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6 Lessons From Warren Buffett to Achieve Success in Digital Marketing

He has gen­er­at­ed so much mon­ey that he could buy him­self an entire coun­try how­ev­er, he prefers to con­tin­ue liv­ing in the same house that he bought 50 years ago for 31,500 dol­lars. He defines it as “lead­ing an aus­tere and calm life” and this indeed hides a good part of his suc­cess.

So War­ren Buf­fett is a phil­an­thropist and entre­pre­neur, a man that for most is the best investor of all times and a true genius of finances: and accord­ing to the mag­a­zine Forbes he has spent more than 15 con­sec­u­tive years secur­ing the podi­um of the rich­es peo­ple in the world.

But addi­tion­al­ly, he is also the per­son that could prob­a­bly teach you not only about how to achieve suc­cess­ful busi­ness but also on dig­i­tal mar­ket­ing.

As he says him­self: “If you are part of the luck­i­est 1% of human­i­ty, you owe 99% to the rest” It is pre­cise­ly for this rea­son he doesn’t hes­i­tate in shar­ing all the secrets that have helped him reach suc­cess with any­one who is will­ing to lis­ten.

We have com­piled the secrets and have sum­ma­rized them into the 6 most pow­er­ful lessons from War­ren Buf­fett on busi­ness so that you can adapt them to your dig­i­tal mar­ket­ing strat­e­gy.

Addi­tion­al­ly, we are going to share with you Buffet’s favorite way: through phras­es he has left for his­to­ry. Shall we con­tin­ue?

War­ren Buf­fett: how the best tra­di­tion­al investor can help you pre­vail in dig­i­tal mar­ket­ing

We agree that War­ren Buf­fett doesn’t need a cov­er let­ter – the Inter­net is full of hun­dreds of arti­cles about him, there are dozens of books that car­ry his name and his suc­cess­ful case is stud­ied in uni­ver­si­ties in the entire world.

But if you are still ask­ing your­self what can some­one like him teach you about online busi­ness and dig­i­tal mar­ket­ing then we are going to sum up some of his most sig­nif­i­cant achieve­ments so you know who is behind the 6 lessons that we are going to share with you.

To explain it in a quick and easy man­ner, War­ren Buf­fet almost began doing busi­ness before walk­ing.

His first invest­ment was when he was six years old, when he start­ed to resell Coca-Cola bot­tles for 10 cents when he was only buy­ing them for 4.6 cents. So for this he couldn’t imag­ine that some forty years lat­er he would have a total empire under his feet.

He bought his first stock at 11 years old – and regrets hav­ing start­ed so late!- at 14 he bought a small farm with his sav­ings from deliv­er­ing news­pa­pers and at 26 he cre­at­ed his own invest­ment com­pa­ny, Buf­fet Asso­ciates Ltd.

When he was 35 years old he bought a tex­tile firm on the board­er of bank­rupt­cy called Berk­shire Hath­away, and not only did he suc­ceed in trans­form­ing the com­pa­ny into a pros­per­ous com­pa­ny of more than 270,000 employ­ees but it grew so much that he is now the own­er of 60 oth­er com­pa­nies and the forth most valu­able firm trad­ed in the Unit­ed States.

So that you have an idea, it’s just ahead of Apple, Google and Exxon Mobil.

It’s even ahead of Microsoft! (Will use this as a strat­e­gy to desta­bi­lize Bill Gates every time they play bridge?).

Now, at his 85 years of age he has a val­ued for­tune of more than 67,000 mil­lion dol­lars– even though the max­i­mum salary that he gets him­self is 100,000 dol­lars annu­al­ly- and all of this is thanks to his huge knowl­edge and amaz­ing suc­cess in each one of his invest­ments, earn­ing him the nick name of Oma­ha Ora­cle in ref­er­ence to the city where he was born.

He is con­stant­ly search­ing for new invest­ments; he has a great mind for busi­ness and poss­es stocks in Dis­ney, Nike, Mc Donald’s, IBM and Amer­i­can Express. Wow! And curi­ous­ly he has nev­er trav­eled in a pri­vate jet even though he is the own­er of a major world com­pa­ny of pri­vate planes.

Don’t wor­ry, it’s nor­mal after read­ing all of this that you think War­ren Buf­fett only remains to dis­cov­er the secret for­mu­la of Coca-Cola, but even that can’t take away his dream: in 1988 he start­ed to buy stocks in the com­pa­ny and today has more than 400 mil­lion stocks which give him 8.8% of the com­pa­ny. Not bad for a boy that start­ed sell­ing Coca-Cola bot­tles, don’t you think?

So now that you have suf­fi­cient rea­sons to want to learn the lessons from War­ren Buf­fett for online busi­ness and dig­i­tal mar­ket­ing, we’re going to look at them in detail.

Maybe this won’t help you take his spot in the rank­ing of mil­lion­aires, but sure­ly his quotes will leave you lessons impos­si­ble to for­get.

The 6 most pow­er­ful lessons from War­ren Buf­fett on dig­i­tal mar­ket­ing

1- “Do what you are pas­sion­ate about. If you do this there will be lit­tle peo­ple to com­pete with or that run as fast as you”

Or in oth­er words: if you are going to cre­ate a com­pa­ny, choose a mar­ket and busi­ness that you are pas­sion­ate about.

All of us are good at some­thing or doing a par­tic­u­lar thing bet­ter than the rest, so find your pas­sion and con­vert it into a busi­ness.
As Buf­fet says, “the best way to be excep­tion­al is to act with pas­sion” and if you con­tin­ue cre­at­ing a busi­ness that you are pas­sion­ate about it will help improve the lives of peo­ple, your days will be much hap­pi­er, fun and pro­duc­tive.

