Misty L. Heggeness is the author of a new book called, “Swiftynomics: How Women Mastermind and Redefine Our Economy.” The book takes a look at how women influence the world’s money systems in ways that are often invisible and immeasurable.
Heggeness uses Taylor Swift as a symbol of this pattern. Yes, she’s a singer who spreads joy and writes songs about her relationships. But she also gets fans to buy tickets to her shows, travel to see her perform and spend money on sparkly, Taylor-inspired outfits.
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In other words, she heavily influences the economy (in ways that might be considered less obvious). The U.S. Travel Association estimated Swift’s Eras Tour added over $10 billion to the U.S. economy alone.
Heggeness argued female brands, influencers and entrepreneurs can tap into a unique set of skills to achieve career advancement and make more money. She recently stopped by CBS Mornings to break down the mastermind economics of Taylor Swift, explaining three strategies Swift has used to achieve massive success and ultimately drive economic growth — and how other women can, too.
Lean into Authenticity
Swift is always authentic with her audience and fans, regularly interacting and having fun with them and sharing her own, relatable vulnerabilities through her songs. She’s also defiant against cultural norms that tell women how to behave.
In business, authenticity builds trust. Brands that feel real and genuine always build stronger customer relationships. And people tend to spend money on brands they trust. In fact, Scott Hancock of BLVR wrote that, per a recent Stackla Consumer Content Report, “86% of consumers say authenticity is key to choosing which brands they support.”
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Reinvent Yourself and Your Business
“Women in societies across the globe understand the continual need for reinvention because we do it all the time,” Heggeness said — most notably, before, during and after motherhood. “The Eras Tour is the epitome of reinvention.”
When the current era no longer suited her, Swift moved on from it and leaned into a new era. Brands and creators typically hold consumers’ attention by continuing to evolve their product or identity. This ultimately prevents audience fatigue and keeps consumers coming back for more — which translates into repeat earnings.
Always stay relevant and fresh. While reinvention can be difficult for entrepreneurs due to the fear of the unknown, Swift demonstrates the importance (and exponential rewards) of taking the leap.
Have a Long-Term Plan
Throughout her career, Swift has faced systemic sexism and attempts to silence her voice. Yet, in an industry not set up to benefit her, she has maintained a clear vision of what she wants to do and where she wants to go.
Through focused tactics like encouraging group participation and strategically coordinating social platforms, Swift has achieved career longevity and ownership over her intellectual property.
Heggeness urged entrepreneurs to figure out their vision and long-term strategy for success, as well as assess whether there are any short-term, patriarchal barriers to achieving it. If so, mastermind how to get around those barriers and never lose site of the big picture.
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This article originally appeared on GOBankingRates.com: 3 Ways Taylor Swift Drives Economic Growth — And How Other Women Can, Too
