During a 60 Minutes TV interview, Simon Cowell was asked if he created American Idol in order to gain celebrity status.
Simon answered that he didn't really care about being a celebrity. He created American Idol simply to sell records for his record company - Sony BMG. By having a singing competition on TV, he would be able to sign great singers before they made it big. This would allow him to lock in guaranteed future stars for less money. He would also have exclusive rights to their songs throughout the entire American Idol process.
Simon's plan was so powerful that he has sold over 100 million records in the past five years. Every time an artist from the show sells a song or record, Simon's record company makes money. American Idol is now broadcast in 30 countries.
What did Simon really accomplish?
He did the oppossite of what all the competing record companies were doing. The majority of record companies spend their time and resources trying to recruit top selling artists away from their competitors. Not Simon.
He started a new business "in front of" the existing record business he had. The new business, American Idol, funnels artist after artist to his record company. In fact, he doesn't waste time trying to recruit new artists away from his competition. He doesn't really even compete with them anymore. He figured out how to attract future stars through American Idol.
Simon has completely re-invented the record business. Over the last few years, I have done the exact same thing with my real estate sales business. In fact, I have been able to:
* Create a business "in front of" my real estate business, which delivers client after client to me.
* Make prospects chase me to become one of my clients. We've had so many prospects chasing us that we now have them "apply" to become one of our clients.
You can learn how to do the same thing in your business.
Simon answered that he didn't really care about being a celebrity. He created American Idol simply to sell records for his record company - Sony BMG. By having a singing competition on TV, he would be able to sign great singers before they made it big. This would allow him to lock in guaranteed future stars for less money. He would also have exclusive rights to their songs throughout the entire American Idol process.
Simon's plan was so powerful that he has sold over 100 million records in the past five years. Every time an artist from the show sells a song or record, Simon's record company makes money. American Idol is now broadcast in 30 countries.
What did Simon really accomplish?
He did the oppossite of what all the competing record companies were doing. The majority of record companies spend their time and resources trying to recruit top selling artists away from their competitors. Not Simon.
He started a new business "in front of" the existing record business he had. The new business, American Idol, funnels artist after artist to his record company. In fact, he doesn't waste time trying to recruit new artists away from his competition. He doesn't really even compete with them anymore. He figured out how to attract future stars through American Idol.
Simon has completely re-invented the record business. Over the last few years, I have done the exact same thing with my real estate sales business. In fact, I have been able to:
* Create a business "in front of" my real estate business, which delivers client after client to me.
* Make prospects chase me to become one of my clients. We've had so many prospects chasing us that we now have them "apply" to become one of our clients.
You can learn how to do the same thing in your business.
About the Author:
Rob Minton, who reinvented his real estate sales business to sell multiple homes to a handful of clients has written a very practical book on how real estate agents can sell more homes For a limited time, you can download his entire book for free by visiting Renegade Millionaire Strategies for Real Estate Agents
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