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 Key Points:
- Don’t stick with one revenue stream – leverage your knowledge to create several revenue streams so that you stay afloat as the industry evolves.
- A large audience isn’t necessary; what you need is an audience that you know extremely well who will support you along the way.
- Build trust with your audience; invest in your relationship with them.
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Time Stamped Show Notes
(click the time stamp to jump directly to that point in the episode.)
- [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
- [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
- [06:27] – Building trust with your audience, going deep, and leveraging your knowledge
- [06:42] – Some people rush to monetize
- [07:26] – Going deep is getting to know your target audience more
- 07:39 – John Jantsch of Duct Tape Marketing started as a regular marketing consultant and he built a relationship with his customers
- [08:08] – Leveraging your knowledge is expanding out
- 08:23 – 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
- [10:28] – Entrepreneurs are over-indexing in one area
- [10:54] – However, the market will always change
- 10:58 – Dorie interviewed James Altucher who had a web designing business in the 90s where he was getting paid $250K per project
- [11:29] – James realized that kids are learning to code and his business wouldn’t be as sustainable
- [11:49] – “It pays to hedge your bets”
- [12:02] – 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
- [14:24] – Write down the current revenue streams that you have
- [14:40] – Look at your data and check what percentage of your revenue each income stream represents
- [15:00] – Ideally, you would want to have a balanced table
- [15:19] – Then, brainstorm the things that you want to explore
- [15:57] – 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
- [20:15] – “What matters most is understanding your existing customers deeply”
- 20:46 – Dorie launched her first online course, Recognized Expert, last year
- [20:56] – It started with a community of 45 people
- [21:00] – There are currently 150 people involved
- [21:24] – Dorie told the community that she’s thinking of having a mastermind day in New York for 10 people and it filled up fast!
- [21:54] – 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
- [23:02] – Danny was getting into online courses, so he started Marketing that Works
- [23:19] – However, only one person signed up for his course
- [23:40] – Years later, he created a new course beginning with a pilot
- [24:08] – The model worked well with beta testers giving their feedback
- [24:30] – 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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