Personal Brand | What You Have That Big Businesses Don’t
How on earth do we compete with large brands and internet sensations? There are so many ‘influencers’ and companies with large followings out there – so how do we make our own social media impact?
In this section we will talk about how to leverage yourself and your own personal brand to compete with the competition. Tackling the competition is one of the biggest fears our students and clients have, and a lot of the time it stops them from moving forward. Simply because of the fear of competition. However, the biggest thing to always remember is when there is competition, there is a marketplace. And the fact that there’s a marketplace means there are customers and we can go and work and benefit from those.
Relatability of the little guy compared to big businesses
Remember, we are still in ‘attracting the audience’s attention’ part of the BATON (Business Audience Tribe Offer Network) model. And building your personal brand can be part of attracting that audience’s attention. But like we mentioned in our intro, what about those large companies with massive budgets behind their social media presence? It may feel like a David and Goliath situation. However, you have an advantage over them.
In a large company, yes there may be a big budget behind the marketing efforts. But that large budget also likely has a long chain of people to authorize any action or spending decision. Where as you, the solo entrepreneur, are in control of your personal brand and company’s success with tremendous expediency in comparison to a big company. We also are real people, with relatable experiences and skills, that may be more interesting to an audience than a large company.
Consider celebrities and icons that you follow. You don’t necessarily follow them because of the movies they were in. You follow them because they are a real person, and you enjoy watching or reading about their authentic behavior. Similarly, if you’re a real person starting a house-rehab company, or an ethical clothing company, the potential audience on social media is likely going to be more engaged in content you’re able to put out into the word because it is relatable.
Let’s take Gym Shark as an example. The big players in their world include companies like Nike and Adidas. Yet Gym Shark is now a multi million pound company because their ‘audience’ was looking to support the little guy, their relatability, and their success story.
So, how do these small companies keep popping up and growing? The ones that continue to grow are backed by a culture, they’re backed by something that somebody can relate to. They have real-life problems, real-life situations and they become very relatable and inspirational to their customers.
The point we’re making is when you are thinking ‘damn I can’t compete with this large big company’, instead, consider the assets you do have. Think about the advantages you have over them. You’re fast, you’re quick, you can shoot a video within two minutes. You are the spokesperson for your company and within two minutes you can get the message out there to the world, and you can start to get eyeballs on you and your business and your product. That level of speed does not exist in a large company.
What are your goals for your company? How can building your personal brand help you get there?
A common question that B Street Digital gets is,
“We aren’t sure if we can see a marketing plan all the way through? We don’t know if our personal brand is going to be strong enough. We don’t know if we can generate enough revenue off our personal brand and our company logo etc. to justify any marketing costs at all?”
Because sometimes the goal hasn’t been put into perspective. Sometimes it seems like a daunting task to put so much effort, and potentially marketing budget, behind building your personal and/or business brand.
Let us just work our way through this very quickly.
What is your goal?
Why are you starting the business?
Is it to have a multi-million-pound conglomerate?
Is to manage a team of 50-100 people?
Is it to one day have a medium to large company and float that company on the stock exchange?
Sell shares into the public space?
To do an IPO and become a billionaire?
What is the goal?
Or is it to maybe fly business class, or first class instead of economy?
Is it to go from two holidays a year to four holidays a year?
Is it to give up your job?
Is it to spend more time with your family?
Is it to work part-time so you have free time to work on your passion projects?
Is it to dedicate more time to charity or is it to implement the skills to allow the charity to raise more money?
What is your life’s goal?
That life goal will have a figure attached to it, maybe £30,000 a year, £50,000 a year, a quarter of a million pounds a year. Once we have that figure, whether it’s for you, your business, your family, we can reverse engineer it.
Let’s use an example. The fitness industry in the UK is worth £5.1 billion. That £5.1 billion is comprised of small, medium, and large companies, solo entrepreneurs, fitness coaches, people selling products regarding fitness.
Now imagine that’s the pie. Imagine your goal was only to have a £100,000 coming in a year, so that’s not even a slice of the pie. That’s just the crumbs from that big piece of pie which is the fitness industry. Never mind the overlapping things and the creativity that’s going to hopefully come from this course. That is absolutely achievable.
So, I leave you with a question:
How much do you actually need?
That will help you with the work required for this course, and help you put your goals into perspective. Because we love big thinkers, but sometimes we don’t actually need that large of a business and a company and that many products to sell, to actually achieve our goals.
So we suggest you write this goal number down. Write it down, stick it on the wall, visualise it, because once you start to get to that number, one of the things we encourage our community members to do is actually start living the life and the reason you started a business in the first place.
That’s something we really encourage, rather than striving for more and more and more and more. Hopefully that first end-goal helps when you’re in the midst of putting in a whole lot of effort into developing your personal brand. You don’t have to be the next superstar global sensation, movie star, but within your niche you’re going to create a personal brand and it’s going to be fabulous. And this will help you along the way.
So, that’s the summary for the personal brand section. Let’s now move on to the next part of the training.