20% of small businesses fail in their first year.
50% of small businesses fail after five years in business.
Only 40% of small businesses are profitable.
82% of businesses fail because of inconsistent or insufficient cash flow.
These are just some of the harsh statistics you’ve got to face when you work for yourself.
An even bigger downer is the fact that many of these failures have nothing to do with the quality of a product or service. Businesses are failing because they’re falling down on the marketing and can’t cope with the competition.
Here’s another statistic for you: there are over 500 million entrepreneurs in the world!
* Traditional barriers to setting up a business have fallen.
Advances in software and automation have made it easier than ever to start a business, particularly, an online business. Consequently, there are now millions in the online space.
* Pioneer online entrepreneurs have cleared a path many are following.
Success invites imitation. The result is, in almost every niche, there are hordes of entrepreneurs hawking the same products and services.
* Easier and more affordable access to training.
A rise in knowledge-sharing products like e-books and online courses provides an infinite source of education and support for people ditching the corporate grind for entrepreneurship.
What this all means is there are far more players battling it out for customers and clients. Before you hit the panic button, though, consider one thing.
There is always opportunity in adversity.
While competition has shot up, it also means the number of just ‘average’ businesses has increased.
There is massive opportunity for entrepreneurs determined to use extraordinary methods to rise to the top of the heap.
Given the overwhelming level of competition, it is critical to bring your best game to your marketing efforts.
The power of personal branding
Business success in this new decade will be driven, to large degree, by strong personal branding…but with a twist. That twist is video.
The know, like and trust elements that are critical to customer relationships will be influenced even more by what we like to call the ‘YOU’ factor.
The Internet is awash with offers of products and services of all shapes, sizes and prices. It can all seem like a blur to the bombarded browser.
What will bring your message into sharp focus, though, is making the ‘YOU’ factor part of your business, product or service.
One of the most effective ways to share the YOU factor is through video.
Believe it or not, there are still many online entrepreneurs who are not going on camera to promote their businesses.
That leaves a lot of open field for you!
Video-first content marketing
By now, you know about YouTube and its massive audience of diverse needs and tastes. You probably also know that social media platforms like Facebook, Instagram and LinkedIn have pivoted towards video.
Audiences continue to gravitate towards video and social media algorithms are giving added attention to video over other forms of content. As such, a video-driven content marketing strategy is a must on today’s online platforms. Video and social media can help burn your name and brand into the minds of audiences.
Keep in mind, however, that even though the goal is to share the YOU factor, you don’t want your videos to be all about you. It’s not about your personal preferences or singing the praises of your business. Your videos should mirror the wants and needs of your target market.
Now, let’s move on to some additional ways you can incorporate personal branding + video in your marketing strategy to succeed in business in 2020.
Video pitches and proposals
Let’s say you’re being courted by two industry peers who’d like you to think about getting into a business partnership.
To seduce you into making an investment, one sends you an indigestible 100-page prospectus, while the other emails you a video proposal. Which one do you think would get your attention? There’s a reason you’d choose the video.
First off, a dry, wordy prospectus cannot convey emotion or passion. With business competition being so fierce, potential investors or partners want to be immediately wowed or inspired.
You need to show unconventional thought, that you’re willing to try extraordinary things to achieve extraordinary results.
A video recording of a pitch or proposal allows you to briefly but effectively fire up the imaginations of likely partners.
There are few people who are delivering proposals through video. And there it is; doing what most won’t do, to achieve the success most won’t have.
So, whenever you pitch a client, think about doing it in front of the camera. Your out-of-the-box approach will be rewarded.
Video messaging is another creative way of boosting your personal brand with business prospects, clients and customers.
Rather than communicate just through emails or phone calls, send a video message.
With each video message, people get to know a little bit about who you are—your personality, your energy and your likability factor.
By adding a face, expressions and body language to your words, you’ll continue to build trust and rapport.
Text and photos alone can’t convey your personality and expertise the way your face and voice can.
The popularity of online courses is showing no signs of slowing down.
Many online entrepreneurs have added an online course to their income streams. Not all of them, though, appear on camera for their course.
Given the wide variety of choice online course buyers now have, showing your face on camera is a great way to boost the success of your course.
By showing your face to students, you’ll build trust and telegraph your authority to be teaching your chosen subject.
Going on camera also dials up the ‘quality’ factor of your online courses.
An on-camera presentation makes your lessons more engaging for students as opposed to just countless sterile slides. An engaged student is a happy student and happy students will leave positive reviews or tell others about your course. That means more course sales for you.
Doing it differently in 2020
The new decade comes bundled with stiff challenges and exciting opportunities.
The clatter on online platforms is only going to get louder, so you’ll have to put in the extra work to shape and grow your personal brand.
Browsers may be online looking for products and services but, in a crowded environment filled with faceless pitches, the deciding factor is often personal branding. That personal branding can established more effectively through video.
Sustained success in 2020 and beyond will boil down to becoming the recognised face, voice and name associated with filling a particular need customers may have.
Video is one of the best tools out there to help you do just that.
Not everyone is ready to step up their video game. Do that and you’ll already be ahead of many other competitors.
Sign up for our camera confidence course to learn how to be great on camera to win the online marketing war.