DMA2014 needed a spark to ignite some passion into attendees at the annual conference held this week (Oct. 27-29th) at the San Diego Convention Center. DMA got that and more from keynote speaker Earvin “Magic” Johnson, 5- time NBA champion, NCAA champion, and successful business entrepreneur.
Magic lit up the crowd, much as he did years earlier playing for the LA Lakers at the Forum, with his big smile and warm, winning personality. And Magic’s message went far beyond his sports career and basketball successes. Many were surprised to learn Magic Johnson Enterprises has partnered with over 20 corporations, including Allstate, Delta, Disney, Sony Theaters, Starbucks, and Toyota…building successful businesses serving Urban American consumers.
Magic shared his winning marketing strategies of targeting urban consumers, knowing their needs, tailoring his product/service/message, and then over-delivering every day. “I love to over-deliver” was a strong message Magic shared while taking countless pictures and selfies with the engaged crowd of DMA2014 attendees. Magic also shared the value of persistence…never taking “no” for an answer…and believing in yourself (and your product/service) no matter what others say. After he was turned down five times in his attempts to raise institutional capital to expand his urban-targeted small businesses, Magic finally received his first institutional fund of $50M…and he has subsequently raised funds of $300M, $600M and most recently $1B.
The DMA2014 theme is Don’t Market Alone and Magic emphasized the importance and power of building successful partnerships…by understanding your partner’s vision, mission and core values. One example Magic shared was his unique partnership with Howard Schultz and Starbucks…where he was the first outsider to build, own and operate 175 Starbucks units in urban neighborhoods…which he later sold back to Shultz at a significant profit. In addition to switching scones for sweet potato pies, Magic spoke about treating customers special, knowing their names and favorites drinks…so loyalty remained high during times of economic recession.
Magic spoke about the value of mentors. When he left the LA Lakers he called 20 CEOs who met with him and gave him advice as he started his business pursuits. Magic ended his keynote address by challenging each attendee to perform 2 SWOT (Strengths/Weaknesses/Opportunities/Threats) analyses each year…..then working hard to improve yourself and your business based upon these insights. Magic stressed the importance of paying attention to your competition. He spoke about his relationship with Larry Bird…..and how Larry drove Magic to become better. “I knew Larry was in the gym 3 hours every day so I knew I had to work hard to beat him.” Magic still gets up at 4:00am daily, hits the gym for 2 hours, and his mantra is “nobody outworks me.”
Magic Johnson was the spark DMA2014 needed to kick itself off in high gear…and everyone left the opening session buzzing. JoAnne Monfradi Dunn, DMA Chair, even sold Magic a DMA membership backstage just prior to the opening session, so business had begun happening even before the opening bell.
You can learn more about conference highlights by visiting DMA2014.
You can also reach out to me directly (jgunderen@executiveconnectionsllc.com) or check my BLOG postings (@JeffGundersen) for additional highlights from DMA2014.
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