What Bootstrap Entrepreneurs Can Learn from Barack Obama

7 Marketing Lessons from the Most Successful Campaign Ever

Here we are on the morning following the historic election of Barack Hussein Obama as the 44th president of the United States of America. As a citizen of this great country who is both African-American and female, who at one point felt it wasn't likely that I'd see a president who was either during my lifetime, I am still sorting out the barrage of feelings that this monumental occasion brings. But that's not what I want to write about right now.

Because the entrepreneur in me has sorted things out quite nicely. *grin*

The presidential campaign that even his opponents called remarkable raised the most money ever of any American political candidate, changed the political landscape and the geographical political map, and succeeded with a decisive victory.  There are business lessons here, folks.

Let's look at the campaign and see what we as bootstrap entrepreneurs can learn from Obama:

1. Think outside the box.
Obama's campaign turned the political establishment on its head. He threw out the old "how to get elected" political playbook and started with a blank slate. He and his brilliant staff looked at every aspect of the campaign, from fundraising to grassroots canvassing, and came up with new ways to accomplish old objectives.

The most successful bootstrap businesses don’t get that way from following the crowd. They get that way from innovation. When you don't have a lot of money to invest or spend, you have to get creative. If there were no rules or pre-determined paths for your business, what approach could you take? So what's stopping you from taking it?

2. Bootstrap your finances.
Financially speaking, Obama's campaign has been the most successful in the history of American politics, raising more than $650 million at last count. But what's remarkable about it is not just the amount he raised, but how he raised it. Millions of small donors who chipped in $200, $50, or even $10 raised more than half of his total haul, helping position the campaign to dominate the media and get Obama's message out there.

A smart bootstrapper knows that $10 from 1,000 people is the same as $10,000 from one person. There’s more than one way to skin a financial cat. Could you take a different approach to your pricing model? How can you break down big expenses into smaller, more manageable chunks, or even eliminate them altogether? Can you negotiate a better deal? Can you arrange a payment plan? Can you barter?

3. Expand your customer base.
One of the hallmarks of Obama's campaign was bringing in millions of new voters. In addition, he tapped into pockets of voters that many didn’t think he'd win over.

Aside from the obvious market, who else out there needs your products and services? Are there new buyers you can introduce to your offering? Or even better, has your competition completely overlooked a market segment? There's riches in the niches!

4. Embrace technology; especially the Internet.
Obama used the best of the Internet to broaden his reach, build his base, and raise funds. He tapped into Web 2.0: social networks like Facebook and Twitter and online video sites like YouTube. He met the people where they were, and they were clearly online. Not only that, but he created his own social network, empowering his supporters to create their own support pages on http://my.barackobama.com.

5. Make it about your customers.
From the beginning, Obama tapped into the political and economic discontent that many Americans were feeling. And when the financial meltdown hit the U.S. last month, he was uniquely positioned as the candidate with the best answer to the problem American's cared about most: the economy. During one of the debates he said, "It's not about me, it's about you."

What problems and situations do your products and services solve for your customers and clients? Before you can sell them any solution, you have to first articulate the problem in a way that resonates with your customers. Take another look at the marketing language on your web site and other marketing materials. Is it all about "I," "me," "we," and "us"? Or is it about your customers?

6. Have goal and a plan.
Obama wasn't out there floating in the breeze, randomly collecting votes here and there. He was on a mission, with a clearly defined goal, a clearly defined deadline, and a clearly defined strategy.

But most small business owners don't have any real goal, let alone a plan to achieve it. They're just "selling stuff." But what's your why? Why are you selling it? At the end of the day, what do you want your business (and its revenues) to accomplish for you, your life, your family?

Once you've defined where you're going, you can create a roadmap to get there.

7. Believe.
In his speech in Chicago after the election results last night, Obama said he was the "unlikeliest Presidential candidate." Few believed, even after winning the Democratic primary, that this African-American son born of modest beginnings to a white mother from Kansas and African father from Kenya could be the 44th president of these United States.

Everyone seemed to have "valid" reasons why it would not be possible. Not him, and not now. Yet his mantra from the beginning was "Yes, we can."

Practically none of the small business and marketing books I've read talk about this. Running a business is hard. There will be people who will tell you you're crazy, people who don't see your vision let alone understand it, and people who don't think you have a snowball's chance in hell that you will succeed. There will be naysayers and straight-up haters who try to sabotage your efforts and undermine your faith. There will be obstacles and challenges, lots of 'em. But you must stay focused.

You cannot succeed in business if you don't believe you can; if you don't have faith in your vision when no one else does. Because there will be times when that's all you've got to start with, and it's all you're left with. Belief is that intangible ingredient in the bootstrapper's recipe for success. And this, perhaps, is the most enduring "marketing" lesson from Barack Obama.

Yes, we can.

Related Posts:

• Hillary Clinton's Campaign Bootstrap
• Marketing Lessons from the Girl Scouts

Comments

[Christine]

What a fabulous post and what an amazing day to be an American!

I am inspired by Barack the person as well as his team's marketing savvy. What a great testament to the power of social media!

[Antonin]

I do agree. Interesting post and great candidate (and hopefully president). I'm sure his campaign will now be analyzed by so many and also on the business angle, as you did here. I just discovered your website through entrepteneur.com and I will definitely come back.

[Jamila White]

Christine and Antonin, thanks so much for sharing your comments. I agree, this campaign will be analyzed by politicos and business students for decades to come.

Jamila - Bootstrap Babes

[Margaret]

His campaign blew everyone away. Those of us in business have a lot to learn from the President Elect (I just love saying that!)

Great Post!

[Juliana]

Jamila:
Great writing, great post - it carries the momentum (& elation) from Tuesday's vote into how I'm looking at my work today, and for tomorrow. Esp. #7! Thanks!!

[Artistic AYA]

Great post. It inspires me to map out my own 'campaign' to reach a greater audience.

[Ron Robinson]

President Elect Obama certainly use of the internet and social media should serve as a lesson for how us entrepreneurs need to find creative ways to build our consumer base with little funds. Rather than capital, we need to invest in time to communicate and improve on the relationships with the customers we do have. With patience, more will follow.
Ron Robinson
Founder, BeautyStat.com LLC

[Shellie]

Jamila,

As always, inspiring post! I love the way you see the teaching moments in activities that seem far removed from the world of the start-up. (How about those Girl Scouts? Not surprised to hear that you were one!)

I'll be sending this to a friend who is launching a magazine right now -- a moment when companies are cutting their ad budgets and people are trimming their expenses. She is convinced she can make it work, and her enthusiasm (and business plan) convince others as well. All she needs to do is plug her ears to the naysayers. Yes, she can!