These mega-stars are known throughout the world. Fans love them for their big personalities and their blockbuster movies, but in Hollywood, they’re known for bringing in top dollar at the box office whenever they’re cast in a new film.
In the movie industry, Will Smith, Sandra Bullock and George Clooney are all known as “bankable stars,” a term used to describe an actor who can give investors utter confidence that they will achieve a return on their money by ensuring a large box-office draw. They are rare, highly sought after, and earn the highest fees in the industry.
There are bankable stars in almost every industry, said Andrew Sobel, co-author with Jerod Panas of one the “must read” business books, “Power Questions: Build Relationships, Win New Business and Influence Others.”
Further, Sobel said, when you can become the George Clooney of your market, it will be great for business.
Just like the Bankable Stars you see in Hollywood, there are people in every market, who like their West Coast brethren are well known and big draws, Sobel said. And here’s the best news, he said …
Anyone can do it. “Fortunately, you don’t have to be a global eminence to achieve bankable status,” Sobel said. “Regardless of your profession, in your particular market niche, you can become a Bankable Star without the galactic notoriety of “Good to Great” author Jim Collins. In fact, I can give you two great examples from my own network.
“One is a sales executive who is considered the ‘most connected’ individual in the industry he serves. He’s seen to be at the crossroads of market information — he always knows who is up, who is down and what the latest market trends are. Executives eagerly await his calls and visits.
Another is a friend of mine who runs an upscale travel agency — yes, they still exist! — that caters to a demanding New York clientele. He knows the best, hottest places to go virtually anywhere in the world and is the go-to luxury travel advisor for many wealthy businesspeople. You might be surprised to learn he owns and rents out four luxury apartments in Manhattan right now.”
So how do you become a bankable star who rarely has to go searching for customers because great customers come to you? Here are five power questions you must ask and answer to move yourself towards bankability in the business world:
1. Do you offer customers utterly consistent quality, again and again? You must build a reputation for consistent delivery, year in and year out. Goldman Sachs and Morgan Stanley lead the IPO market because they are perceived to have reliably procured capital, at the right price, to hundreds of newly listed companies. “On the other hand, I’ve had clients who had so many historic quality issues that they struggled to come up with reliable references when asked for their names by prospects,” Sobel said. “As a result, their margins have been cut, and they face endless ‘Requests for Proposal.’ They are not bankable! I’ve heard this quality message from dozens of top executives as they’ve talked about their most trusted advisors: ‘You have to deliver, deliver, deliver; and over time, my trust in you builds up.’”
2. Are you a thought leader in your market? Sobel said you can achieve this through deep industry focus — by speaking at industry forums, or writing articles for professional publications, as well as by becoming the local source for information about the products and services you provide. “A good example of this is Ernst & Young’s ‘Entrepreneur of the Year’ award. Because the company has run the program every year for over 25 years, they own that space now. You must consistently engage in thoughtful leadership activities over time — you can’t just write one article or hold one breakfast event and then declare victory. If you can produce, every year, a slow but steady stream of thoughtful perspectives on your chosen niche, you will notice a powerful ‘flywheel’ effect that grows every year.”
3. Is your name clearly associated with a powerful value proposition? Bankable stars have a specific value proposition that people associate with them. For actor Liam Neeson, it’s delivering an “intelligent” action film, whereas for author Jim Collins, it’s helping companies become great. “Your public value proposition may not define everything you do with customers, but it’s the tip of the spear that you’re best known for,” Sobel explained. “Mine, for example, is ‘helping companies and individuals develop their clients for life.’ Without a recognizable value proposition, you risk becoming a commodity — just another tradable expert for hire.”
4. Do you have strong name recognition in your market? Bankable stars are well known. And in truth, most of them work very hard at getting their name out in the marketplace. When you’re bankable and potential customers in your geographic area, market niche or industry segment think of your specialty, they think of YOU. “Google your own name — how many citations does it get?” Sobel asked. “However known or unknown you are today, start planning two or three key activities that will increase your name recognition over the next six to 12 months.”
5. Do you ask the questions? Or are you “grilled” by potential customers who don’t really know who you are or what you do? When a film director calls George Clooney to discuss a potential movie project, who do you think is asking the tough questions? The star is. “The same applies in business,” Sobel noted. By taking ownership of all you do or sell, by becoming the smartest person in the market on the market, you can walk a customer through a process using pertinent questions that enhance not only her confidence in what she is hoping to learn but in you as her teacher.
There’s an apple in there for you when that happens. That, or an Oscar.
About the Authors: Andrew Sobel is the most widely published author in the world on client loyalty and the capabilities required to build trusted business relationships. He can be reached at andrewsorbel.com. Jerry Panas is executive partner of Jerold Panas, Linzy & Partners, a highly regarded firm in the field of fundraising services and financial resource development. His firm has served over 2,500 client-institutions since its founding in 1968. He can be reached at panaslinzy.com.
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