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The way income in your industry is distributed is not fair.
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The people at the top earn way more than everybody else combined.
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Technology is moving all the money to the top of the power law.
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For many, many years in the industrial age,
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income was shared fairly and there was a bell curve.
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But today that's different.
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Technology has created a power law that distributes money to the absolute top of every industry.
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It's the key people of influence who are making more than ever
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while everybody else is sitting there looking at them going,
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how are they doing it?
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Today we're going to explain exactly how they're doing it.
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Now, before I share with you those five things, I want to introduce you to the craziest shape that I ever saw.
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I saw this shape 15 years ago and it blew my mind.
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And I spent about six months just looking at this shape and trying to figure out how it worked.
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So what is this shape?
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This is a strange shape.
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And the shape is actually income distribution.
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And what blew my mind is that essentially there are lots of people who earn, call it 50 grand to 150 grand.
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and that's like the vast majority of people.
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But then when we get past this little point up here, the top 5%,
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it goes exponential.
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Every little percentage jump goes through the roof
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relative to what most people earn.
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So plenty of people in this pointy end of the shape
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are earning $600,000 a year, $1 million a year, $1.5 million a year.
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The incomes over here just go absolutely off the chart.
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It's absolutely wild to see.
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Now, what I discovered is this shape happens in every industry.
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You can take almost any industry you can think of and you'll get the vast majority of people
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earning something like $50,000 to $150,000 a year.
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And then once you get to that top end of the town, boom, you get a few people who get
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exponentially more.
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So I became fascinated with this and I wanted to understand what's going on here.
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The first insight that I had is that industries are broken up into three categories.
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Category one is called newbies.
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And newbies are people who are new to an industry.
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They're still learning.
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they're still getting their basic level of skills. And those newbies are people who are fresh,
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new and excited. They've got loads of energy, loads of happiness. They can't believe their
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luck to be in this industry. Essentially, their currency is learning. And what they're trying to
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do is get enough skills to get to the next category, which is to become workers. And these
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workers are the people who essentially they're not as happy. They're not as excited. They kind
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of know the realities of the industry, but they've got the skills and they get paid and there's plenty
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of opportunities for them, but those opportunities essentially pay something like 50 to 150,000 a
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year. And that is the vast majority of people in any industry. And then at the very top of the
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industry, we have the key people of influence. It's a small group of people who are the most
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connected, most well-known personal brands in the industry. And those people earn exponentially
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more money. As I said, this happens in all industries. Now, here's what often happens.
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There's this thing called the merry-go-round of distraction. The merry-go-round of distraction
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is where a worker bee who is in industry A
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sees a key person of influence in industry B.
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So they go, oh my goodness, I wanna be that person.
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So I'm gonna rush over to industry B.
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And then what they do is they go from being a worker bee
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to a newbie in this new industry.
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And they go, oh, that's terrible.
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They work, work, work, work, work, work, work.
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And then they end up as a worker bee in industry B.
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And they say, oh, that's not what I thought it was.
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So they go, oh, I've seen a key person of influence
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in industry C.
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So I'm now gonna go and run and do that.
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Now I'm back to being a newbie.
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and they basically bounce from being a worker bee to a newbie and a worker bee to a newbie
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and they go around the merry-go-round of distraction and they just essentially,
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they go from this thing to that thing, chasing the bright shiny object.
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They always see the key person of influence doing well,
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but then the realities of the industry unfold and it doesn't work out the way that they thought they would, right?
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So that amazing opportunity that they were chasing is actually shielded by an army of newbies and worker bees
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who have been attracted to that same opportunity.
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And I call that the merry-go-round of distraction.
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So what do you do instead?
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Well instead of being a merry of distraction you recognize that this is how your industry works and you say I going to go from being a worker bee to a key person of influence I going to do the things that make me a key person of influence in the industry that I love So you choose an industry that you love And once you chosen an industry that you love you going to do the things that make me a key person of influence in the industry that I love So you choose an industry that you love And once you chosen an industry that you love you figure out how do I become the key person of influence at that Now to become the
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key person of influence in any industry does not require more skills, the functional skills that
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got you here and not going to get you there. To become a key person of influence, you need five
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new skills that most people in the industry don't have. So let's go through the five skills that
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make you a key person of influence. Skill number one is a skill called pitching. Pitching is the
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ability to enroll people into new ideas. It's to get people excited about something that they haven't
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even thought about. Somebody woke up, they weren't even thinking about this particular idea, and then
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they saw Alex Homozy talking about it, and they went, oh my goodness, I'm interested in that. They
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saw Cody Sanchez saying, wouldn't it be great to buy this kind of business? And they go, yes,
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I'm going to buy that kind of business. So what happened is that that key person of influence
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pitched them an idea. Being a key person of influence is the journey of a thousand pitches.
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You are going to have to pitch, pitch, pitch, pitch, pitch. And the person who is the best
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at pitching is the one who becomes the key person of influence because the people who can pitch,
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those are the ones that move the needle. Now, how do you pitch? First thing to know is that
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there's three types of pitches. Pitch number one is called a social pitch. It's the type of pitch
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that happens on social media or in social settings. It's typically a 30 second to 45 second pitch.
