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One of my clients has more equity in her personal brand than most. One would imagine that she must be comfortably wealthy, or comfortable at least. A lifetime of service to her industry, the doyenne, the font of all knowledge, the expert. And yet she is not reaping the rewards, not turning this into value.
The result is that she is frustrated, angry, financially challenged and fed up with her industry for not recognising her worth. She feels that she is not in control. And she isn’t. She has passed control to the industry… and it’s happy to receive the handout.
This is a common problem. Great personal brand, little to show for it. So how to fix it? Draw up a table with a list of revenue streams in the left hand column… put your competitors into columns across the top by experience/expertise. List what the market pays per revenue stream for each level of experience/expertise and then write down what you are charging in the far right hand column. This should reveal how you are asking your market to value you.
Next, write a list of all of the free stuff you give away that should go into one of your revenue streams, or that you could create a new revenue stream for.
Last but certainly not least, the rocket science bit: Start charging. Just like everyone else. Its normal. Your market expects it. You may lose a few leeches, however in the process you will achieve a greater perceived value taking future negotiations to another level.
After all, if you don’t value yourself, how will anyone else?