Seth Godin, an American Author once said, “A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.”
Personal Branding is a representation of one’s niche, goals, values and expertise. It helps people interpret what a brand (a person or a business) stands for.Branding also plays a crucial role in boosting the net worth of a business. According to Forbes, consistent branding across all channels increases revenue by up to 23%.
Importance of Personal Branding
People cannot buy what they don’t know. This is why individuals, groups, businesses and organizations are constantly striving for visibility. In this competitive world, one must be unique and authentic to stand out from the rest. Studies have shown that around 91% of the consumers prefer to buy from an authentic brand. Hence, Personal Branding is a weapon that every entrepreneur can use to grow their business.
If you are an Entrepreneur, you can implement the techniques of Personal Branding by establishing a strong online presence, either through Social Media or other platforms. Statistics show that 77% of the consumers are more likely to buy from a brand, if the CEO is active on Social Media. With the help of an interactive Social Media profile, you can gain the trust of your audience and add more value to your brand. All you need to do is spend some time to create good quality content, specific to your area of expertise
Why Every Entrepreneur must invest on Personal Branding
A good Personal branding strategy can clearly convey why people must choose you and your services over your competition. Personal Branding is highly essential for any entrepreneur looking to capture a large portion of the market. Setting up a personal brand can be tiresome, but the results are worthy of the efforts put in. Here are some reasons why every entrepreneur must invest in personal branding.
It is a known fact that credible people are taken more seriously than somebody who lacks credibility. Creating a sense of faith and dependability is what makes a person more credible and the best way do this is by having a strong personal brand. A person having credibility can expand the size of their audience, since more people start placing their trust in them. An example of an Entrepreneur who was successful in this regard would be Ratan Tata.
Ratan Naval Tata is an Indian Industrialist, Investor and a Philanthropist, who was also a former Chairman of Tata Sons. He instilled trust amongst his audienceby attending live Meetings, Events and Conferences,sharing his knowledge and expertise with Students, Businessmen and other Industrialists. He is also a recipient of the famous ‘Padma Bhushan’ and ‘Padma Vibhushan’ awards and is considered a Mentor and Role Model by many Entrepreneurs in India.
He made his online appearance on Instagram in late October of 2019. By enhancing his credibility offline through Personal Branding, he gained instant Instagram fame by garnering over 280K followers in less than a day of his joining. He currently has 781K followers on Instagram, where he gives an insight into his personal life. This is a brief example of how Personal branding when done, either online or offline or both means, can add to your credibility.
Showcases you as a Leader in the Industry
Irrespective of their specialization, every entrepreneur or business would want to portray themselves as a leader in their industries. An effective way to do this is by planning and executing a well-defined Personal Branding Strategy. This helps in gaining recognition and a good repute.
Some ways that Entrepreneurs and Businessmen can do this is by sharing posts about updates and current trends in their industries, writingbooks (can include E-books) and doing online lectures explaining complex topics associated with their field.One person who is carrying out this aspect of Personal Branding is another renowned Indian Entrepreneur, Anand Mahindra.
Anand Mahindra is the Chairman of Mahindra Group, an Organization that primarily operates in Automotive components, Industrial Equipment, Hospitality and Retail. With a net worth of $1.7 Billion (approx), he has been listed as one of the leading Entrepreneurs by Several Magazines.
Let us have a look at his Twitter profile. His account has around 7.4 Million followers and is very active. He often tweets about the projects that his group is involved in and retweets about currents affairs. The engagement rate is also considerably high with his followers constantly liking, commenting and retweeting his thoughts on general issues.
Through his interesting posts, he has gained the leader repute for himself in the Industry. People are constantly tagging him and asking questions about his latest works in the field.
Helps to Establish and Engage with a larger Audience
A top-notch Personal Branding Strategy is only obtained over time, with continuous hard-work and efforts. However, as an Entrepreneur working on Personal Branding, you can reap results at every stage of the process. When you embark on the journey, people slowly start noticing your work and follow it if they see value and authenticity.
After a period of time, your following increases in number through referrals and word-of-mouth. You gain recognition and canbegin expanding your audience base. Once you see a considerable number of followers, you can then proceed onto using Social Media Platforms to engage with them consistently. This also helps you build a large influence circle.
Businessmen and Entrepreneurs have also started using Youtube for this very reason. Since Youtube is a Google-Partner site, maintaining a consistent Youtube account helps with Google ranking.Jay Shetty is one such person who has smartly planned and executed his Personal Branding Strategy to build a huge network of influence.
Jay Shetty is a British-Indian Monk turned Entrepreneur, Motivational Speaker and Influencer who has appeared on several TV shows. He is famously known for his motivational and inspirational videos, addressing people from all walks of life. As a Social Media Enthusiast, he has a full-functioning and verified account on almost all social platforms. However, he uses Facebook and Youtube to directly interact with his audience through short videos. Let us have a deeper look into these two profiles.
His Official Facebook Page is verified and has around 25 Million Followers. His cover photo also promotes his podcast show ‘On Purpose’, where he interviews celebrities about the challenges that they face in their lives.
His Youtube Channel in the same name has over 3 Million active subscribers with 277 videos. The channel is well-received byviewers from across the globe, whorespond and interactwith his content pieces. People also comment their video suggestions and feedback under his videos, which he takes into consideration for future content ideas.