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and it says your name, your same, your fame, your aim and your game, right? There's plenty of things
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in that social pitch and you get all of that across in a very short space of time and people
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go, oh, you're up to something, I want to know more. The next one is called a scheduled pitch.
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Scheduled pitch is where you're meeting someone and you know who they are, they know who you are
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and you've got something like 15 minutes to two hours and in that 15 minutes to two hours you're
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going to give a full presentation and it's tailored to that person and your job is to basically take
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them on a new journey. You want to say you're going to take path A, I'm going to move you to
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path B. I'm going to get this particular course of action to happen because I've scheduled a pitch
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and now I'm pitching an idea and now you're going to get excited by the ideas, right? So scheduled
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pitch. And then the final one is a sales pitch and a sales pitch is about achieving a transaction.
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So it's either selling someone to actually transact to buy a product or it's selling someone
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to invest, right? But it's actually a transactional pitch. So these social pitch, schedule pitch,
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sales pitch. These are the ones that key people of influence use all the time. It's because they
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can do those types of pitches that they are so valued in their industry because most people in
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any industry just can't pitch ideas. Now, I believe that you get what you pitch for and you're always
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pitching. Have you ever met a negative person who's always talking about how bad things are?
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To me, that's a pitch. They're pitching into existence negativity. They're pitching the bad
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things into existence. Oh, it's so hard out there. It's so difficult out there. You can probably see
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it in the comments of some of my videos, people pitching negativity, and then they wonder why
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everything doesn't work out for them because they pitched it. I believe that you get what you pitch
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for and you're always pitching. So you've got to be very intentional about the way that you pitch.
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If you want to be a key person of influence, step one is become great at pitching. Step two is to
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have published content. Published content means taking your ideas and putting it into the public
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domain. The word publish means to make public. Publishing could be publishing videos, publishing
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podcasts or ideally publishing a book. There is a reason that the word author and authority are so
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closely linked. When you become an author, you become an authority. By publishing your ideas and
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putting them out there in the public domain, you are sending a signal that you really care about
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something. It's those who publish who care the most. Putting your ideas into books, reports,
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social posts, videos, and podcasts is a key to being seen as a key person of influence. Those
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who publish are those who scale. Now, a key idea for this is prolific beats perfect. Do not try and
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be a perfectionist. Try and be a directionalist. A directionalist is someone who moves directionally
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correct with everything that they publish. They just keep publishing, publishing, publishing.
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Some of it is a home run and scales Some of it gets brushed under the carpet That totally fine The Beatles wrote something like 400 different songs and I think only about 30 or 40 of them became number ones but they the biggest selling band ever to exist So you going to publish some stuff that world You going to publish some stuff that is a bit cringe
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People will see the world-class stuff, and the cringe stuff never takes off anyway,
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so it doesn't really matter. Prolific beats perfect. Don't worry about perfection. Worry
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about direction. Step number three, if you want to be a key person of influence, is we have to
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free up your time. You can't be selling your time for money as a key person of influence. You have
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to sell products. There is a reason that you will see all the key people of influence like Stephen
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Bartlett, Alex Amozzi, Cody Sanchez. They are all out there selling products. They're not selling
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their time as their primary way of making money. Now, what do we want to do with products? We want
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to create what we call a product ecosystem. We want four types of products that are really going
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to give you scale. The first type of product is a free product called a gift, something you can
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give away freely that people think is great value for free. The next one is called a product for
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prospects, which is a cheap, easy product that does not require a huge commitment. And the product
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for prospects is a powerful first step for anyone who wants to work with you. The third product is
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your core offering. It's the main thing that you do. It's the thing you're known for. It's
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transformational. It's impressive. It's the flagship product that you do. And the fifth product is
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called a product for clients. It's the ongoing subscription, the ongoing membership. It's the
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product that takes people off into the future. So we need all four of these. Gifts create attention,
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Product for prospects creates trust.
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Core offerings creates transformation.
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And product for clients creates relationships over time.
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So having all four of these products is beneficial for your overall product ecosystem.
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The main thing is that you do not sell time for money.
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Income follows assets.
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And the assets that matter most today are the assets of product creation.
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Creating a new and hot product is one of the best value assets you'll ever have.
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It's better than a house.
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It's better than stocks and shares in somebody else's company.
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The big money is in product creation.
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It's typical that a key person of influence is also a product innovator, a product creator.
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That has to be you.
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You've got to think through how are you going to engineer a better offer, a better product
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that already exists.
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And remember, products and services don't make money.
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Product and service ecosystems make money.
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It's not enough to just create one product.
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You've got to create all four.
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Step number four is building a profile.
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The definition of a profile is how you are seen from a distance.
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So how are you going to be seen from a distance?
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Well, you're going to be seen using a framework called SALT.
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SALT stands for social media accounts.
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You're going to have at least four platforms that you show up on on a regular basis, and
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those are going to be your big social media accounts that you create and grow.
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The A stands for awards and associations.
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You're going to win some awards and you're going to be associated to brands that I've
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already heard of.
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L stands for live events.
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You're going to be a speaker.
