The Benefits of Authority Marketing
(Episode 2 of 2 with Adam Witty)
Welcome back to another episode with Adam Witty, the CEO & founder of Advantage|ForbesBooks. In the last episode, we discussed the seven pillars of authority marketing and today, we’re going to continue our conversation and look at different examples of companies that have implemented authority marketing.
We will cover the following key takeaways:
- Authority marketing can help us generate more leads, increase our revenue stream, and ultimately find success.
- Authority marketing helps differentiate us.
- One of the worst things we can do is try to compete on price alone.
- In most cases, anything that can be a catalyst of great success requires great time, effort, energy, and investment.
- There are riches in the niches.
- People don’t buy from companies, they buy from people.
Business Growing with Authority Marketing
Authority marketing, as we discussed in the last episode, is about strategically positioning ourselves as a thought leader and expert to build trust with our customers. By implementing authority marketing in our businesses, we can generate more leads, increase our revenue stream, and ultimately find success.
Steve Gilliland, a retired executive, wanted to become a motivational speaker. He came to Adam for help, and over 10 years they worked together to help Steve write seven books. Each book was also a speech he could give. Together they leveraged two pillars of authority marketing: speaking and content marketing.
Everytime Steve speaks, he not only earns money from the speaking fee, but he also has a chance to sell his books. He started with speaking 25 times a year, averaging $5,000 per event and with authority marketing, he grew to about 150 events a year with an average revenue of $10,000 per event.
“When [Steve] endeavored in this authority journey with us, he ended up growing . . . his business by a factor of about 12,” Adam Witty said.
Dr. Jamie Reynolds, an orthodontist, also leveraged authority marketing to grow his business. He used the pillar of PR and media to build his perceived credibility and gain trust with his customers. When you walk into his office or visit his website, you’ll see dozens of different logos from the media, newspapers, magazines, TV shows, etc. that he’s been interviewed on or featured in. While he was already an expert in his area, he had to find ways to prove it to his audience in a way they would trust.
“Consumers buy emotionally and they justify logically,” Adam said. “Because of that, we know that the best brands and the best companies are ones that are able to successfully create a perception that attracts high quality customers. And that’s what authority and credibility marketing is.”
Again, it’s not about faking it. It’s not about pretending that we are credible when we’re not. Instead, this orthodontist was credible. He just had to find a way to communicate that with his customers. He had to get on the media and then showcase it in his office so that his clients and potential clients could see it.
Benefits of Authority Marketing
One of the biggest push backs Adam hears about authority marketing is that people don’t want to become egocentric. They don’t want to appear as if they are bragging about themselves. However, at the end of the day, we have to showcase our virtues if we want to get attention for our business. If we don’t showcase how great we are, why would anyone buy from us?
“The more attention that you and your business get, the more customers will walk in the door,” Adam said. “You’re going to get a higher quantity and quality of lead generation at a higher quantity and quality of sales conversion. And you’re going to get a higher quantity and quality of referrals and repeat business from those customers.”
Authority marketing helps us showcase our business so we can get the attention of our customers. It helps us differentiate ourselves from our competitors.
“If you’re not willing to share what you know with others, your competitor is,” Adam said. “[Authority marketing] has never been about beating your chest. It’s about sharing your stories, your passion, your knowledge with others, to help them. . . . Growing your business is really a byproduct of doing the right things and having a mission to help as many people as you possibly can.”
One of the worst things we can do is try to compete on price alone. We live in a world that is global. Because of the internet, we aren’t just competing with local businesses, but businesses from around the country, even the world. It’s never been easier and cheaper for people to compete against us.
If we try to compete on price, we will almost always lose to big corporations such as Amazon. Instead, we have to be different and stand out. We have to find what makes us unique and focus on that. One of the best ways to do this is to focus on a specific niche audience and really narrow our focus. Then we can use authority marketing to present ourselves as the expert in our industry.
Adam said that one of the biggest mistakes businesses can make is not implementing authority marketing. Many businesses don’t understand how important it is to shape the narrative about their company. He explained, “Because they don’t invest in authority marketing, they don’t have a pulpit [where] people will actually listen to what they have to say.”
It takes time and energy to set up a strong authority marketing strategy, but it is so worth it. “Anything of great importance and anything that can be a catalyst of great success in most part requires great time, effort, energy, and investment to make it happen,” Adam said.
Another mistake that businesses often make is trying to appeal to everyone. Instead of focusing on their specific niche, they get way too spread out. Many people are afraid they’re leaving money on the table so they try to stay general. But what they don’t realize is that when you try to be all things to all people, you end up competing with everyone and selling to no one. It’s much easier to close deals and make money when you are focusing on a small niche.
“I’ve always believed that the riches are in the niches,” Adam said. “[Find] your tiny niche you can own and dominate.”
Showcasing Thought Leadership
A huge part of authority marketing is showcasing thought leadership. We become an authority and we become credible when we can share knowledge that is of value to our customers.
“By sharing the knowledge that you have with other people and helping them in their lives with set knowledge, [you] create a golden virtuous cycle that will ultimately come back to you,” Adam said. “Thought leadership is all about being an expert.”
People don’t buy from companies, they buy from people. Your status as a thought leader conveys upon the entire business and organization and ultimately serves your customers.
Connect with Adam
Thank you so much Adam for sharing your stories and insights with us today. To learn more about or connect with Adam: