Steal the secrets to monetizing your brand
Future-proof your business by capitalizing on what you know
Putting a price tag on products and services is one of the biggest challenges for entrepreneurs. There is more than one solution that can involve many income streams.
Marketing strategy consultant Dorie Clark is a pro at monetizing her expertise. She is an adjunct professor at Duke University’s Fuqua School of Business and the author of Entrepreneurial You, Reinventing You and Stand Out, which was named the №1 Leadership Book of 2015 by Inc. magazine.
She also is a professional speaker and frequent contributor to the Harvard Business Review.
Clark talked with Ivana Taylor and Iva Ignjatovic about “future-proofing” your business and your life by capitalizing on what you know.
Taylor owns DIYMarketers, a company “committed to helping small business owners get out of overwhelm.” Ignjatovic is a marketing, strategy, leadership and business consultant.
Given a choice of having influence or wealth, opt for a little wealth in exchange for a little influence. Influence doesn’t pay the bills.
“I would rather have wealth because you can influence and improve people’s lives with money,” Taylor said. “Influencer does not pay the bills at all. I love Dorie’s new book — Entrepreneurial You — because she is all about multiple streams of income.”
One desire does not necessarily lead to the other.
“You can translate influence into wealth or wealth into influence, but it’s trickier to know how to do the former,” Clark said.
The world of work has changed for everyone in good ways and bad.
“Every day, there are more aspiring coaches and consultants,” Clark said. “You have to differentiate to survive. Brand is paramount.
“It’s especially acute during summer,” she said. “As an entrepreneur, you’re never really on vacation. The responsibility is always there.”
What makes you stand out?
Taylor agreed with the never-ending quest to be distinctive.
“It’s so important to think about how you are different,” she said. “You have to think about this all the time. I find new ways that DIYMarketers is different.
“I find myself working more and having less free time even though I’m free to work wherever,” Taylor said.
Even staying in one location can be hectic.
“The world is my office. The internet made that possible,” Ignjatovic said. “However, sometimes I have a feeling the world of work is speeding up, beyond my control.”
Regardless of the source, the overall objective is to create a secure income structure.
“My income has been steady or positive every year for the past six-ish, but it never feels ‘secure’ exactly,” Clark said. “I have to keep pushing.
“The goal is ongoing — repeatable passive income — and every year, I work toward a greater share of that,” she said. “That’s why I wrote Entrepreneurial You — to learn and share best practices for income security and growth.”
Taylor said she has created a structure but isn’t sure if it’s as secure as it could be.
“For the time being, my income structure is secure,” Ignjatovic said. “I never relax too much. To keep it secure, I have to keep on working.”
To “future proof” your life, plan during sunny todays for rainy day tomorrows. Now is the time to plan and act for a secure retirement and peace of mind, plus having an emergency fund ready to carry you over tough times.
The best way to future proof your life is to not be dependent on any one source of income and security,” Taylor said.
Never-ending education
For Clark, future proofing is “constantly learning new skills to raise my value in the marketplace.” She plans to venture into Facebook marketing.
“There’s no such thing as being future proof,” Ignjatovic said. “Life — and business — is one big gamble. All we can do is our best and keep on fighting the odds.”
“Living a life you love” means different things to each person.
“I’m all about independence and self-determination,” Taylor said. “I will sacrifice income for freedom.”
Ignjatovic prefers making her own choices.
“I want to work with people I actually like, working on inspirational and dynamic projects,” she said.
Geographic flexibility also is important.
“I worked hard to become location independent,” Clark said. “I’m not rooted in one place and have choices.
“Freedom and flexibility are the keys in the career and life I want,” she said. “I want to schedule freely and not adhere to a set schedule.”
Experts not making enough money in their business are prone to mistakes. That includes bragging about solutions for business success when they are not successful themselves.
Taylor warned against thinking famous equals rich.
“Some people are experts in their field, but that doesn’t mean that they know how to run their own business,” Ignjatovic said.
No magical money
Experts working by themselves have their own special challenges.
“You can’t just expect to make money from something such as writing an article,” Clark said. “You must look at back-end opportunities such as speaking.
“Many experts don’t have strong peer social networks,” she said. “They are unaware of what to charge.”
There are varied ways to monetize expertise.
“The easiest thing to do is to start ‘selling’ your knowledge and assistance to those who need it,” Taylor said. “Create content. Promote online courses. Visit events. Connect with potential target audiences.”
Income Streams Start from Drips
Side hustles and freelancing can ease your financial burden
medium.com
Clark’s income streams include consulting, coaching, books, speaking, business school teaching, online courses, affiliates and workshops.
“Don’t feel like you have to do one particular form of income stream,” she said. “It’s a smorgasbord. Hate video? Do something else.”
Side hustles have different meanings with success far from certain.
“Side-hustles are great if they provide value to your life,” Taylor said. “Don’t side hustle because you have to.”
Taking on too much
Ignjatovic noted that “moonlighting” has been replaced with “side hustle,” which becomes “a fancy way to overwork yourself.”
Of course, catchy phrases have a way of getting run into the ground.
“The term ‘side hustle” verges on overuse, but the concept is important,” Clark said. “We to need use our free hours for the right things.”
For tips for getting multiple streams of income for your business, see “Entrepreneurial You.”
Those with a full-time job also can use social media to promote their side hustle.
“Create a logical congruent link between your side hustle and what people know you for,” Taylor said.
Words can carry the day.
“I am a huge fan of blogging and long-form content creation to show true expertise and draw people to you online,” Clark said. “In the professional realm, using LinkedIn to brand your expertise is invaluable. Blog, share articles and so on.”
Also, don’t expect overnight success.
“Sometimes it’s easier than expected,” Ignjatovic said. “Just go out and share. For some, a side thing is so different. In that case, people have to update their personal brand. That might take time.”
The right sideline can provide security for entrepreneurs. Marketing, public relations and crisis communication expert Adele Cehrs has tips to monetize wisdom and expertise.
You can build your brand away from the job in off hours via Twitter chats. You can find them morning, noon and night with whole hosts of subjects.
“Brand building starts with conversations and telling people the other thing you’re interested in,” Taylor said. “Share your passion.”
Clark advocates experimentation.
“Do a small trial — even for free — so you have testimonials and results,” she said. “Then blog, talk and write about it.”
About The Author
Jim Katzaman is a manager at Largo Financial Services and worked in public affairs for the Air Force and federal government. You can connect with him on Twitter, Facebook and LinkedIn.
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