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You're going to host live events.
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You're going to sponsor live events.
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You're going to get involved in live events because that's where a lot of
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action happens when you're a key person of influence. And T stands for third-party platforms.
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You're going to appear on other people's podcasts. You're going to be on other people's platforms.
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You're going to be invited on traditional media. And all of that is third-party platforms. Now,
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when you have got the social media, the awards and associations, the live events,
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and the third-party platforms, people are going to say, that person is worth their salt. They've
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got a big profile. I can discover them. I can easily interact with them. I personally believe
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that every opportunity stands behind a Google search.
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It's very unlikely that a big deal would happen
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without somebody Googling you.
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So I want you to apply the principle
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that you are who Google says you are.
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If I Google your name and nothing comes up,
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there's a low chance that I would ever do a big deal with you.
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If I Google your name and it's confusing
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that there's all these different things you're involved with
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and I can't really make sense of it,
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there's a very low chance that I would do business with you.
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If I Google your name and it's clear to me
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that you're a key person of influence,
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that people respect you,
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that you're known, liked, and trusted,
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that you've got these four things in place, then there's a very high chance that I want to work
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with you as a key person of influence Now some people hate the idea of being in the spotlight They say I do not want to become a narcissist I don want to be the type of person who says look at me I don want to be the type of person who shows what I have for breakfast and what car I drive and what gym routine that I got And that is totally
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acceptable and that's totally normal. And I want to let you know that building a profile is not about
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being in the spotlight. Building a profile is about becoming the spotlight. Your goal is not
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to say, look at me. It's to say, look at this. You're not saying, check me out. I'm amazing.
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you're saying, check out these ideas. These ideas are amazing. You're also going to get famous by
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the success of your clients. You're going to put your clients in the spotlight. The goal is not to
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chase the spotlight. It's to become the spotlight. Step five is partnerships. Partnerships are where
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you, as a key person of influence, team up with other key people of influence in your industry.
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This is where you get to access the unbelievable multiplier effect of partnerships. One plus one
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should equal 11, because if you do great partnerships, it has this incredibly powerful
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multiplier effect. Your brand with somebody else's product could be a huge product launch.
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Your distribution with somebody else's product and brand could be a massive partnership. Think
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about how big businesses work. Nike doesn't try and hire an employee who wins the tennis.
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They say, let's partner with Serena Williams and let's partner with Walmart and let's create a
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campaign together. Nespresso doesn't say, let's make our brand as well known as George Clooney.
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They say, let's get George Clooney and partner with George Clooney to make our brand as loved
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and admired as George Clooney.
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So they're thinking about partnerships.
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The goal here is to do three types of partnerships.
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The three types of partnerships is called brand,
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product and distribution partnerships.
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So a brand is someone who is more well-known than you
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that you can partner with,
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and it's gonna enhance your brand
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by being associated with their brand.
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Product partnerships are going to enhance
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your product offering by having this product included.
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So think about how Porsche 911
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has a Bose stereo system in the car
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and has Pirelli tires on the car.
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That is a product partnership.
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One product goes with the other product
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and therefore it's a good fit for a product partnership.
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And distribution, well, that's all about getting your products
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and services in front of more people.
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So imagine for a moment that you did a deal with Walmart
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to stock your product in every Walmart.
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Imagine if you did a deal with Virgin Airlines
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to have your offering included in everything that they do, right?
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That would be distribution.
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So you're looking for these three types of partnerships,
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brand, product, and distribution partnerships.
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If you can get that right, you can have an amazing uplift effect on your business.
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But here's the thing.
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Only key people of influence can do partnerships.
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This is not something you can delegate.
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It's not something you can pass off to someone else on your team.
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You as the founder have to drive these partnerships.
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But if you do, they can be totally transformational.
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Consider this.
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Somebody woke up this morning with everything that you've ever wanted and they've already
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got it and they're looking for a partnership.
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Someone's got the money and they could partner with you as an investor.
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Someone's got the expertise and they could join your advisory board.
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Someone's got a million email addresses and they could partner to do an email campaign
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with you.
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There are always great partnerships that solve all of your problems.
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You just need to know how to structure them.
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Now, you may have doubts as to whether you can do this, and I want to reassure you, you
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absolutely can.
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If you've got youth on your side, youth is an asset.
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If you've got experience on your side, experience is intellectual property.
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You can absolutely do this.
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You're standing on a mountain of value, but sometimes when you're standing on a mountain,
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you're too close to see it for what it is, right?
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you've got proximity bias. So I want you to trust that you've got something of great value,
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but you need to explore it through these five P's, pitching, publishing, product profile,
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and partnership. And if you go through that, you'll turn a little bit of value into a lot of value
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that scales. Okay. I hope you enjoyed that video. It's all about becoming a key person of influence.
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Leave me a comment below, like the video, subscribe to the channel and share this with someone else
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who you think would make a great key person of influence. If you're interested in knowing more,
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I run a regular little workshop on how to become a key person of influence.
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There's a link below and there's also a link to the book,
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Key Person of Influence as well.
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I really hope you're enjoying these videos
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and I look forward to seeing you next time
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and I hope your business is doing really well.