."
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Bobby Castro: Change the strategy to scale. Bobby says that to scale a business, everything has to change. He suggests asking whether the business is scalable, whether it offers a solution and whether it is disruptive.
- Tony Robbins: Think like an owner. His biggest turning point was moving from operator to owner. An operator tries to supervise everything and cannot scale.
- Don Wenner: Commit to scale. Don's major turning point came when he decided to build a great company that makes an impact. Making money and being successful was not enough for him.
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Frequently asked questions
How did Kevin Harrington adapt his businesses when TV sales slipped?
He built a new advisory team, moved products to social media, and raised their profiles with content and influencers.
What pushed Kevin Harrington to change course?
Kevin Harrington said a Morgan Stanley report found TV viewership had declined by 50%, while TV stations still wanted the same price for ad time. (12:21)
How did Kevin Harrington first scale a product on television?
Kevin Harrington says he saw Arnold Morris repeat a knife demonstration at a trade show, then filmed the presentation for television. He says Ginsu later generated $500 million in sales value. (3:51, 5:41)
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.