By Will Waugh
Magic Johnson spoke last night at our Multicultural Marketing Conference here in Los Angeles.
What a pleasant surprise. I was looking forward to his talk -- but expected nothing quite like this. Magic, who went from dishing assists to dishing lattes in urban communities, showed a razor sharp business acumen. So many famous athletes and celebrities waste their social currency and fade into oblivion.
Not Magic.
He has turned his fame and savvy business skills into an urban empire built on goodwill. He has over 100 Starbucks, 30+ Burger Kings, 6 AMC Movie Theatres, 20+ Washington Mutual Loan Centers and a $600 million dollar urban fund. His brand is the uncontested #1 urban brand operating in over 80 cities and touching 30 million people a year.
Insights from Magic's talk:
- Build your brand and make money in urban markets. Don't believe the stereotypes. For instance, his average transaction at his Starbucks is the same as wealthier suburban markets.
- Customize your environment to the audience and make it relevant. (Customer insights being the overriding theme).
- Create a home away from home experience.
- Urban markets are some of the most brand loyal customers you will make. Don't disappoint them.
- Give back to the community.
- Focus on the message but more importantly, focus on the messenger.
- If a multicultural business partner has failed you, don't hold it against the entire market.
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