Whenever you start a new business venture… a big part of its success is to build a community around it. Especially when you’re in the lifestyle or well-being niches. For most people, the tendency is to immediately start thinking about, “How do I monetize all this? ”
But here’s the thing
You can’t monetize something that doesn’t produce real, concrete results for people yet. Instead, what you should be asking yourself at this point is, “ What outcomes can I create for my prospects? ” If somebody were to come under your guidance… what would be the outcome that you could create for them compared to somebody who isn’t under your guidance?
What I’m saying is you first need to create a market for what you do. That’s the very first step of any marketing. (Hence the name.) And the only way to create that is to set up your parameters and identify the “before” and the “after”. In other words, you need to know what’s the exchange that’s going to happen between you and your prospect… before you can put a price on it. You see, the way you monetize anything is always a factor of two things:
The first one is knowing what kind of result can you create for somebody.
And the second factor is knowing how much of that result can you create for them.
And the outcome must be so valuable that people are willing to pay you good money for it.
Which means whenever you start anything new
Your very first question should be, “ _What is the outcome that I could create for my ideal prospect? ” with clearly defined “ winning ” and “ failing_ ” parameters around it. Before you can get tactical with “ this is how I’m monetizing it,” you first need to have the foundation, the big picture of what your “thing” is in place.
Because it’s that 20-year vision of yours that’s going to be the standard, the base, and the drive for everything that you’ll do.
You can head over to the podcast for more on monetizing results.