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Thursday, May 10, 2018

Success lessons from Marvel's Avengers strategy: A must business lesson.

All Marvel movies since 2008 have earned over $16 billion worldwide. And, Marvel’s Avengers: Infinity War earned more than $1.2 BILLION in just 2 weeks!
As a business enthusiast, you can learn some valuable lessons from the way Marvel achieved this.

Future prediction and long term thinking
The new MCU (Marvel Cinematic Universe) timeline started in 2008 with the release of Ironman.
Even at that moment, Marvel had already planned at least 7-8 years ahead, and knew exactly what movies would be released, and when.
Marvel teams already had meetings about movies up until 2025, and they’ve already planned out 20 movies to come out after Infinity War.
When you think long-term like Marvel does, you start thinking differently. You think strategically, not tactically. You focus on important things, not on shiny new objects.
And it’s ok if you don’t have all the pieces figured out. Marvel doesn’t.
Plan ahead. Have long-term goals. Focus on long-term wins, not short-term gains.
You’ll avoid distraction and stress, and you’ll deal with temporary failures much easier.

Do not wish to be successful at each stage, but keep larger goal at aim
Hulk is one of the most beloved characters in the Marvel universe.
But even despite that, a 2008 version - The Incredible Hulk - brought only $135 million in the US ($263M worldwide) on the $150M budget.
Not even close, compared to Ironman that was released that same year.
Even if you choose to sell a product that you’re sure will be a winner - and it turns out to be a loser, don’t lose hope.
Maybe you released the product too soon. Maybe you missed some step in the process. Or maybe it just isn’t the right time.
Remember lesson #1.

Don't just run after your dream product. Rather think what people want
No, there are no spoilers here. Keep reading.
I’m referring to lesson #2.
The audience wasn’t thrilled with Hulk, so Marvel “killed” the standalone Hulk movie… for now.
But in later movies, Hulk became the audience’s favorite hero.
Will they try again? It’s very possible.
The point is, if you love your product, but your market doesn’t - kill it.
Don’t waste your resources on something people don’t want.
But keep it handy. Maybe offer it as a bonus. Maybe as an upsell. (Marvel did that with Hulk. :))
As I said, maybe it’s just wrong timing.

Keep a good team and hold them tight
After The Avengers and Ironman 3, Marvel encountered some problems.
There’s no doubt that Robert Downey Jr. was (and is) the biggest star of the MCU.
No wonder he’s the highest paid actor on the team.
However, some other important team members were paid very low! Apparently, Chris Hemsworth made less than $1 million from the first two Marvel movies.
However, the team stood together.
The lower paid actors demanded a pay raise, and Robert Downey Jr. said that he’d quit as well, if any of them quit.
Marvel had no option but to raise their pay.
Based on how much money Marvel made from that moment until now, it was a smart decision and a small price to pay.
If you find people who are worth keeping, keep them at any cost.
It may cost you some extra money in the beginning, but they’ll either make you or save you 10x more when you need them.

Be innovative and take risks
Thor: Ragnarok is an interesting movie.
Up until that moment, Marvel movies were serious action, with a dose of humor.
Ragnarok is 180° opposite. It’s a movie full of humor, with a dose of action.
Marvel decided to play with it. And it paid off.
But notice WHEN Marvel decided to test an unorthodox approach… Years after it was established. When they already had a loyal audience. And when they had enough cash on their hands to cover the potential loss.
Experiment with new products, new launches, new strategies, new approaches… but experiment wisely.

First do something, then dwell deeper
Be honest, had you ever heard of Guardians of the Galaxy before Marvel made that movie?
Guardians of the Galaxy was never a mega-popular comic.
But Marvel apparently cracked the code, and now knows how to create a blockbuster, even with less popular heroes.
Again, check the timing.
They didn’t start the MCU with the Guardians. It was too risky.
They started with the most popular hero - Ironman - and they introduced the Guardians when they already had a loyal MCU fan base.
If you’re starting out, don’t go with an untested product.
Start with something that is proven to sell well. Once you have enough cash and a customer base, try something unusual and new.

Deal with high-quality product as sub-optimal products will jeopardize your growth
You can say anything you want about Marvel movies, but you can’t say they’re not perfectly executed.
Scripts, directing, casting, special effects, sound effects…
Nothing but high-quality work.
Whatever you sell, you should always strive to offer only high-quality products.
You’ll feel better about yourself, your customers will appreciate it, and your business will thrive.
These 7 simple lessons made Marvel movies into the highest cash-producing machines in the entertainment world.
These strategies can help you transform your business as well.
The only “trick” is, they require time and effort.
Success never happens overnight; it’s always a result of planning, clear vision, hard work, and dedication.
Now go, and build a marvelous business.

(This article is inspired and adapted using an advert)

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