Can you monetize your personal brand?

Does your personal brand have monetary value? Not wanting to keep you in suspense, the answer is “yes,” and there are ways to increase its value.

For more than two decades, organizations have used key indicators to determine their brand’s worth to a given business strategy. Knowing the actual monetary value of a brand can play a major role in helping to guide the decision-making of a company as its leaders think about their plans for the future of the business.

The same evaluation can be given to a personal brand. Understanding the value of their personal brand can help individuals such as athletes, celebrities, and business executives develop an advantage when it comes to endorsement and contract negotiations and annual evaluations.

According to global brand agency Interbrand, a Personal Earnings Estimate can be used to forecast the potential earnings of a personal brand. The Personal Earnings Estimate has a variety of uses, including enticing top talent in the sports or business worlds. It can also be used by talent management to understand the brand impact of their clients’ career decisions, allowing optimization of potential future earnings.

The following step-by-step process is used by consulting firms like Interbrand to help monetize one’s personal brand. Each step is assigned a score on a scale of 0-100.

Step One: Determine the Sources of Income.

Understand the potential sources of income, both now and in the future (i.e. salary, endorsements, product sales, etc.)

Step Two: Understand the Drivers.

Determine the effect of different variables on those income streams (e.g. choosing certain film roles, playing for a particular franchise, selecting an employer.)

Step Three: Determine Brand Strength.

By understanding the current strengths and weaknesses of the brand in question, you can determine the probability of your earnings estimates. For example, a celebrity prone to scandal will be less likely to land starring roles, earn awards, and secure endorsements. All of which will lower potential earnings.

Step Four: Simulate.

Stimulate all possible outcomes to determine the maximum, minimum, and average earnings potential given all possible scenarios (i.e. number of championships or Academy Awards to win over a career).

Revisiting your content strategy

This is the next step if the Personal Earnings Estimate is not as high as desired. In the race to remain at the “top of the fold,” the quality of one’s content is one variable that can be controlled. Data provided by social media platforms and/or social listen tools can provide clear indicators as to which previously posted content is and is not resonating with your target audience(s) and where there are areas of potential growth.

Here are four vital areas that impact your brand’s overall visibility and how you can adjust it.

Frequency and consistency – A major element to successful personal brand growth is posting frequently and consistently. By doing so you are training your audience to know when they will hear from you and, more often than not, they will receive content that is engaging, entertaining, and/or useful.

Targeting all potential audiences – Often we create content aimed at our audience segment that is most like us. The challenge with that tactic is that you may be missing the many other various audience segments who could potentially be interested in your content. As you develop your content calendar, make sure you are creating content for as many other audience segments as possible.

Proactively engaging the media – Regardless of how visible a person might be, it should never be assumed that the media is aware of all their comings and goings. It never hurts to proactively engage the media, especially if it’s to make them aware of a charity event and/or launching of an initiative.

Consider paid advertising – If you have a piece of content that is particularly unique, immediately useful, educational and/or entertaining, you may want to consider developing a paid digital ad campaign to help drive visibility. Campaigns through platforms like Facebook, Twitter, LinkedIn, and Instagram are very easy to create and have the potential to help you develop a new batch of followers.

In today’s world, your personal brand is your most valuable asset—one that requires constant care and nurturing. There are proven tactics and tools you can use to help you take the reins and manage your destiny and ultimately increase your bottom line.

 

 

 

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