You may have heard about Howard Sterns half a billion dollar contract with Sirius. An article on MSN Money points out this is about $93,000 an hour. Think thats crazy? Oprah’s deal with XM satellite radio works out to $705,000 an hour. Even after staff and production costs, this is a lot of money.
In the United States, if you make $93,000 a year you are considered very successful — if you make $705,000 a year you are at the very tiny top of the iceburg. Few people even think about bringing in that kind of revenue an hour.
Why did I bring this up, and what the hell does it have to do with web publishing? Here is why its important — your name matters. Howard Stern and Oprah aren’t the only people who have been able to create massive leverage through their own name. Sport stars, musicians, and celebrities do it every day simply by appearing or endorsing a product. But your not a celebrity, and neither am I.
Here is what you should learn from this: don’t forfeit your name for a quick buck. You might be trading a quick $100 here and there today for an easy $100,000 5 years from now. The internet is filled with here today, gone to tommorow “gurus” who are more than eager to sell low-quality products to boost their short term earnings. You might fall for buying their e-books once, but you won’t a second time. Do any of them stop to consider how much more they could make developing and endorsing high quality products? Instead of slash and burn customer aquisition they could build up a portfolio of clients who earn them revenue again and again.
Oprah’s loyal viewers watch her TV show, buy books from her bookclub, and subscribe to her magazine. This would never happen if their first “Oprah” experience was a bad one.
I’ve been tempted to link to products on my blog with affiliate codes or do link exchanges, but up until now, I haven’t. Does it matter? May be not, but for an extra couple of hundred dollars a month (if even that), I’ll pass.
Here is my advice for you, do something only the ultra-successfull have figured out: invest in your name; it will pay off exponentially for years to come.