Increases your Value and Marked Price
People are willing to pay more for a product or service if they see value in it. This is why big brands like Gucci, Daniel Wellington, Apple and Mercedes-Benz charge their customers plenty. Despite their costs, these brands have a large following with loyal customers willing to pay any price. That is the power of branding.
Whether you are someone looking to showcase yourself as somebody worthy in your specific industry or an entrepreneur looking to brand your business, there is no better way to increase your value than by working on your Personal Branding. Once you have set the foundation of a good Personal Brand with added value, you can gradually increase the cost of your product or service.
A very good real-life example of this would be Gary Vaynerchuk, also known as Gary Vee by most people. Gary Vee is a Belarusian-American Entrepreneur, Author and a Keynote speaker with 7.4 Million followers on Instagram. He is also a trainer, consultant and a speaker, who has given talks in various well-known Business Organizations.
Knowing the value that he carries, Gary and his team charge a huge sum of money to attend events, seminars and conferences. It is estimated that he charges no less than $12,000 for a 60-minute consultation. (Although, the actual price may vary and one can only know the exact amount by contacting his Booking Manager)
Though this price seems like a lot of money, people are still fighting for an opportunity to collaborate with him. This wasonly possible because of the Personal Branding Strategies that he has been implementing over the years.
Gives you more freedom
With more credibility comes more value. With more value comes more freedom. Having a perfect Personal Branding Strategy in place can make anybody flexible with respect to time and money. But building the right strategy requires a lot of effort.
Imagine doing what you love, travelling to different places and still making money. Sounds unrealistic and unbelievable, right? Nicholas James will change your perspective.
Nicholas James Vujicic also known as Nick, is an Australian Entrepreneur, Author and a Motivational Speaker bornwith tetra-amelia syndrome. He has around 9 Million followers on Facebook and almost 2 Million Followers on Instagram. Despite the battles he faced throughout his life, Nick emerged as one of the most sought-after motivational speakers from Australia.
He has been invited to countless stage-events to talk about how he fought the obstacles that stood his way. It is estimated that he earns around $500K from the brand that he has created for himself. He is truly an inspiration, always pushing people to never give up.
The main reason why most people are willing to do whatever it takes to establish a powerful personal brand is because of the freedom it offers. If you want to have flexible work hours and pricing, Personal Branding is the way to go! Being a brand in your industry lets you charge people more, thereby increasing your worth. You can also choose when you want to work by framing a schedule of your preferred timings for consultation.
Allows you to network with other people in the Same Industry
Networking helps in developing your Personal Brand by growing your circle of contacts. Collaborating with the right groups will not only provide insight into their Personal Branding Strategies, but also more opportunities to work with like-minded Entrepreneurs and Businessmen.
When you start gaining recognition through your branding efforts, it is easier to connect with other leading figures in the same industry. Through constant interaction with the people in the field, you can start expanding the knowledge you have about your industry.
Meet Lilly Singh, a Youtuber, Talk-show host, Entrepreneur and comedian. She has close to 15 Million Subscribers and 788 videos on Youtube and 9.1 Million followers on Instagram. With a net worth of $16 Million, she is setting a new benchmark for all the women in the Industry. She also became more popular after her World tour and the initiation of her Production company ‘Unicorn Island’.
When asked about how she encountered opportunities to collaborate with well-know celebrities, she said that putting herself out there on youtube got her recognition. Her videos initially came to the attention of Dwayne’s daughter, which eventually led her work with Dwayne “The Rock” Johnson. From then onwards, she has collaborated and worked with several other celebrities including Reese Witherspoon, Selena Gomez, Hasan Minhaj and even Michelle Obama
Lilly’s life is the perfect example of how Personal Branding helps you connect with other people in the Industry. She is also friends with Jay Shetty, with whom she has collaborated on numerous occasions. They both met and connected through Youtube and began following each other’s work ever since. She has also connected with many other Youtubers through the platform and has worked with them.
Entice Better Clients
Using Personal Branding Strategies can get the ideal customers chasing after you and not the other way around. When you convey the value of your personal brand in a professional manner, you will be positioned as an expert in the industry.
Better clients, in this context, refers to the customers who are loyal to you and can make good use of your product or service. For example, an ideal customer for Apple would be a person requiring an electronic device (can be a phone, tablet, laptop or a computer) and can afford to pay the price of the product. Whereas in the case of a Marketing Consultant, an ideal customer would be somebody who owns a business and desperately needs a Marketing Strategy to boost their Business Performance.
Portraying yourself as a go-to expert through branding makes people stay loyal to you. In fact, a recent study showed that 65% of a company’s business comes from existing customers. When your customers share the same values as you, they have a sense of trust that keeps them coming back to you. Additionally, these customers are more likely to recommend or refer your brand to their friends and relatives, who could be your future clients. This helps you establish a new audience base.
In a nutshell, Personal Branding can do wonders for you and your business. Having a Personal Brand gives you an incentive to extensively study more about your industry. This inturn will motivate you to collaborate with other mentors and also mentor other people with your learnings.
Branding yourself can help you learn, share and grow more. The Entrepreneurs listed above are advocates of Personal Branding, who understood importance and necessity of it. All of them have witnessed the game-changing power of Branding. Their continued efforts, hard work and dedication over the years has earned them the results that they now relish. Investing time into creating and curating content, maintaining the social media accounts and responding to queries can be a weary task. But if done, you can get all the benefits listed above. Remember! If you do not brand yourself, somebody who does will overtake you on your professional journey. So, start branding yourself!