Editor’s note: Don’t forget to sign up now for Debbie’s upcoming workshop on tax planning in New York, November 2–3, 2023.
I recently had the privilege of co-emceeing my RIA’s national conference in Nashville, which was attended by over 1200 people. Taylor Swift got her start in Nashville, so therefore, I knew it would be impossible not to talk about Taylor Swift while we were on stage at the Carson Group’s Excell conference. While preparing for our presentation, I dedicated several hours to researching Taylor Swift and her enduring success. What I learned is that Taylor Swift provides a beautiful case study in how to run a successful business.
To start with the overwhelming and record-breaking statistics: She is on track to gross over $2 billion during her worldwide tour and her “Eras” tour is destined to become the highest-grossing tour ever. With an average of 54,000 fans attending her concert at every stop, she is reportedly bringing in more than $13 million a night from her shows. Heck, even the Federal Reserve is mentioning her economic impact in their Beige Book.
And all of that work is bound to reap rewards. She reportedly has a net worth of over $750 million. So, while an easy first impulse may be to dismiss Taylor Swift and her success, a quick review of these numbers reveals that she is, indeed, running a global business with all of the responsibility and challenges that go along with it.
So made me wonder, how does she do it and what is behind her success? The reality is that her success goes far beyond the fact that she is an amazing performer. Let’s be clear, she is a savvy businesswoman whom we can all learn from. I discuss below seven things that Taylor Swift does that we should also do as financial advisors.
1. Build a great team around you
Taylor’s dad is in the investment business, working with Merrill Lynch for many years. As a result, she has received great coaching about money and wealth-building from the very start. But on top of that, her mother has a marketing background and has been a great support to her over the years. Her team further includes top-notch attorneys who guide and protect her.
Pro tip: Who is on your team? Who are you surrounded by? Does your team include a strong RIA, tax professional and attorneys? And does your team have the wisdom and expertise to guide you so that you can avoid costly errors?
2. Maintain firm control over your business and watch the numbers
Taylor Swift is not just an entertainer; she focuses on the finances with her team. She watches the numbers closely, as evidenced by the fact that she just re-recorded several albums to take back ownership of her extensive music catalog. In addition, she has diversified her holdings, branching out into real estate, script writing and movies.
Pro tip: Are you watching your numbers? Do you have key performance indicators in place to understand where you’ve been and where you are going? Are you diversifying your revenue stream?
3. Demonstrate loyalty to your clients
Taylor Swift is very loyal to her fans, connecting with them on a number of levels. Whether it is through social media, or her legendary, almost four-hour shows with 40 costume changes each night, she is constantly providing value, without a doubt. She offers a first-class experience, pouring her heart into every show.
Pro tip: How do you demonstrate your commitment to your clients? Do you bring the same passion every day to your clients and your practice the way Taylor Swift brings it to every single one of her shows?
4. Play the role of consummate financial advisor
Taylor Swift carefully protects her image while staying close to her fans. In fact, she was one of the first performers to leverage social media, building excitement for whatever album or tour is coming next. And her fans are so loyal to her that they ran out and bought her re-recorded albums as a show of love and support to her.
Pro tip: What type of image do you portray? Are you a first-class professional? And how do you connect with your clients outside of the office to ensure that they know that you care for them and want to build a lasting relationship?
5. Be constantly evolving, never content to stand still
Taylor Swift is constantly innovating, whether it is her songwriting, her marketing strategies or three-and-a-half hour shows, she is always on the move and never resting on her laurels. She wants to be and stay the best.
Pro tip: How are you committing yourself to being the best? Are you a lifelong learner, doing everything you can to better yourself and your firm?
6. Cultivate your fans/develop a target market
Early on, Taylor Swift recognized the value of tapping into a female audience and engaging women. Women do not have to be your target market, but who is? Who are you focusing on and what are you specializing in to grow your business and to develop your unfair competitive advantage?
Pro tip: Most advisers should be developing some type of niche or target market where they can connect and service this group, efficiently and with high-quality work.
7. Be authentic
And finally, most of all, Taylor Swift is true to herself. She is authentic, and that is so much a part of her fans’ attraction to her.
Pro tip: Now is a great time to challenge yourself. Are you following your passion? Are you acting in an authentic way with your team and with your clients? If not, what can you do to improve your path?
There is no question that Taylor Swift is an amazing woman and has already reached legendary status at the young age of 34. We can all learn from her work ethic, creative marketing and her willingness to reinvent herself at every step along the way. Let her story inspire you to think about your own ability to be great, and what you are doing to stay that way.