One of the most intriguing discussions rippling through the blogosphere these days centers around the rise of the personal brand.
The concept, essentially, is that blogging and social media tools have allowed some individuals to build a reputation – a brand, if you will – that carries value much as the Coca-Cola brand or Starbucks brand holds value.
In most cases, the personal brand enhances the employer’s brand, and vice versa. In some cases, the personal brand even surpasses the company brand in recognition, demand and value.
Others have weighed in on this topic, exploring the elements of a personal brand, the emergence of well-branded mobile workers, the link between personal brand and corporate brand, the responsibilities of building a personal brand, and threats to the personal brand.
And now, here’s my question: What is the price of a personal brand?
Personal Brand Value…More Complex than Cost of Goods
On the surface, it’s a simple question: How much would you pay to hire, say, Jason Falls to put together a social media program for your company?
Yes, you could look at this as a question of commodity cost. But that seems too simplistic. You don’t hire a well-branded individual merely to perform a mechanical assembly of social media tools. Your teenager could create a MySpace page for you, after all.
So, is the price of a personal brand a reflection of the experience and consultative wisdom of a social media consultant? Well, no, we’re still not there. Again, this seems to define the value proposition too narrowly. It doesn’t account for the reputation, respect and recognition the individual has built for himself or herself.
You don’t choose someone who’s respected in his industry just to replicate the sophisticated social media architecture he created for his current employer. You go after a big name because you want the best, and because you want your customers, partners and competitors to know you’ve got the best.
The X-Factor is What Makes the XK
It’s like buying a Jaguar. Sure, it’s well built, but a Jaguar XK doesn’t cost $80,000 because of the manufacturing cost. Steel isn’t that expensive. It’s not because of the superior handling, either, or the 420 horses under the head.
No, you buy a Jaguar because of the brand reputation – the prestige. It’s because your top client will see Jaguar and think success. It’s because you want your competitor, who drives a modest BMW, to know you’re better than him.
So, what is the cost of a personal brand? I don’t know. I suspect it varies from individual to individual. In the case of SHIFT Communications, the cost was the loss of an up-and-coming PR pro to a higher bidding employer. I’m sure SHIFT could put a dollar amount on that for you. Whatever the number is, one thing is clear: a personal brand is emerging as a hot commodity in the new economy.