The podcast discusses the need for creators to effectively monetize their businesses. It explores the story of a blogger who monetized his audience and the potential for creators to outperform traditional media networks. The principles of building equity for creators and the concept of expanding globally are also highlighted. The importance of offering products with recurring fees and Taylor Swift's billion-dollar success are discussed. The hosts also announce their upcoming three-city tour.
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Quick takeaways
To become a billion dollar creator, focus on creating scalable products rather than just a personal brand.
Choose a business model that is valued in broader investor markets to increase potential for long-term success and higher valuation.
Creating a course or program that appeals to a wider audience beyond a specific niche can lead to significant customer acquisition.
Scaling a business through certifications and licensing allows for brand expansion and leveraging a network of certified professionals.
Deep dives
Building beyond the personal brand
To become a billion dollar creator, it is essential to move beyond a personal brand and create something larger. This allows for scalability and the potential for growth beyond one's individual presence.
Selling products, not attention
A key aspect of becoming a billion dollar creator is to focus on selling products rather than just attention. This means creating tangible, scalable products that can generate recurring or repeat purchases, driving higher customer value and long-term equity.
Choosing a better business model
To position oneself as a billion dollar creator, it is important to choose a business model that is valued in broader investor markets. This involves studying existing high-value businesses and understanding the principles and strategies that make them highly regarded. By adopting a better business model, creators can increase their potential for long-term success and higher valuation.
Creating a Scalable Course or Program
The podcast discusses the potential for creating a course or program that offers support for people trying to stop drinking. This course, called Tempest, appeals to a wider audience beyond just self-identified alcoholics. The creator's personal brand is not the focal point, which has allowed the course to gain a significant number of customers. The podcast also mentions other examples, such as the Focus course by Sean Blanc, where the course stands on its own and is not solely reliant on the creator's personal brand.
Scaling through Certifications and Licensing
The podcast explores the idea of scaling a business through certifications and licensing. It mentions the example of Hello7, which has started certifying business coaches to deliver their framework and coaching. By training and certifying other coaches, Hello7 can expand its reach and have coaches all over the world. This model allows the creator to focus on building the brand while leveraging a network of certified coaches. The podcast also mentions other examples, such as strengths finders and other certification-based methodologies that offer training and assessments for professionals.
Driving Higher Customer Value through Repeat Purchases
One key insight from the podcast is the importance of driving higher customer value through recurring or repeat purchases. The discussion highlights the success of businesses that offer products or services that are consumed or purchased repeatedly. Examples include companies offering consumable products like food and beverages, or software products with recurring subscriptions. The podcast emphasizes that initial one-time sales are not enough, and businesses should focus on creating products or services that customers will consistently need to buy or replenish, whether it's through consumables, memberships, or other recurring models.
Building a Successful Tour or Event Strategy
The podcast briefly touches on the potential of tours and events as a scalable opportunity. It references Taylor Swift's successful concert tours as a way to generate significant revenue and build a billion-dollar brand. The discussion highlights the importance of creating captivating live experiences, leveraging network effects, and building a product that is shareable and social. The podcast also mentions the value of conferences and annual events that attract recurring attendees who see value in attending and purchasing tickets each year.
How can you make a whole lot more money from your business? Have you ever considered that the road to becoming a billionaire could be more than just a distant dream? You may believe billionaires are a rare breed, but the path to incredible success is within reach, and on Billion Dollar Creator, you’ll learn the strategies that turn billion-dollar ideas into billion-dollar businesses.
Rachel Rodgers and Nathan Barry break down what creators should be doing to make an impact, what they’re actually doing, why it isn’t working, and how you can make the moves that allow you to scale toward your own billion-dollar business.
