Recently it was announced by Forbes that Rihanna is the wealthiest female musician alive now. She’s out earned Madonna ($570 million), Celine Dion ($450 million) and Beyonce ($400 million).
It’s interesting to note, Rihanna hasn’t released new music since 2016. So how in the world is she the wealthiest female musician? Diversity of income.
Rihanna is a prime example of why it is important to diversify your financial portfolio personally and professionally. Her business acumen should be modeled.
She’s more than a singer, she has become a business woman that rivals the Diddies, Dr. Dres and Jay-Zs of the world. More importantly, following Rihanna’s business model can help you grow your business and here’s how:
Rihanna continues to win because she doesn’t sell, she serves! I cannot tell you enough times this is the secret sauce! If you look at your business as not “how can I sell, but how can I serve?” you will always profit! Also, find the gap and serve an undeserved market and you are golden.
Where is the Gap?
Serving over selling to someone not represented is how you differentiate and position yourself as an industry leader. Rihanna has been very outspoken on how her brands are inclusive and representative of women, especially women of color. As a black woman, Rihanna saw the limited options in cosmetics, especially the lack of different hues in foundations.
Side bar, black women have the largest buying power. It’s estimated over a trillion, that’s not a M, or B, over a TRILLION! As a result, it decides mainstream culture.
When Rihanna released Fenty Beauty to the marketplace, it disrupted the status quo. Fenty Beauty came through to serve women with darker hues, various shades of skin. Not just the one or two that most major cosmetic brands sold. She SHOOK the industry! Not only did she have makeup foundation for the darker shades, but for the lighter shades on the spectrum. She fulfilled the needs of even albino skin!
When she released her lingerie line, SAVAGE X FENTY it opened up with rave reviews. The line is for ALL body types and she put all on the stage to model it! She had slender, curvy, even pregnant represented on the stage.
What is the emotional connection?
People buy off two emotions: pain and pleasure. That’s it. If you can relieve the pain or create a pleasurable experience, you have no choice to win…just like Rihanna.