When it comes to the success (or not) of an entrepreneurial venture, timing is key. In this episode, Fran Maier shares how her understanding of trends, her women-focused perspective, and her attitude towards risk, have allowed her to build multiple thriving businesses over her 25-year career.
Fran Maier has been involved in the creation and running of 5 different startups, including the world-renowned Match.com. She is a legendary entrepreneur, and brand builder who has won numerous awards for her work, including AlwaysOn’s “Top 25 Women in Tech to Watch in Silicon Valley,” and Hot Topic’s “100 Most Influential Women in Technology.” BabyQuip, Fran’s latest founding achievement, is a company that provides a platform where other entrepreneurs can rent baby equipment to traveling families.
Why timing is key in building a strong brand?
Timing is key in building a strong brand. It can make the difference between success and failure in the competitive business landscape. If you launch your brand too early, your target audience may not be ready for it. If you launch your brand too late, you may miss out on the opportunity to capture market share.
There are a few factors to consider when timing your brand launch.
First, you need to consider the needs of your target audience. What are they looking for in a brand? What are their pain points? When are they most likely to be receptive to your message? A well-timed brand message can resonate more deeply with consumers and increase the likelihood of engagement. Understanding when and where to communicate effectively ensures that the brand’s voice is heard amidst the noise, capturing attention and driving desired actions.
You also need to consider the competitive landscape. Who are your competitors? What are they doing? When are they likely to launch new products or services?
Finally, you need to consider the overall economic and social climate. Is the economy strong? Are people feeling optimistic? Are there any major events or trends that could affect your brand? By carefully timing brand initiatives, such as product releases or marketing campaigns, brands can create a positive buzz, generate anticipation, and reinforce their positioning in the market.
To sum it up, timing is a critical element in building a strong brand. It enables brands to seize opportunities, engage their target audience effectively, shape brand perception, and foster customer loyalty. In the business world, timing determines whether a brand will thrive, fade away, or struggle to catch up.
Episode highlights:
- So much of a business’s success depends on timing, which is why it is so important to keep up to date with the trends that are taking place around you and make sure that your business ideas align with those trends. (04:59)
- Forming partnerships with other trusted brands is a great way to build the credibility of your business. (15:55)
- The entrepreneurial realm has been male-dominated for so long, and bringing in a woman’s perspective opens up a whole new world of possibilities. (21:05)
- BabyQuip’s appearance on Shark Tank occurred on the eve of the COVID-19 pandemic, but Fran and her team managed to keep afloat by cutting down on marketing spending and branching out in terms of their offerings, and now they are reaping major rewards. (24:05)
- Because the millennial generation has a strong desire for travel, is comfortable with renting, and looks for specialization, the current environment is an ideal one for BabyQuip (and other businesses utilizing a similar model) to thrive within. (28:57)
- The BabyQuip business model cultivates entrepreneurship because the providers of the baby gear are all running their own small businesses through the platform. (30:24)
Fran’s best advice for entrepreneurs:
“Sometimes being ahead of the curve is not always the best thing. Timing is everything.” (07:39)
