Ryan Reynolds started acting at the age of 13 in Canadian soap opera Hillside. Since then, he has become one of the most recognisable actors in the world with starring roles in many popular movies, including the recent hit Deadpool and Wolverine.
However, acting is not his only source of income. Alongside his Hollywood film career, the actor is involved in several successful business ventures, and you could learn a lot from his unique approach.
Read on to learn three inspiring business lessons from Ryan Reynolds.
1. Diversification could help you expand your business and generate more revenue
Ryan Reynolds is an incredibly successful Hollywood actor, yet he recognises the importance of diversification. The star has a stake in several different businesses including a:
- Gin Brand
- Welsh football team
- Mobile phone provider
- Film production company
- Formula One team
- Fintech company.
Investing in these varied businesses across different sectors means that Reynolds has multiple income streams. More importantly, diversifying in this way could make him more resilient in the future.
For example, if he falls out of fashion and his acting career slows down, he has multiple businesses to form an income from. Additionally, if certain ventures fail, he could still generate an income from his remaining companies. It may be less likely that all his businesses will face challenges at the same time because they are all in very different sectors.
You may want to consider this in your own business. By creating new products or services that appeal to different types of consumers, you may be able to find new revenue streams and grow your business.
2. Consumers respond to authenticity in marketing
Connecting with consumers can be challenging, but Ryan Reynolds manages to successfully engage his audience because he understands the importance of authenticity.
The actor is known for his sense of humour, which shines through in his breakout film role in Van Wilder and more recently, the Deadpool films. Reynolds also relies on this aspect of his personality to bring marketing campaigns to life.
The adverts for Aviation Gin are a prime example of this strategy. Instead of using the common tropes that alcohol brands often rely on, Reynolds pokes fun at the idea of celebrity endorsements. This brings a level of self-awareness and authenticity to the brand.
Additionally, the actor involves his family in promotions. For example, a humorous Mother’s Day advert featured Reynolds creating a signature cocktail while his mother criticised him.
The idea that he bickers with his parents in this way humanised him, so the audience did not see him as a big Hollywood star. Instead, they were more likely to view him as a down-to-earth person they could connect with, and this helped Reynolds to build a relationship with consumers.
Naturally, the style of humour that the actor brings to his brands may not be suitable for your own business. Even so, the important factor is the authenticity, and that is what you may want to emulate.
If you inject your own personality and passion into your marketing, you may find it easier to connect with consumers and build strong relationships with them.
3. Understanding your audience is the key to success
Welsh football team, Wrexham AFC, is the third-oldest association football club in the world. Prior to 2021, they were playing in the semi-professional fifth division of the English football pyramid, and you likely would not have heard of them.
So, it came as a surprise to everybody when Ryan Reynolds and fellow comedy actor, Rob McElhenney, showed interest in buying the team.
There were fears that the actors, who did not have any experience of British football, would fail to run the team effectively, as is often the case with investor buyouts.
For instance, when the parent company of an Indian poultry producer bought Blackburn Rovers in 2010, they immediately replaced the manager. By the end of the 2011/2012 season, the team had been relegated and faced serious financial difficulties.
Buyers often assume that investing large sums in a club will be enough to make it a success. Yet, they face problems because the fans do not support the new direction of the club.
However, the Wrexham AFC story could not have been more different. Reynolds and McElhenney understood the history of the club and the crucial role it played in the town. As well as investing in the team, they engaged with the fans and supported the people of Wrexham, soon becoming a central part of the community.
In other words, the pair recognised what the fans wanted from their club and provided the investment necessary to realise that vision.
As a business owner, it is important that you understand your audience and what their priorities are. You can then tailor your products and services to meet their needs.
These are all useful traits that make Ryan Reynolds a successful business owner, and you could apply them to your own ventures.
Get in touch
If you need support managing your wealth as a business owner, then please do get in touch with us at DBL Asset Management.
Email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.
Please note
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
