#9 Tools of Assets & Influence — What is influence?
This is the ninth in a series of 24 rants where I deconstruct the key drivers of growth and profitability for traditional service or advisory businesses. About us »
I’ll share principles and real business case studies for establishing yourself (or your team) as a Key Person of Influence in your industry, while formalising the essential business assets proven across 2000+ businesses to accelerate growth, profit and lifestyle.
To go back to rant 1 in this sequence, click here.
What is influence?
It’s a good question.
If you’re going to go and build a garage for your house, what do you do? You go and find a builder, right?
But if you decide to go out and build influence, what do you do? It’s a tricky kind of thing to do if there’s no structure around it.
For the last five years, we’ve been running accelerators and big events around the world and we’ve helped over 2500 businesses grow exponentially, ranging from small business to large corporates like KPMG.
Believe it or not, influence is actually based around five key fundamentals that you can benchmark.
The first is your ability to communicate and pitch with real value. Most people don’t understand how to communicate their core value, their unique point of difference or convey why people should pay a premium to work with them. So without the ability to pitch your solution with value, it’s going to be really hard to build influence in your industry.
The second is building credibility. You can wait 40 years to be able to say “I’ve been in business for 40 years”, but that’s not fun. You can be like Mark Zuckerberg and build a multi-billion dollar company that’s got incredible results, but that’s not easy.
One of the easiest and fastest ways to get yourself credible is to publish thought leadership content. This does not mean you put random posts on Facebook and LinkedIn. I’m talking about publishing clear, structured methodologies, deep principles and insights which you’ve learnt over the years that you’ve built a strategy around.
The third is about capacity and scalability. Most business owners or consultants are selling their time and that is not an influential model because you’re the bottleneck in your own business (you have to be at every single meeting to close the sale). Even if you provide a service, you can turn it into a productised service offering which anyone in your business can pitch.
The fourth is about having cut-through in the media. This can be on Facebook, Twitter, Youtube, magazines etc. You need other people talking about your product, your business and your solutions. You need your customers to review your product and be raving about it on social media. Building a profile online has become so easy nowadays with so many free digital tools you and your business can both use to become the forefront in your industry.
The final step is your compatibility in the market. This is your ability to create joint ventures, partnerships and alliances with other influencers in your industry. A Key Person of Influence is focused on constantly finding new people and organisations to help carry their vision forward. They find a core team as soon as they can, they partner with investors for capital, they create joint ventures with distributors and form alliances with other well-known brands.
This February and March, we’re holding our flagship event — the Business Brand Accelerator. It’s a 1 day event showing how all these 5 principles are linked to each other and a few other specific goals which you need to accomplish as a leader, business owner or entrepreneur.
This event will show you how to create differentiation in a market that competes on price. It will go into how you can apply these five principles within your business in a unique way to charge a premium for your product.
At the event, we’ll work on developing product depth and value, and how you can turn your service into products along with creating an ecosystem of products for your clients whether they’re new or existing.