What do You, Michael Jordan and Donald Trump have in common . . . more than you may think! (Developing your inherent brand’s adjunct revenue streams – Part 1)
Being singularly focused and firmly committed to achieving success in a specific area relating to your Unique Ability has always been a sign of a true winner.
When you look at champions in the world of sport such as Michael Jordan or business such as Donald Trump, there is no doubt that they have risen to the top of the proverbial heap in their respective fields of endeavor because of their passion and perseverance to be the best at what they do.
That being said their success in terms of capitalizing on their inherent brand is also noteworthy.
While Jordan was paid millions as part of his contract to play basketball ̶ which was his primary vocation ̶ his ability to generate revenue through adjunct endorsements is equally notable.
As for Trump, his earnings beyond the real estate market are also noteworthy through a television series and even a game.
Now I know what you are thinking . . . who is going to pay me to model the next Nike sport shoe? And as far as I can tell even though I have been a success in my field of endeavor, I don’t think a television series is on the near horizon. You are probably right. Okay you are right but . . . and there is always a but you don’t have to get an endorsement deal for a new sports shoe or have your face appear on a Milton Bradley board game to generate what I call your inherent brand’s adjunct revenue streams.
So what is an adjunct revenue stream and how does it tie into your personal brand?
Let me give you an example.
As a ghostwriter I am often employed to write books for clients who hope to use it as a means of establishing or reaffirming their expertise in their chosen profession. Their primary goal is to use the book to gain added creditability to land more business. Think of it has being the ultimate ice breaker or door opener for creating new opportunities. The reason is quite simple; when you publish a book with your name on it there is an automatic assumption that you must be a leading authority. It is similar to appearing on the front page of a major newspaper, it gets people to stand up and take notice.
There is of course absolutely nothing wrong with this point of view because it does work. Unfortunately, and for most people, the story ends there. It shouldn’t!
Using a book to only land new business is like Michael Jordon only playing basketball and not pursuing or responding to endorsement opportunities. You are in essence selling yourself short and in the process leaving significant sums of money on the table.
The fact is that depending on your subject matter, your book in and of itself can become a substantial revenue stream that like an annuity will generate ongoing income on its own. Or to put it another way, your book will make you money even when you are busy doing other things.
In addition to book sales, there are complementary venues such as on-line courses based on your book’s subject matter. The Udemy platform can reasonably generate $10,000 to $25,000 of added income that after the course has been set-up, requires a nominal amount of your time.
And finally, let’s not overlook speaking opportunities. Once you become recognized as a leading authority supported by books and an on-line seminar series, people will inevitably call on you to speak at their event or conference. With my average fee being between $5,000 and $10,000 for each speaking engagement, getting just one or two engagements per year brings extra revenue and added exposure.
At this point you might be thinking, okay sounds great but who is going to want to read a book with my name on it? That is a good question. Here is an equally good answer; what I am talking about isn’t for everyone. However, if you are reading this post, you are likely someone who already recognizes the fact that there is more to your brand than what you do for a living. If you are at that point, then you are likely at a stage where investigating the possibility of expanding your creditability as an expert in your field warrants further investigation. The challenge is to think beyond your indigenous revenue opportunities to recognize that there are multiple revenue streams that branch out from your core activities.
What’s even better is that through the advent of crowd funding platforms such as Kickstarter, you can actually finance the development of these adjunct revenue streams starting with the writing of your book. I will talk about this in greater detail in Part 2 of this blog post.