Marketing is like sex. Everyone thinks they're good at it.- Steve Tobak
We are in a golden age of solopreneurs: independent, innovative experts who are turning the traditional working model on its head.
No longer content with working under layers of organisational management, workers around the globe are increasingly making the decision to take full control of their careers. To carve their own niche and capitalise on their skills. To join the solo revolution.
And you are one of them. A revolutionary!
Creating your own brand has never been easier. With the explosion of social media, solopreneurs have immediate access to billions of people around the world. You can speak directly to anyone, anywhere, at any time. Likewise, the number of services and products consumers have instant access to is infinite. Neither business nor buyer is bound by location anymore.
It is an incredibly liberating age. But it's also one that some entrepreneurs and businesses find overwhelming.
We're Living in a Digital-First World
In his book Ctrl Alt Delete, Mitch Joel discusses the term "digital first". He reveals the five key movements that organisations must embrace to future-proof themselves - or go out of business. One of these shifts is the fact that now, the first place your brand and business are validated is online. Essentially, the internet and social media have the power to make or break your chances of success.
Serial entrepreneur Gary Vaynerchuk is a great example of how to cultivate a successful business by leveraging digital media. Born in the Soviet Union in 1975, Vaynerchuk immigrated to the United States in 1978. From humble beginnings, his father went on to own a liquor store in New Jersey. In the early days of the digital-first world, Vaynerchuk could see the burning potential of his father's business. After graduating from college, Vaynerchuk transformed the liquor shop into a retail wine store, which he named the Wine Library. In 2006, he started a daily video blog, Wine Library TV. This hugely popular webcast turned him into an internet celebrity. It attracted 90,000 viewers a day and led to a flurry of TV and speaking engagements. In just six years, Vaynerchuk grew the family business from $1 million a year to a whopping $50 million a year.
Not too bad for a small family business, right?
So, as you can see, traditional marketing has been blown out of the water.
We're no longer restricted to cold calling and setting up meeting after meeting to generate leads and sales. Digital marketing has opened an array of cost-effective avenues for self-promotion and lead generation. Sales are now about leveraging your social networks, engaging with people online and educating.
This is, essentially, the social sales model: (see link below)
Today, the businesses and entrepreneurs that make the most impact on their audiences are role models. They're trusted advisers who create tribes - powerful online communities that help their brands grow. They educate and provide solutions. They've jumped on board the social sales train and embrace the connection economy whole-heartedly. Because if you don't, you get left behind.
But we can't rest on our laurels. We must build on this massive sales reform and look to the future. We must become industry ambassadors. We must become thought leaders who engage meaningfully with our followers, share generously of our expertise and regard our audiences not just as leads or dollar signs, but as lifetime partnerships.
Why Stand Out from the Crowd
Solopreneurs are the way of the future. They account for 61% of Australian businesses[1]. And with the advent of freelance sites such as Upwork, 99designs, Freelancer and Airtasker, an increasing number of Australians are freelancing. According to freelance marketplace Elance-oDesk, 30% of the Australian workforce - or 3.7 million people - undertake some sort of freelance work[2].
Digital marketing presents an enormous opportunity for solopreneurs. According to Ipsos Open Thinking Exchange, the average person spends two hours a day on the internet. Furthermore, IBM's Global CEO Study found that CEOs believe social media utilisation for customer engagement will increase by 256% over five years. This means social media will become the second-most popular way to engage customers after face-to-face communication.
Social media has created a level playing field. It's cheap and readily available. You don't need large amounts of money to build a business. You don't even need an existing client base - you can start one from scratch online. The internet has given everyone the potential to create a successful solo business.
But there's a downside to this equal opportunity. Despite the accessibility of social media, one of the biggest challenges entrepreneurs continue to face is finding leads and retaining clients.
The digital marketplace means you're competing against everyone else with a business like yours. You can't simply create a LinkedIn or Facebook account and expect clients to come to you. How will they know you're there? What makes you stand out? When everyone else is pushing their own unique selling point, what will make people choose you?
In a world where customers have immediate access to information on every kind of business around the world, it's hard to cut through the noise. To gain that competitive edge, you must create a connection.
Being a solopreneur is not enough. You must bond with your audience by offering more than your products and services alone. You need to educate, lead and gain trust. You need to make a real difference to the lives of your clients.
Position, Position, Position
Positioning is fundamental to creating trust and having influence. It's more than just creating an image. It's about owning your space in your industry. It's about flexing your expertise, starting conversations, changing the game, creating engaging content and enlightening others. It's about being the go-to expert for peers and clients needing guidance.
And it's what leads to sales.
When you have a rock-solid positioning, your return on investment is second to none. Digital media and technology company Burst Media's 2014 Influencer Marketing Benchmarks Report found that on average, marketers who implemented an Influencer marketing program in 2014 received $6.85 in earned media value for every $1 of paid media.[3] The primary tools used in Influencer marketing were:
- Blog posts
- Social syndication and branded content distribution
- Influencers and influential content
Blogs. Content. Social media. These are indispensable, cost-effective tools if you want to elevate your positioning from business owner to leading industry expert. And they are what will build your audience's trust in you.
If people like you, they'll listen to you, but if they trust you, they'll do business with you.- Zig Ziglar
Social Sales model
[1] Australian Bureau of Statistics, June 2014
[2] Elance-oDesk survey, 2015
[3] "Report: Influencer Marketing Can Yield Big Returns", Social Times, March 6, 2015. http://www.adweek.com/socialtimes/report-influencer-marketing-can-yield-big-returns/616512
