Dorie Clark is the author of the new book Entrepreneurial You. Her past books include Reinventing You and Stand Out, which was named the #1 Leadership Book of 2015 by Inc. magazine. A former presidential campaign spokeswoman, she teaches at Duke University and writes frequently for the Harvard Business Review.
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3 Value Bombs
1) Don’t stick with one revenue stream – leverage your knowledge to create several revenue streams so that you stay afloat as the industry evolves.
2) A large audience isn’t necessary; what you need is an audience that you know extremely well who will support you along the way.
3) Build trust with your audience; invest in your relationship with them.
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[01:08] – Dorie grew up in North Carolina and she’s a Duke basketball fan
[02:01] – Dorie was on Episode 728 and episode 993, so this is her 3rd appearance on Entrepreneurs On Fire!
[02:28] – When Dorie isn’t writing, she does marketing strategy consulting
[02:46] – Last year, Dorie started taking stand-up comedy classes
[02:54] – Dorie is currently working on musical theater and just produced a jazz album that has won a Grammy
[04:17] – Entrepreneurs need to know that being recognized for your craft is different from getting money from it
- Journalists twenty years ago were earning differently than journalist now
- There’s now a disconnect regarding how people make money
- How Dorie earns now is an indirect process
[05:54] – With Entrepreneurial You, Dorie wants to present a playbook for today’s entrepreneurs so they can get smart and savvy with the new ways there are to earn money and leverage what they’re doing
[06:21] – There are three processes involved in successful monetization
- Building trust with your audience, going deep, and leveraging your knowledge
- Some people rush to monetize
- Going deep is getting to know your target audience more
- John Jantsch of Duct Tape Marketing started as a regular marketing consultant and he built a relationship with his customers
- Leveraging your knowledge is expanding out
- Andrew Warner of Mixergy started a subscription-based interview series that was successful because he knew what questions to ask
[10:13] – In an investment, people know that it isn’t good to put all your money in one stock
- Entrepreneurs are over-indexing in one area
- However, the market will always change
- Dorie interviewed James Altucher who had a web designing business in the 90s where he was getting paid $250K per project
- James realized that kids are learning to code and his business wouldn’t be as sustainable
- “It pays to hedge your bets”
- We need to understand our core value and find different ways to deploy that into the world
[13:48] – You have to create multiple revenue streams so you are protected as the industry evolves
[14:13] – The first step in creating multiple revenue streams is to do an income stream audit
- Write down the current revenue streams that you have
- Look at your data and check what percentage of your revenue each income stream represents
- Ideally, you would want to have a balanced table
- Then, brainstorm the things that you want to explore
- Dorie currently has 7 revenue streams
[16:14] – JLD loves that Dorie gives homework!
[19:49] – You don’t need a big audience to leverage your revenue streams
- “What matters most is understanding your existing customers deeply”
[20:46] – Dorie launched her first online course, Recognized Expert, last year
- It started with a community of 45 people
- There are currently 150 people involved
- Dorie told the community that she’s thinking of having a mastermind day in New York for 10 people and it filled up fast!
- If you know your audience enough, you can easily offer them what they need and that will be another revenue stream
[22:47] – Danny Iny has a great story that he shared with Dorie
- Danny was getting into online courses, so he started Marketing that Works
- However, only one person signed up for his course
- Years later, he created a new course beginning with a pilot
- The model worked well with beta testers giving their feedback
- The official launch delivered exactly what his audience wanted, and he earned $2.6M from it
[25:11] – Dorie started writing Entrepreneurial You in 2016 and she has earned $193,753 since then just by following what she researched
[25:50] – Dorie created a free Entrepreneurial You self-assessment workbook, and you can get it at DorieClark.com/fire
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