These days, people tend to use their passions to earn money online. However, building a digital presence is a challenging task. In addition, even bringing passion to life is also a bit harder. But have you ever asked yourself the question “What will I be known for?” We bet you do! In this article, we’ll be tackling how we can survive and ace in the passion economy, through personal branding.
But before anything else, let us discuss what Passion Economy is.
What is the Passion Economy?
Passion economy is a new platform wherein people can monetize their skills. The concept of freelancing and creating businesses out of skills driven from passion built the passion economy. According to many, the passion economy is starting to evolve in a new futuristic way of building careers.
Dan Di Federico of Paper.li mentioned that a lot of people are turning their passions into careers and side-hustles. This raises significant growth in different fields that allow individuals to extensively exercise their skills. These are the skills are the ones they know they have built over time. The idea of creating businesses purely driven by personal branding allows people to monetize on their expertise.
“Your digital presence is something so significant it can impact all different areas of your life” – Founder of Paper.li, Dan Di Federico.
What is Personal Branding?
Personal branding is the building of reputational management. It boils down to what entails within your interests and grasps the opportunity to work on your passion. It highlights the essence of your personality in general and what makes it stand out within your community of interest. Moreover, it boils down to what you do best and who you are as a person. In other words, this shows everybody how you present yourself outside.
In our previous Saastrotalks session with Dan of Paper.li, he highlights that using one’s personal branding can weigh beneficial factors in terms of recruitment and human resources. This can be executed in the sense that presentation skills during an interview can prevail from the rest of the candidates. One way of doing this is by being more engaging and talking about your skills that will benefit the workforce.
Personal branding is more than just selling yourself to get the best. It leaps into a passion and how you utilize your passion to be better.
“It all starts with who you are and your personal brand”. – Dan De Federico
The Widget and The Gig Economy Vs The Passion Economy
Dan reiterates that before the passion economy, two types of economies have risen. One of which is the widget economy. This economy conceptualizes the ideas of making the same things better and better. And until today, it is essentially the most common type of working economy, especially in the industrialized and technological field.
Another economy that was developed after the widget economy is the gig economy. This economy allows the flexibility of individuals to do more things and tackle different tasks. However, earning a hefty amount of money to live comfortably is a little more challenging due to the fact that it is not a “scalable business by any means”.
Personal branding is also important in the widget and the gig economy. As the competition gradually increases, you have to make sure you can stand out among the rest. That’s where personal branding comes in! It must be something so unique, that your audience will always remember you!
However, in the passion economy, everything is all about the individuality of the person. It is what makes the business running, motivated by passion. Hence, personal branding is easier to apply in this economy because it’s all about someone’s individuality.
Dan conveys that no matter how niche the market is, it will organically become successful because of the ability for it to sell to the community that possesses the same interests.
Creator Economy and Passion Economy
Dan also introduced the creator economy which established the idea of gaining perks of being known at a much wider reach. Consequently. COVID-19 pandemic causes a massive growth in the passion and creator economy.
Many social media platforms such as Youtube, TikTok, and Instagram have become avenues for people to develop their own skill sets to sell and monetize. Much more influencers have prevailed. This includes the fact that many people started to appreciate the efforts of small businesses.
The pandemic has caused many financial casualties in many. Thus the creator and passion economy has given people the opportunity to initially develop a sense of personal branding on social media for them to gain support for their activities they could monetize.
To sum up, there are many factors that revolve around passion and the creator economy’s successes. These factors mainly revolve around how the individuals that are within these economies manage their personal branding. The better the presentation of a product, the more effective and convincing sales will be. This logic goes hand in hand with personal branding.
Ways To Strengthen Your Personal Branding
Your personal brand will always have a significant impact on your success. However, people sometimes overlook how they build their digital presence. Millions of professionals often neglect to proactively build their reputation and leverage it to ace the passion economy. And though it may be hard for you, here are some ways to help you strengthen your personal branding:
Define your target audience
What better way to ace in the passion economy and boost your career is to know your customers. If you know your customers well, you’ll be able to know how you will build your presence online. Knowing your target audience will also help you be consistent in what you do, making them remember you more.
Personal branding = Be real
Can you imagine trying to build your presence online, but trying to fake a lot of things as well? It’s hard and definitely not satisfying. Hence, if you really want your audience to love you, keep it real. One simple mistake that people tend to have whenever they are building their online presence is that they need to be perfect. As a result, they tend to become overwhelmed and get tired easily.
Again, the passion economy is about monetizing your skills or earning money by doing what you love. So you have to be real and you have to be consistent.
Grow your network
Growing your network is really important in the passion economy. Well, having the fact that the competition is really big these days, having a big network is helpful for you to stand out.
To do this, you have to build a strong relationship with your audience. This will trigger the power of word-of-mouth. When people love you, they will talk about you and will recommend you.
To Sum Up
Well, you already know the importance of personal branding in different types of working economies. The next thing you have to do now is to strengthen your personal branding so you can build a great online presence. It will all start in yourself, so invest in yourself!
If you want to learn more about how personal branding affects your growth in the passion economy, watch this video replay of Dan Di Federico’s Saastrotalks episode: