It’s the dirty secret of today’s entrepreneurial economy: being excellent, and even being well known and respected in your field, just isn’t enough. -Dorie Clark, Entrepreneurial You
Truer words were never spoken. This belief applies to solo-preneurs and marketing leaders alike. Yet many marketing leaders in mid-market and large enterprises forget that they are the pilots of their own career flights. They keep their heads down, do a fine job, and just HOPE that people will notice. When they suddenly lose their jobs, they suddenly face an identity crisis. Many struggle to articulate their personal story and rise above the noise.
Thankfully, there is a solution. In Dorie Clark’s brand new book, Entrepreneurial You, she builds a compelling case for why every senior marketing executive needs to spread their thought leadership and knowledge. Clark presents the case for how this level of focus can lead to new, multiple income streams and recognition.
Dorie has always been a role model for me. Just listen to her accomplishments:
Dorie Clark. Photo © 2014 Marilyn Humphries
In addition to her dynamic keynotes, marketing coaching services, articles, and webinars, she makes time to teach at Duke University and Lynda.com (where I am launching my first CMO course in 2018). She is often invited as a political commentator for MSNBC and mainstream Canadian TV stations. BMG just awarded her a 2-year internship to learn how to become a playwright. Amazing, right? She shares her own entrepreneurial journey in the book, which is downright inspiring.
Clark offers a wide variety of suggestions to monetize and create new sources of revenue, while admitting the errors she made on her own journey toward multiple income streams. She explains step-by-step how to get started with each venture and what mistakes to avoid in the process.
Here are Clark’s 3 marketing strategies for any leader to consider:
1. Cultivate your followers.
It’s 2017 and social media gets a lot of press — but is often a financial sinkhole. I recently learned from ANA President Bob Liodice that only 25% of digital advertising reaches the intended audience. (you can read more about his 2017 ANA Masters of Marketing Conference by downloading our annual CMO Innovation Trends study here). Today’s social media darling can become tomorrow’s MySpace or Friendster.
Clark argues that one medium is worth the investment: your email list. Owned content is the gold standard. Rented and earned content are silver and bronze at best. Keep your readers connected in a format and following that you can control.
2. Know your worth
Even the seasoned executive who feels comfortable in a high-stakes salary negotiation can hesitate when it comes to naming a sticker price for a speaking gig or consulting fee. When the fear of rejection or being too greedy comes into play, it’s tempting to lowball and ask for too little. Clark offers compelling evidence that charging even more than you think is reasonable often works well. She encourages the reader to value her mindset, her unique perspective, her individual experience, and to price services accordingly.
3. Use your voice
Speaking and podcasting strategies are alive and well. They can be a great avenue for revenue, reach, and reputation. Modern marketing trends point to the high value of podcasts as an excellent way to attract existing and new audiences. One podcaster, John Lee Dumas, leveraged his experience into a daily podcast on entrepreneurship. In addition to winning a “Best of iTunes” award, he has also brought in at least six figures each month (through advertising, online courses, and membership in the Podcasters’ Paradise online community).
Also, speaking engagements can be a fantastic way to not only earn additional income, but also to travel places you wouldn’t otherwise visit to expand your world view and interact with leaders outside of your industry.
Thinking like an entrepreneur and considering new ways to reach people may not seem like a primary instinct for a CMO installed in a secure position. However, there is great potential upside to embracing the new avenues that Clark recommends in Entrepreneurial You.
Make 2018 your year to discover your inner entrepreneur.
Copyright 2017, Lisa Nirell. All rights reserved.
Related Posts:
Why CMOs Also Have To Be Thought Leaders
Predicting the Turn: Book Q&A with CMO Dave Knox
Book Review: “The Power of Onlyness”