New Business Model: Brand First, Compensation Second
December 14, 2007 at 11:42 am | In Personal Branding, Success Methodologies | 8 Comments 
For 4 months I’ve been thinking about a new business model dealing with personal branding. I had an awakening a few weeks ago. I’ve noticed that there are many people who try to make a quick buck by doing mediocre work. People put advertisements on their blogs, accumulating between $10 and $100 a week average (unless your Problogger or someone of high authority online). It’s more worthwhile to reject the $100 and come across as an honest and resourceful person to your readership. People work at jobs that are unfulfilling just to pay the rent. You don’t have to succumb to these underpinnings.
Your Personal Brand is the Key!
If you build your personal brand to the point where other’s are willing to invest more of their time, money and resources in you, you will reap many benefits. I call many of these benefits perks. Hollywood celebrities receive perks such as “goody bags” when they are invited to the Emmy’s and other events. These bags contain free items by top designers who want them to wear their brands for advertising purposes. When you are a recognized name brand, you can demand more money and you will be perceived as being worth more money.
Name brands are given free passes to events, are sent free promotional items and are treated with more respect. When your name is out there, the media will call upon you, as well as your network and potential clients.
Final Word
Why settle for a moderate income, when you can invest in your personal brand and accumulate six figures a few years later. I tell my friends all the time “sacrifice now for future potential benefits.” This statement sums up why I think taking the time to develop your network, hone your skills and become proficient at social media is what is going to deliver the income you dream about.
What do you think of this model???
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Dan,
I think the best line in this post is, “If you build your personal brand to the point where others are willing to invest more of their time, money and resources in you you will reap many benefits.”
I agree completely with you 100%.
Knowing this, all we have to do as individuals is be true to ourself, communicate our vision, and treat those we come in contact with how we would want to be treated!
Awesome stuff Dan!
Comment by Scott Bradley — December 14, 2007 #
You need to ask yourself the question:
“do I want to be comfortable or do I want to make a difference in the world”?
People define success differently, but those who have built strong brands, such as Oprah and Trump can demand larger salaries because of “who they are.”
Comment by shwibbs — December 14, 2007 #
Dan,
I like the model. It confirms what I’ve believed is a proper way to go about building a product – in this case a Personal Brand. I like depth and integrity and that’s what I hear you talking about here. “Success” be it monetary or otherwise will come when your value is established and made known to others. And yes this takes time.
Cheers.
Comment by Michael Baynger — December 14, 2007 #
Dan,
First time to your blog. I must say that I too agree with you 100%. You, a person, as a BRAND can demand much more than trying to “get by” on other methods. Just look at how much Trump, Rohn, all those guys make, just for giving seminars…just for being who they are! Its absolutely incredible. I must say you’ve captured me as a reader, well done!
Comment by Stephen — December 14, 2007 #
Hit the proverbial nail on the head with this one. Aim for changing the world, not living off of the spare change from whoring out your site.
Comment by J. Erik Potter — December 14, 2007 #
I think it is a required strategy and the quicker realized the better. You my friend, are well along your way!
I was fortunate at a young age to have insightful mentors including being put into executive search for “training”. What I saw/see, Dan, is how SUCCESSFUL corporate executives, entrepreneurs and service providers to both build a career strategy. Those starting early, had great mentors from the beginning; those starting later, figured it out. All developed core competencies and confidence to grow into the unknown. Create opportunity.
Comment by David Sandusky — December 15, 2007 #
I think that this approach is critical because it helps establish trust with your stakeholders. It also makes your relationship more genuine when people know that the investment you are making in the time you spend getting to know people and sharing your thoughts is not purely about the cash, etc.
That doesn’t mean it’s wrong to sell ads on your site, because in the end, it’s each person’s choice. But I do think it’s easier to build credibility, especially for those just embarking on forming their personal brand, when this type of approach is taken.
Comment by Tiffany Monhollon — December 16, 2007 #
[...] Annual Compensation – Although I hate to dwell on money, as I feel that if you lead with your brand compensation will follow, it is still essential to successful living and enjoyment. How much is your brand currently worth? [...]
Pingback by Introducing the Personal Marketing Plan - Part 1 of 5 « Personal Branding Blog - Dan Schawbel — January 15, 2008 #