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What if your personal brand could do more than just make you known? What if it could actually lead to revenue, create a legacy for you and produce wealth for you and your family?!
Today, we’re exploring how YOU can turn your influence into income with none other than Rory Vaden.
Last year, Rory joined me on the Goal Digger Podcast with one of our most downloaded episodes of all time, so I knew we had to have another discussion to dive even deeper into building a personal brand!
In case you aren’t familiar with him yet, Rory is a New York Times bestselling author, world-renowned speaker, and co-founder of Brand Builders Group, where he’s helped entrepreneurs and leaders design brands that don’t just stand out but sell.
From the Wall Street Journal to Forbes and millions of TEDx views, Rory’s insights have reached across industries, giving people real strategies to build and monetize their personal brands.
In this episode, we’re chatting about what holds most personal brands back financially, Rory’s unique take on why “multiple income streams” might be misleading, and his “PAIDS” formula for the 5 key ways you can actually make money as a personal brand.
Before we dive in, if you’re ready to take the next step in YOUR personal branding journey, Rory and his team at Brand Builders Group are offering a FREE 1:1 strategy call to help you uncover the exact problem you solve, clarify your message, and map out your path to income!
Book your FREE call today and start building a brand that generates real revenue.
Now let’s dive into my conversation with Rory Vaden!
The Myth of Multiple Streams of Income
One of the first things Rory and I discussed was the common belief that having multiple streams of income is the key to financial success.
You’ve probably heard that the average millionaire has several income streams, but Rory challenges this notion. He argues that this idea can lead to diluted focus and, ultimately, diluted results!
When you spread your resources—time, energy, and capital—across too many initiatives, you end up with a fraction of what you could achieve if you concentrated your efforts on one primary stream.
In Rory’s words, “There’s no way you’re going to become the world’s greatest, the world’s wealthiest, the world’s best anything with having one-tenth of your resources deployed across different initiatives.”
According to him, most wealthy people you know became successful by mastering one thing before diversifying. For example, Reese Witherspoon made her fortune through acting, while Sarah Blakely built her empire with Spanx.
They didn’t juggle multiple ventures at the start; they focused on excelling in one area, and that’s what Rory believes we should do, too, as business owners.
Concentration vs. Diversification
Rory introduced a powerful analogy: think of a wall. On one side are people with little money, and on the other side are those with wealth. If you try to break through the wall by hitting it in multiple spots, you’ll get frustrated.
However, if you focus on one spot and hit it repeatedly, eventually, you’ll break through. This concept of concentration over diversification is crucial for anyone looking to build a successful personal brand.
He explained that when you have limited resources, it’s essential to deploy them effectively. If you have ten units of resources and spread them across ten initiatives, each initiative only gets one unit.
This approach makes it nearly impossible to become the best at anything. Instead, if you focus all ten units on one initiative, your chances of success increase exponentially.
The Importance of Clarity
As we continued our conversation, Rory highlighted the importance of clarity in your messaging. He shared a mantra that resonates deeply with me: “Clear is greater than clever.”
In a world where many people try to be unique or clever in their branding, it’s crucial to communicate clearly what you do and how you can help others!
Many entrepreneurs struggle to articulate their value proposition, often leading to confusion among potential clients. Rory pointed out that people don’t buy from you because you’re unique; they buy from you because they trust you. It’s about building relationships and being relatable.
When you can clearly communicate your purpose and how you can solve someone’s problem, you become more referable and, ultimately, more successful.
The Multi-Passionate Dilemma
As someone who identifies as multi-passionate, I was eager to hear Rory’s thoughts on this topic. Many of us have diverse interests and talents, and it can feel limiting to focus on just one thing.
Rory reassured me that you don’t have to be singularly passionate to build a successful brand. Instead, you can have one primary business model while still exploring your various interests.
He emphasized that it’s possible to be multi-dimensional and still monetize one specific type of audience. Once you’ve established your brand and have the resources, you can diversify your offerings. The key is to start with clarity and focus, allowing your brand to grow organically over time.
The Five Ways to Monetize Your Personal Brand
One of the most valuable parts of our conversation was when Rory outlined the five ways to monetize a personal brand, which he cleverly summarized with the acronym PAIDS:
- Products: This involves creating a physical product that you can sell to your audience. Think of successful entrepreneurs like Sarah Blakely, who created Spanx, or Jamie Kern Lima, who built It Cosmetics. They focused on one product that resonated with their audience.
- Ads and Affiliates: If you build an audience but don’t want to sell anything directly, you can monetize through ads and affiliate marketing. This means serving your audience and then selling access to them for advertising or affiliate commissions.
- Information: This is where the explosion of online courses, membership sites, and certifications comes into play. You can commoditize your knowledge and sell it in a way that’s accessible to your audience. Rory pointed out that Amy Porterfield, a close friend of mine, has built her empire by selling courses to thousands of people.
- Deals: This category includes royalties from music, licensing deals, book deals, and sponsorships. These often come later in your career or if you have a significant following, but they can be lucrative.
- Services: This is the classic time-for-money exchange, which includes coaching, consulting, and speaking. Rory and I both have experience in this area, and it’s often the fastest path to cash. By offering your expertise directly to clients, you can generate income quickly.
The Power of Depth Over Width
Rory made a compelling case for focusing on depth rather than width when it comes to building an audience. Many people believe that they need millions of followers to make millions of dollars, but that’s simply not true.
Instead, he suggests finding a small audience that you can serve deeply.
He shared a powerful insight: “You are most powerfully positioned to serve the person you once were.” This means that your experiences and journey can guide you in helping others who are in similar situations.
By focusing on a niche audience and providing them with transformative value, you can create a significant impact AND generate revenue!
The Role of Clarity in Monetization
As we wrapped up our conversation, Rory reiterated the importance of clarity in your messaging and offerings. He emphasized that people don’t pay for information; they pay for application. It’s not enough to provide knowledge; you need to help your audience apply that knowledge to their lives or businesses.
This is where the concept of “mom math” came into play. As a mom, I can relate to the idea of juggling multiple responsibilities and finding efficient ways to make things work.
Rory pointed out that if you’re a busy parent, you have limited time and resources to dedicate to your side hustle or business. Therefore, it’s crucial to be strategic and deliberate in how you deploy those resources.
Taking Action
One of the key takeaways from our conversation is that many people get stuck in analysis paralysis, waiting for the perfect moment to launch their brand or business.
Rory and I both agree that it’s essential to take action, even if it’s imperfect. You don’t need to have everything figured out before you begin; you just need to START.
If you’re feeling inspired and ready to take the next step in building your personal brand, I encourage you to book a free strategy call with Rory’s team at Brand Builders Group. They specialize in helping individuals clarify their brand messaging and develop a monetization strategy that aligns with their goals!
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