Not to men­tion that there’s noth­ing more moti­vat­ing than get­ting out of bed every morn­ing with the cer­tain­ty of know­ing that you could ded­i­cate your­self to what you love, total­ly for free and gain mon­ey from it.

And when you have this busi­ness, define your company’s cor­ner­stone as the mod­el busi­ness, your mar­ket niche, your brand and the prod­ucts or ser­vices that you are going to offer.

2- “A friend of mine spent 20 years look­ing for the per­fect woman, unfor­tu­nate­ly when he found her he dis­cov­ered that she was look­ing for the per­fect man”

This phrase is com­i­cal but hides a huge truth: a lot of times we go wrong when defin­ing the tar­gets and our mar­ket­ing strat­e­gy.

So the same thing doesn’t hap­pen to you, study your mar­ket pro­found­ly – and that also includes your com­pe­ti­tion– because the more you know about whom you are tar­get­ing the bet­ter you can focus your dig­i­tal mar­ket­ing strat­e­gy.

Lis­ten to your audi­ence, look at what they say through social pro­files, inter­act with your audi­ence on social media and know every­thing you can about them because this way you will know your tar­gets bet­ter and will be sure that your strat­e­gy reach­es the cor­rect peo­ple.
But nev­er for­get your val­ues or your prin­ci­ples only to gain more ground in the mar­ket, oth­er­wise it’s like­ly that the same thing that hap­pened to Ikea hap­pens to you; they “thought” by elim­i­nat­ing all the women from their cat­a­logs in their Sau­di Ara­bia cam­paign it would be equiv­a­lent to adopt­ing to the country’s cul­ture but in turn they received hun­dreds of crit­i­cism, the brand had to apol­o­gize and was left with no choice oth­er than to agree that the use of Pho­to­shop for remov­ing fem­i­nine images goes against their prin­ci­pals.

3- “No mat­ter the tal­ent or the efforts, there are things that come with time. You can’t cre­ate a baby in a month by get­ting 9 women preg­nant”

We all love imme­di­a­cy, being able to have all the results here and now with­out hav­ing to wait for as soon as pos­si­ble. But in mar­ket­ing things don’t func­tion this way and lam­en­ta­bly there are actions no mat­ter how fast we imple­ment them, they need time to pro­duce results.

Learn to respect the time and think that want­i­ng to speed up the results can lead to mak­ing errors that could have been avoid­ed and that they can stag­ger your dig­i­tal mar­ket­ing strat­e­gy.

4- “For some rea­son peo­ple pay more atten­tion to the price than the val­ue. The price is what you pay, but the val­ue is want can change”

This is a gold­en rule that you should always have present: the price should nev­er be impor­tant if the val­ue jus­ti­fies it.

Buf­fet can always remind us of what he learned from his teacher Ben Gra­ham: “the price is what you pay; the val­ue is what you receive. Be it that we are talk­ing about stocks or socks, I like to buy things of qual­i­ty when pos­si­ble”.

This is one of the best lessons you can learn from the finance genius:

If you work to offer a good prod­uct or ser­vice, peo­ple will want to acquire it with­out price being the main fac­tor for decid­ing to get it or not.

In this sec­tion, per­sua­sion tech­niques for gain­ing clients also play a very impor­tant role so focus your dig­i­tal mar­ket­ing strat­e­gy on high­light­ing the val­ue of your prod­uct or ser­vice. It takes time for results but they can be spec­tac­u­lar.

For exam­ple, fol­low­ing with anoth­er one from Apple, did you ever con­sid­er five years ago buy­ing a watch more than 500 dol­lars? Prob­a­bly not, but again came Apple releas­ing an inven­tion called Apple Watch and in less than a year they con­vinced 21 mil­lion peo­ple that they need­ed it. Ques­tion of val­ue?

5- “Spend 20 years cre­at­ing a rep­u­ta­tion and destroy it in 5 min­utes. If you think about it you would do things dif­fer­ent­ly”

Very impor­tant: take care of your image, the image of your com­pa­ny, the image of your brand.

In real­i­ty every dig­i­tal mar­ket­ing strat­e­gy needs to be con­stant­ly focused on build­ing and improv­ing the brand’s rep­u­ta­tion, oth­er­wise the strat­e­gy won’t work.

Brand image is vital for all com­pa­nies, and carv­ing out a good image is the result of con­stant work.
For this you must take a lot of care of the image in your dig­i­tal mar­ket­ing strat­e­gy that you are giv­ing your audi­ence in each one of the actions.

6- “Games are won by peo­ple who focus on where they play on the field, not the score­board”

It doesn’t mat­ter if your cur­rent strat­e­gy is not bear­ing fruit now, because the result that mat­ters is not one game but how­ev­er the final cham­pi­onship.

Focus your long-term strat­e­gy and then imple­ment day to day actions that can help you get clos­er to your final goal.
And it doesn’t mat­ter if you spend a lot of time read­ing and inves­ti­gat­ing, because from here you are get­ting new ideas and process­es to imple­ment in your mar­ket­ing strat­e­gy. Thus being, War­ren Buf­fett states he ded­i­cates 80% of his work day to read – and it doesn’t seem to have done any­thing wrong, right?

SOURCE

By |2017-09-15T14:32:18+00:00September 15th, 2017|Industry News|Comments Off on 6 Lessons From Warren Buffett to Achieve Success in Digital Marketing