In The Community-First Collective, I talk about how many creators mistake building a brand around themselves as building a brand for their business (a problem).
This of course just leads to frustration and so many people stop building their personal brand because they just see it as a following of people that like whatever the person talks about.
However, can you build a successful business by leveraging your personal brand?
Every single Kardashian does it.
Jay-Z is a billionaire because of it.
Now, you might be thinking that’s different because those people fall under the entertainment spectrum but most of their businesses have nothing to do with entertainment.
So what gives?
Is it just a numbers game?
In today’s world it definitely can be. Kylie Jenner has enough followers that no matter what she does she’s going to make some money from it.
But to make 9 figures?
That requires something special and the secret is status.
The 3 Amigos and The Mistress
When working with people over at Pocket Business, a big question I get asked is “will this work?”
Will their idea work? Can they sell to the audience that they want?
And I’ve found that there doesn’t have to be a complicated solution to figure this out.
It’s pretty simple.
Selling is human psychology. Nothing more, nothing less.
So if you can understand human psychology you’re good.
When it comes to selling, it comes down to what I like to call The 3 Amigos and The Mistress.
If you can help people attain more of one (or more) of the following then you’re good:
The first 3 are the well-known things that any marketer can tell you. Status is more recent even though it’s always been around.
It’s just magnified now due to the social nature of the Internet.
If you can promise someone that you’ll help them get MORE of one of those things, they’ll give you money.
It’s as simple as that.
The people that use their personal brands to build rocket ship business ALWAYS promise #4 and sometimes the other things as well.
But status is a must and this is why so many people fail to utilize their personal brands to their full potential.
Let’s use Jay-Z as the first example.
You Don’t Buy the Grape Juice for the Taste
Let’s be honest, most of us don’t buy champagne at the club because it has an unbelievable taste.
So when Jay-Z bought a 50% stake in Armand de Brignac back in 2006 it could easily be seen as something foolish from the outside, but if you lived the club life then you knew the brilliance of it.
I used to be a club person in my 20s. 4 days a week I was at the club and a lot of those times I was at the club getting a table and buying bottles.
Buying bottles isn’t not a wise investment from a financial standpoint. The markup on bottles is usually at least 10x what you can buy it from at the store.
So why do people do it?
It doesn’t matter what you think about people that buy tables because there is a group of people that do admire those people.
Having a table makes it easier to talk to the people that you want to talk to because now you have an elevated status.
It’s how it works.
When you see Jay-Z in a rap video talking about gold bottles then that means you want those gold bottles at your table because you want to feel the status that Jay-Z has and you know those gold bottles will give you more status with the people looking at you.
Seriously, if at this point you’re sitting there talking about things being superficial and some other shit, then you’re missing the game of life.
This game is played everywhere and you’re either on the bleachers or you’re at the plate taking a swing.
Jay-Z used his personal brand to elevate this $13 bottle of champagne to superstar heights simply because it improved status.
Nobody ever bought a $1,000+ bottle of Ace of Spades at the club and said, “I buy this because of the taste.”
It’s never happened.
But how does this apply to you and your SaaS app or whatever you’re selling.
It’s still a status play.
Status as a Service
I’m stealing the phrase Status as a Service from Eugene Wei and while I’m going to use it differently than he does, the key is status.
That’s what matters.
If you’ve been building up your personal brand and now have an app then your best bet with the personal brand is to show people how your app has boosted your life.
I get to live like this now because of my app.
Personal brand is about status and status is about aspiration.
People worship Elon Musk because of aspiration.
They want what he has or what they perceive that he has so when he says that he’s buying Dogecoin people follow suit because if someone of that status that they aspire to have does something they should do it as well.
This is why so many people drop the ball with their personal brands and their businesses.
If a personal brand is all about you liking me, then whatever I’m trying to sell you has to relate to why you like me.
If you feel that I’m laidback, cool, and absolutely hilarious, then I need to give the impression that I’m that way because of my business which in turn makes you interested in that business.
Whatever my business is, if I want to use my personal brand to grow it then I need to show how this business/product/offer/whatever helps me be MORE me.
When Kylie Jenner launched her makeup kits and they sold out in minutes it wasn’t because they were super high-quality.
I mean they very well could be, but nobody would know that until they got to use them.
Instead, people bought them because look what they did for Kylie? It’s not that people believe the makeup will turn them into Kylie.
But the makeup can at least help them feel what Kylie feels.
At least that’s what they believe subconsciously.
The Rocket Fuel
When Chamath Palihapitiya (damn right I had to Google that spelling) and Elon Musk tweet about a stock, their followers take action simply because they believe that these two individual made smart moves to get to where they’re at so it only makes sense that the minions do the same.
Because of social media, you can now apply rocket fuel to a business when attached to the right personal brand.
Is this any different than influencer marketing or celebrity endorsements?
It’s just that in today’s world EVERYONE is an influencer to their specific audience that trusts them.
That’s just the world that we live in today.
So the question is how are you going to leverage the personal brand that you’re creating right now?