In honor of Women's History Month, we're taking a look back and learning from the lives of the bosses who came before us. Because we all have our personal mountains and quite frankly - running a business is a personal mountain all by itself - it really ignites my ambition is hearing inspiring stories of women who have faced unfathomable adversity and have reached unimaginable success anyway. Those are women I feel I can learn the most from. Not just about how to secure the bag, but how to persevere, and that's a vital lesson as an entrepreneur.
The 1st self-made female millionaire in America
Although, some outside research was done in preparation for this article, I admit that my enthusiasm about Madam CJ Walker (formerly Sara Breedlove) was incited by Octavia Spencer's portrayal of her in Netflix's “Self Made: Inspired by the Life of Madam C.J. Walker". It was one of those movies that made you feel capable because this woman reached wealth in poverty, after a failed marriage, with a child, through sickness, and during a time when America "wasn't a fan of black people". There's heartache, betrayal, a little drama and scandal, and a lot of inspiration. If you haven't seen it, you should.
1) Stand Behind Your Brand
THEN: Madam CJ Walker used her personal experience with her products to reach out and relate to her potential customers. She showed people how valuable her products were by being her own 1st client and model.
NOW: Be the 1st and most loyal representative of your brand. If you have a boutique wear your clothes. If you're a hairstylist or MUA your head/face is your best friend. If you own a candle company...you should be burning those things constantly with photos and videos of you lighting them, smelling them, holding them, placing them, and anything else you can think to do with them. Why? Because being at the forefront of your brand makes marketing more personal and it allows room for that emotional connection with your target audience. Don't take it from me. Take it from the woman who made a mil in a global pandemic.
2) Connect With Your Market on an Emotional Level
THEN: When she went to the places her target market would be and advertised her "hair grower", she tapped into their emotions. She made them feel something. While that was a century ago, research shows emotional marketing is still the most effective marketing strategy out there.
NOW: Take time to find the places your clients/customers would be in large numbers. Whether it's conventions, conferences, trade shows, colleges, grocery stores- WHEREVER- find them, follow them, and connect with them on an emotional level. Have real conversations and make authentic connections. Be genuine and relatable. People buy from people they like. If you don't make a sale the 1st day, you've gained invaluable knowledge about your target market. This isn't the easiest to do at the present moment due to Covid-19, but it sure gives you something to look forward to when this is all over.
3) Create Opportunities
Madam CJ Walker also created opportunity for the same Black women who bought and used her product. She created an income funnel by signing her customers up as representatives to sell her hair grower which increased her overall profit and productivity while it gave her most loyal customers the money and incentive to continue purchasing her product.
NOW: If you're selling a product implement an affiliate program. Allow the people who love your brand to reach a new audience on your behalf while giving them a commission on each sale. Their personal (discounted) purchases earn you more income, they're increasing your income potential by expanding your visibility, and now that we're in the age of social media...they provide the type of content and social proof that converts into sales. Win-Win-Win.
4) Find a Problem & Offer A Solution
THEN: Madam CJ Walker lived in a time where Black people were seen as less than (outloud). She first connected with the women by relating to the feeling of unworthiness that society left behind and connected her product to the solution. Of course, long straight hair didn't actually make Black women more valuable in society. But, it made them feel better about themselves. And that changed the way they saw the world even though the world itself hadn't changed.
NOW: A tried, and true marketing strategy is connecting your brand to the solution of a problem. For example, when you scrape your knee you may think of Band-aid. If you think of how scary a heart attack can be you may think to grab some Bayer Aspirin. If you think of germs you may think Lysol. This is because these household brands have mastered their position as the solution to specific issues. Band-aid and Lysol tackle common issues that everyone faces at one point of another. While Bayer Aspirin uses the chance of heart attack to move it's potential audience to purchasing even if they don't have a history of heart issues. I know I'm tempted to grab a bottle when they brag about preventing or stopping a heart attack. I mean, it wouldn't hurt to have a bottle of that kind of stuff around.
5) Base Your Price on the Solution You Provide & Not What Your Friends Can Afford.
THEN: Madame CJ Walker made her million in or around 1913. As you can see from the vintage photo above, she charge $0.50 for her product. Today, that would've been somewhere around $14.00 per can...and again, as you can see, they aren't big cans. This was at a time where people were living off of about $1.50 a day. That's an investment.
NOW: When you position yourself correctly, make sure your brand is solving a problem, and connect with your target audience on a relatable and emotional level, you can charge what your product is worth and not what your friends can afford. Madam CJ Walker made her millions selling her product to women who didn't have much more than she did. They may have had to borrow and save to purchase it, but they did so and repeatedly. Stop lowering your prices and invest in your branding and marketing. The women behind Her Hustle Magazine and Media can help you design, position, and promote your brand. It may be what's standing between you and your 1st mill. We're ready when you are.
6) Believe in Yourself & Never Back Down
THEN: Madam CJ Walker had every reason to give up. Many people attempted to talk her out of pursuing her dreams. Her marriage failed. She was a mother. And eventually she had deal with failing health. Through everything she faced, she was determined to build a better life.
NOW: It's too easy to give up. It's easy because if you give up at least you didn't fail. It's even easier when you have small-minded people around you who can't see the vision and don't believe in your ability. But easy isn't rewarding and your 1st mil is NOT on the other side of easy. So, believe in yourself and join a community that believes in you too. You're allowed bad moments, off days, and changes, but no exits.
FYI $1,000,000 in 1913 is worth $26,422,424.24 today...
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