Dave Ramsey is a television personality, radio talk show host, financial author and motivational speaker, and he also happens to be very, very wealthy, with an estimated net worth of $55 million.
Ramsey has built his empire by providing a service to individuals who desire financial freedom. He has pushed the boundaries of the typical financial advisor and has created his own personal brand.
Read below to learn what makes him such a success and a branding genius:
It’s Personal for Ramsey
It is one thing for a financial advisor to council others based on research or what they think to be true, but it’s quite another for them to advise others based on what they know to be true due to personal experience. Dave Ramsey represents the latter in that he has personally experienced financial ups and downs and has built and lost and rebuilt a fortune twice in this lifetime.
Ramsey first achieved financial success at the age of 26 through his Tennessee brokerage firm Ramsey Investments, Inc. He subsequently built up a portfolio worth more than $4 million, making him one of the youngest brokers to admitted to the Graduate Realtors Institute.
Unfortunately, the Tax Reform Act of 1996 led to the end of Ramsey’s financial success, at least temporarily, which resulting in him filing bankruptcy after losing everything.
Through hard work and determination, Ramsey built his financial worth back up through methods founded on the teachings of Larry Burkett. This experience led him to create lessons and materials based on what he learned throughout the process that he later shared with others.
Therefore, Ramsey created his business as a result of on his own experience, not what he heard about or learned through someone else. Potential clients and customers appreciate this fact and it has helped validate the Dave Ramsey brand, making it more successful as a result.
Offered a Unique Service
You may wonder why Dave Ramsey’s services would be considered unique. After all, aren’t there thousands of financial advisors in America? Yes, there are lots of financial advisors, but no, they are not all like Dave Ramsey.
Ramsey is unique in the fact that he has made something that used to be thought of difficult and best left to the experts, easy enough for everyone to understand. In fact, one of his most successful programs is entitled "Seven Baby Steps" due to the fact that it allows even the most financially uninformed persons to achieve financial freedom.
Involved in More Than One Avenue of Profit
As was mentioned above, Dave Ramsey is a motivational speaker, author, radio host and TV personality. Therefore, he has his hands in many different avenues, leading to brand recognition and increased sales. He intertwines these differing avenues to create cross promotional opportunities.
For example, during his radio show, The Dave Ramsey Show, which is heard on more than 500 radio stations all over America and Canada, he might talk about one of the many books he has written, such as “Financial Peace.” This will prompt listeners to buy the book or at least explore the content that he has created.
In addition, Ramsey often does conferences or seminars all over the country, where he teaches audiences full of individuals all about his easy-to-follow plans for financial freedom. He offers books and other literature to help these individuals succeed over the long haul, thereby making money off the ticket cost for the conference and making money of the sale of a book or other purchases.
There is nothing wrong with this set up, it’s not greedy, it's just smart, and one of the reasons he has been successful in building up his brand to be well recognized and respected in the financial arena.
Built a Community
Dave Ramsey’s website offers many features that create a community of sorts among individuals who appreciate his financial teachings.
For example, on his site, individuals can find answers to commonly asked financial questions, sign up to find a financial coach that teaches Ramsey’s principles in their local area, or even print out financial spreadsheets that will help them put Ramsey’s teaching into practice on a daily basis.
His site also offers an abundance of information in the form of articles written by Ramsey that advise individuals on virtually every area imaginable in regards to finances.
He Created Easy-to-Remember Principles, Synonymous With His Name
People are likely to forget something that is too complicated or just too long to remember. As a result, Dave Ramsey has simplified all the principles he teaches to make them easy to remember.
Consequently, these financial principles are now synonymous with Ramsey and have helped elevate his brand.
One example of this, which was mentioned earlier, is his "Seven Baby Steps" plan to financial freedom. Through this seven step plan, Ramsey breaks down how to create financial freedom into easy-to-follow, easy to remember steps. As a result, the baby step plan is now one of the principles he is most known for as is his debt snowball principle.
We can learn a lot from a man like Dave Ramsey, and not just about how to get our finances in order. We can also learn how to build a brand.
Yes, Dave Ramsey offers a service to individuals who are seeking to become financially free, but he also has built an empire that involves various moving parts that all work together to form the Dave Ramsey brand, making him a genius in brand building.