How To Monetize Your Knowledge — 3 Questions To Ask Yourself
You have unique skills and knowledge that can earn you money. Lots of it even...
But to do so, you must start with understanding not just what you know, but its value in the market and who stands to benefit the most from your knowledge.
After starting many businesses myself and helping 100+ grow theirs, I'm going to propose 3 questions below which will help you in the following ways:
1. Fine-tune your USP
2. Carve out your niche
3. Improve the positioning of your offer
Ask yourself these 3 questions, and you'll start thinking about your business in new ways:
1 | Who needs your expertise?
You'll be tempted to answer this question with a generic job title like "CEOs."
But this isn't the correct way to think about this... What you should be considering is who is ACTIVELY looking for your knowledge or service.
It's so much easier to sell to someone that is problem aware and searching for a solution to their problem, rather than trying to convince someone they need you.
Takeaway: This question will help you get more specific on your target audience and who you're targeting.
2 | How will your expertise improve that person's life or business?
People don't buy the deliverables, they buy the outcome. Aka, the positive transformation your knowledge and skills provide.
Get really specific on how your skillset takes your clients from Point A (pain) → Point B (relief)
A fill in the question you can brainstorm: My service and skillset helps people suffering from ________ so they can ____________.
For example, my community offer would fill this in like so → "My service helps solopreneurs & small business owners suffering from low profit + scattered processes generate red-hot leads & systemize their client deliverables."
Takeaway: Understand the transformation your provide to clients so you can market more effectively.
3 | What separates your from others in your field?
It's easier than ever to spin up a business now, especially coaching or consulting. These markets are hilariously crowded.
Because of this, it's essential you know what makes you different than any competitor.
When thinking about this, choose traits few others have. Ignore generic "I do it better," or "I do it faster," when brainstorming this question. Those are empty promises in the eyes of your prospects and don't make for effective marketing.
For example: I've spent 8 years building my own businesses. I have an MBA specializing in data analytics and my coaching leans into my years of financial analytics and strategical consulting.
Meanwhile, most others in my space have a background in marketing. And my spicy opinion is anyone can learn the fundamentals of marketing swiftly, but learning the ins and outs of data analysis, finance, and accounting takes many years.
It's a different stance on how to successfully grow your online business. Most people shove "more revenue" down your throats as if that alone solves all your aches... But revenue alone doesn't solve anything if your costs are out of control or if having too many clients means you're working 80+ hours per week.
My strategies grow businesses in a way that drives forward a financially healthy company — plus a company that feels great to run since you feel comfortable, secure, and can focus on your lifestyle.
And that's what makes me different — Plus you get all the funnels, content, and marketing guidance anyway. Since I've built these things for my own companies.
Takeaway: Find your points of differentiation and lean into them. This will turn some people away, but it will also help you attract the RIGHT people. My people are lifestyle centric business owners :)
My hope is you find these questions inspiring, because they'll allow you to brainstorm ways that make you unique.
These questions shouldn't turn you off — instead, they should empower you to tap into your amazing knowledge and individual traits. You have immense value, but tapping into that can feel difficult.
I want you to know I've worked with soooooo many business owners at this point. Some you definitely know of as they have huge social media audiences. I promise you everyone struggles with their identity and positioning at times. Everyone.
Go through these questions and compare it to your current positioning and marketing strategies. I bet your findings will be interesting.
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