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How To Make A Killing In The Experts Industry
The term “expert industry” was coined by Brendon Burchard in his book, The Millionaire Messenger. Brendon is one of the towering figures in the expert industry. His Millionaire Messenger was #1 on Amazon’s bestseller list for 40 weeks, catapulting the author to the top of the pile in the industry.
Brendon went on to launch the now defunct Experts Industry Association and the runaway success “The Expert Academy” and “High Performance Academy.”, which became an instant sensation. Oprah describes him as “One of the most successful online trainers in history.”
But how did the self-help industry get started? The terms expert industry, self-help, self-help, personal development, personal improvement, personal growth, self-improvement and information marketing are used interchangeably today.
The industry is increasingly referred to as the expert industry in recent times because, according to Brendon Burchard, “this is where experts operate.”
The term self-help (also used without a hyphen) was the term first used to describe the industry and was coined by Samuel Smiles, a Scottish physician, in 1859. However, the term (self-help) is now seen as pejorative due to the assortment of snake oil salesmen or charlatans , roaming around, online and offline, looking for who to unleash their fake goods and cures.
Sacramentochiropractic.com points out that the origins of self-help date back to the book “The Constitution of Man” written by a Victorian phrenologist, George Combe, in 1828. It was followed, according to them, by Ralph Waldo Emerson’s “Compensation” in 1841.
Citing market research.com, Iulia-Cristina Uta shared the information that “the self-improvement market was worth $9.9 billion in 2016 and is projected to grow to $13.2 billion by 2022 with 5.6% average annual gains.” That’s an overall growth rate of 33.33%, meaning there’s room for any determined soul to jump in.
In her article in brandminds.ro and citing Niels Eek, a psychologist, Iulia-Cristina Uta shed a bright light on what the industry is all about. She asserted, “Self-improvement is about consciously identifying and developing one or more facets of your life. From an entrepreneur’s perspective, self-improvement will often involve some form of mental training, but can mean anything from practicing stress management to worthwhile goals. Professionals are often eager to to learn things like time management techniques (to better prioritize tasks) and increase productivity without compromising mental well-being.”
The self-improvement market is broad and includes a wide range of products and services, from books to e-books, online courses, coaching programs, webinars, “academies”, “universities”, “masterminds”, masterclasses, conferences and mobile apps, according to brandminds.ro.
With the digital angle, Hazel Davi, a guest blogger at virgin.com, cited various sources and research findings to point to the fact that compared to other age groups, millennials are the most driven to engage in self-development.
Writing under the title, “What does self-improvement look like in the digital age?”, she claimed, “Millennials love self-improvement; whether it’s learning to be an inspirational leader or change maker, coding for beginners, or leaning into — they can’t seem to get enough of it.”
Since its inception in 1859, the industry has grown unstoppable with thousands of “gurus” selling their wares to those who care to read, listen, watch, try and buy. When asked if he was a “guru,” Peter Drucker had said, “The term charlatan was too hard to pronounce, so someone invented the word guru.”
In this regard, marketresearch.com has this to say: “Consumers are realizing that there are many so-called ‘experts’ now selling a range of online ‘masterminds’, ‘academies’, ‘universities’ and coaching services. Far too many, in Som As a result, gurus are trying to figure out how to cut through the clutter while consumers are trying to identify legitimate, competent experts.”
The US is unique in that it is the only country in the world that I know of that has an entire month set aside for self-help. According to sacramentochiropractic.com, September is National Self Improvement Month in the United States. According to the blog, “It’s a time to reflect on your life, set new goals and take steps to make personal changes to achieve the life you really want.” Any wonder the US is the global center of gravity for self-help?
Any wonder that the biggest names in the business in the English-speaking world are all Americans? The following 20 living and long-gone legends come readily to mind, in no particular order: Napoleon Hill, Jay Abraham, W. Clement Stone, Jack Canfield,
Dale Carnegie, Mark Victor Hanson, Jim Rohn, Tony Robbins, Charlie “Tremendous” Jones, Marcia Weider, Dr. Wayne W. Dyer, Joe Polish, Deepak Chopra, Gary Vaynerchuk, Zig Ziglar, Tim Ferriss, Les Brown, Peter Diamandis, Brian Tracy, Brendon Burchard.
In the English-speaking world, no two people have made a bigger impact on the self-improvement industry than Sir Richard Branson and Oprah Winfrey. But they belong to a special class of their own, the billionaire class.
Branson’s business empire spans the globe and he always finds time to motivate the new generation. His book, How I Lost My Virginity, is an evergreen classic on motivation.
Oprah is not far behind. Her OWN (Oprah Winfrey Network) and The Oprah Winfrey Show attract millions worldwide. Get your book into the Oprah Book Club and you’re set for life. Such is the tycoon of the Oprah brand.
According to webwire.com, the self-help industry was worth $11 billion in the US in 2019. Thanks to the COVID-19 pandemic, the industry is growing even bigger in 2020 as the explosive growth of services from online webinar companies such as ZOOM, Webinar Jam and Microsoft Teams illustrate. The future of the industry has never been brighter.
The dollar value of the various segments of the self-help industry in 2019, according to marketresearch.com, as cited in brandminds.ro, was as follows:
• Self-help audiobooks – $769 million
• Self-improvement books – $800 million
• Self-improvement apps – $27 million
• Personal coaching – $1 billion in the US
• Motivational speakers – $1 billion per year combined
To make a killing in the self-help industry and join the long list of millionaires, pick a niche and pitch your tent. If you know your onions and choose the right strategies, you can make a killing within a year or two.
The Internet has put self-help within reach of anyone with anything of value to spare. With a laptop, internet connection and a message or product the market is hungry for, you can create impact at breakneck speed and dance all the way to the bank.
The key to success is identifying a lucrative niche that matches your expertise. Here are the top nine niches according to marketresearch.com:
2. Audio books
3. Self-improvement books
4. Self-improvement apps
5. Personal Coaching
6. Motivational speakers
7. Weight loss programs
8. Public seminars
9. Holistic institutes & educational companies
I first stumbled upon the self-help industry about 30 years ago. Brian Tracy’s motivational tape whetted my appetite. Around the same time, I came across Jay Abraham’s “12 Pillars of Business Success”. That led me to “Success Magazine” and later “Excellence Magazine”. It wasn’t long before I came across Tony Robbins’ best selling books “Unlimited Power” and “Awaken The Giant Within”. I have never looked back.
While the industry as we know it today took off “officially” in 1859 with the publication of Samuel Smile’s book, Self Help, which sold 250,000 copies, motivating people with speaking dates back to antiquity.
As Adlai Stevenson once alluded, “When Cicero addressed the crowds in ancient Rome, people said, ‘great speech.’ When Demosthenes addressed the crowds in ancient Greece, and people turned to each other, they said, ‘Let us march ‘.”
So self-help goes back at least 2400 years. But it really took off with the advent of newspapers, radio, television and now the internet. There is no better time than now to jump into the expert business and make a fortune for yourself. With a free 90-minute webinar, you can earn $10,000 before the webinar is over. Isn’t it worth a try?
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