The Business of Meetings 33: Embracing the Power of Change with Dave Wakeman
You're in for a treat today! We're speaking to Dave Wakeman, aka the Revenue Architect. Dave is a star in the ticketing and entertainment industry, and he's the guy that American Express referred to as The King of Tickets.
Dave has a fascinating story to share! In today's show, he talks to us about creating revenue, how to deal with change, and reinventing yourself. He also tells some amazing stories that are sure to inspire you!
Dave Wakeman's bio
Dave Wakeman is "The Revenue Architect." His consulting work has attracted clients such as American Express, Manhattan Construction Company, Volunteers of America, Yahoo!, the United States Department of State, the Seattle Seahawks, and over 100 other leading companies from around the globe.
Dave is widely known for his work in modernizing the secondary ticket market and partnering with American Express and Circles on their Black Card ticketing program that revolutionized the way that people buy tickets and view the secondary market.
With his consulting firm, the Wakeman Consulting Group, Dave has turned his focus to helping organizations around the globe maximize their profitable revenue.
Dave is a powerful advocate for the need for businesses to tell stronger brand stories and that explosive growth isn't a miracle. It is a product of having a great strategy combined with the right marketing and sales efforts.
You can see Dave regularly writing and being interviewed about marketing and revenue in the pages of SEAT Magazine, The Seattle Times, The New York Post, and US News and World Report. Dave is also a frequent guest on radio and television, including appearances on The Tom Leykis Show and The Exchange with Amanda Lang and many other media appearances.
Nightclubs
Dave started his career opening nightclubs in the mid-1990s, and he opened nightclubs all over the country. The club that he opened in St. Louis did not do very well, and that led Dave to one of the best opportunities of his career.
A great career opportunity
Dave moved to Seattle, knowing no one there, and with about $600 in his pocket. He landed a job working for Paul Allen, who helped start Microsoft with Bill Gates.
A talent for marketing
Dave helped Paul to open the Experience Music Project, which is on the grounds of the Seattle Center and is now called the Museum of Pop Culture (MoPOP). That was where Dave discovered that he had a marketing talent.
Dave Wakeman's move to New York
Dave Wakeman's marketing ability led him to many different places. He moved to New York and worked with a company called Americana Tickets. That was where he worked with American Express and the Centurion Card, helping them to figure out how to buy and distribute tickets for their clients all over the world.
Dave worked on many different projects
Together with the ad agency for Yellowtail Wines, Dave threw Tailgate parties in 36 cities. That was one of the key ingredients that helped Yellowtail to grow and get into Costco. He worked with Coca-Cola on the launch of their Odwalla product, the efforts to support the Affordable Care Act in America and to get President Obama re-elected in 2012. He also did a lot of work in Australia.
Generating money
Dave Wakeman grew up in very modest circumstances. He realized very early on that the way to make something of himself would be through his ability to generate money and to market and sell effectively. Over the years, he developed an eye for the things in which people look for and find value.
Dave Wakeman's thoughts on creating value
Dave understands that if you can create enough value for the people you're aiming to serve, then you should also be able to collect some of that for yourself.
Unique experiences in LA
Dave helps people get registered to vote through #iVoted, which also invites people to attend virtual concerts with some great artists.
Helping non-profits
Dave loves to give back, so he often uses his expertise to help non-profits.
Creating revenue
If you want to create revenue or have the most impact, you consistently need to ask three questions:
- What is the value you're trying to create?
- Who is the customer that will pay you?
- How do you reach those people?
You need to focus on the value that you're trying to create for people, you need to find the specific person who you can help, and you need to communicate effectively.
Strategy and tactics
Strategy is where you're trying to get to, and tactics are how you get there.
Lack of precision
Dave believes that when people lack precision when they speak, it leads to poor outcomes.
The King of Tickets
Dave Wakeman attributes becoming known as The King of Tickets to luck, his excellent relationship-building skills, and technology.
You are not replaceable
Dave points out that your ability to be you is not replaceable. So, you need to invest in having a point of view, relationships, and finding ways to create value for the people you serve because none of those are replaceable.
Coping with change
We need to embrace change. So, although we are going through a terrible time right now, you should not give up because people will come back.
Recognizing and embracing the power of change
Change will come, no matter what. Many years ago, Dave learned that change is the only thing in life that is certain. And when change rears her beautiful face, you must embrace her because change is the only thing that you have.
Reinventing yourself, coming out of the pandemic
Coming out of the pandemic, you don't have to be the same person you were going into it. The key to reinventing yourself lies in looking at what you want to do and who you want to become going forward.
Links and resources:
Dave's Sunday strategy newsletter, The Business of Value
Books mentioned:
Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant by W. Chan Kim and Renee Mauborgne
Entrepreneurial You: Monetize Your Expertise, Create Multiple Income Streams, and Thrive by Dorie Clark
Reinventing You, With a New Preface: Define Your Brand, Imagine Your Future by Dorie Clark
Stand Out: How to Find Your Breakthrough Idea and Build a Following Around It by Dorie Clark
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