Free Business Coaching Fridays with the Financial Health Mentor 1-5-18 - Talking Money in the Morning LIVE! E333
On Fridays it's all about you. I love to help people explode their brands so we do live Q&A with the Youtube audience and try to help them build their brands. Gotta question post in the comments below and we'll do our best to help.
Monday through Thursday on "Talking Money in the Morning LIVE!" I choose the topics but Fridays it's all about your. This weeks Free Business Coaching Friday with the Financial Health Mentor featured a case study of my good friend Evan Jefferson.
Evan Jefferson is a certified financial educator and serial entrepreneur and investor. He's also the author of the book "The Black Billionaires Club," a study of the 12 black billionaires of out time. Today Evan has sold over 750 copies internationally and he self published and self distributed this masterpiece. Today we discuss some of the critical elements that went into Evan's success.
Why Build a Brand?
As a branding and marketing coach I'm always amazed when I see business owner/entrepreneurs put very minimal effort into their brand. What's even more baffling is the number of business owners that don't even know what a brand is. A company's brand is their message, it's what the company represents in the market place. If it were a human being the brand would be the personality marked by very specific and distinct character traits. For a business, those character traits are marked by colors, logos, images, tag lines etc. The brand is embedded in each of these things individually so that each represents the company as they stand alone, but when combined there is no mistake what's being represented.
Think for a second about the most famous "Golden Arches" in the world. Without a second thought you instantly thought McDonald's. What do you have that's the equivalent to the McDonald's "Golden Arches?" OK so your business is new, have you decided on something that will become to your company what the "Golden Arches" are to them? If not it's only because you haven't yet come to understand the power that lies within a brand.
If you're building a business and you're not focusing on building a brand, are you really building a sustainable business? I guess, only time will tell, but I'd say emphatically, the answer is no. As with life, there are many ebbs and flows in business but one thing usually remains the same and that's the brand. There has to be a constant, the one thing that the company is know for above all else. Products, services, business models, visions etc., they all change but the brand if done right can sustain a company throughout the transitions.
750 Copies Sold Internationally
Let's take a look at what Evan Jefferson, author of "The Black Billionaires Club" has done as a result of building his brand. Using the power of social media, mainly Facebook Live, Evan has been able to build a tribe of faithful followers. As a certified financial educator Jefferson brings a unique perspective to financial literacy the his followers have come to enjoy. He's basically has gotten them to know, like and trust him based on what he does best, educate. He has a knack for breaking down complex financial things and making them simple and easy to understand. He literally pours into his following weekly for free. As a result of servicing his community for free, it only makes since that said community would support Evan in return by purchasing his products and services.
750 books sold may not seem like a lot but when you factor in the other genius element and you'll see how significant this is. Because Evan self published and self distributed the book all of the profit goes to him. 750 times $20 per copy is $15,000, mostly profit. I don't know what it cost him to put it together but lets say hypothetically he paid $1000 for art work and editing, another $2000 to print the books and another $1500 in postage to ship the books, that still leaves Jefferson with over $10,000 in profit. Remember, his tribe or customer base was already built using Facebook Live for free, so there was little to no marketing costs other than his time.
Now do you see the benefits of building a brand. Note also that this is just 1 of Evan's many products. As the brand continues to grow and provide feedback regarding their problems, Evan now has the ability to continue to develop products that serve their specific needs. That's incredibly powerful! In stead of creating products that he hopes people will buy, he's able to take feedback from his following and create products that he already knows the want. In fact, Evan took it further by pre-selling this book and in essence raised the capital to produce the product that was pretty my demanded by his followers.
As you can see, Jefferson has not only put in place a sustainable business model but also one that can be duplicated over and over. It all started with serving people while build a strong brand in a targeted space and service that community solutions to their problems. Star building your brand now.
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