A friend recently forwarded me a link to an interview that David Letterman recently did on his show with the author of a new book, “Everything’s Coming Up Profits: The Golden Age of Industrial Musicals.”
After watching the interview, and reading more about the book on Amazon, I couldn’t wait to get it! In fact, I even paid a few bucks extra so that I’ll receive it over the weekend. As someone who has made my living for many years speaking at conventions, to learn more about these corporate musicals that were “improbable productions meant to educate and motivate the sales force to sell cars, appliances, tractors, soda, and a thousand other products” is probably going to be a blast. Yes, I’ve been at conventions where this has been done — usually to unintentionally funny results.
However, here’s what blew me away…
The author, Steve Young, had an appearance on “Late Night with David Letterman.” I probably do not have to tell you that most of my author friends…and me, too… would probably do just about anything to have such stellar exposure. I mean… being on a network show like that must deliver lots of would-be buyers for your book… right?
Maybe not. While Young’s book is, perhaps, somewhat less than mass appeal, I was surprised to see that its sales ranking at this moment on Amazon is #65,311. By contrast, my “Create Distinction” at this point is #25,385… with practically ZERO promotion or publicity other than word of mouth, and interviews on the radio shows of a couple of friends.
While the book on corporate musicals may (and probably WILL) soon jump and leave mine in the dust, I think it’s instructive in today’s marketplace to take a look at what REALLY helps you market your practice to high net worth prospects.
Because of compliance issues, among other issues, you can’t depend upon a big television blast — or even perhaps a series of interviews on traditional media — to enhance the AUM of your practice. If that were true, Jeff Bridges would’ve had the biggest album in country music a couple years ago. He was on every television show from “Tonight” to “The View” promoting his new recording — and it absolutely stiffed.
The only reason that books like my “Create Distinction” have done well is because people who have read it then suggest the book to others. And, I hope it goes without saying, that is a significant and humbling honor.
Promotion and publicity are not the same as referrals and recommendations. Nothing markets your practice like a person of trust telling friends and colleagues… “You GOTTA talk with my advisor!”
Which means… maybe you ought to be spending more of your time developing and delivering something so distinctive that your clients will want to tell your story… instead of spending a lot of money and effort trying to force your story on people who do not yet want to listen.