If you’ve ever wanted to get paid for your knowledge, then you’re reading the right article. That’s because you’re about to discover my easy 7-step method for monetising your knowledge through desirable products that will have people throwing their money at you in exchange.
And the good news is that this method works even if you don’t have any university degree, software knowledge, huge capital to begin with or prior marketing experience.
Read on…
Step 1: Identify your knowledge and expertise
Many people who’re new to the knowledge monetisation process don’t even realise that they need to decide what to monetise before they can start putting themselves out there. And that’s why a lot of people who try to monetise with digital products end up failing – they’re simply missing this crucial step.
So, the first thing you need to do is determine what areas you are knowledgeable and skilled in. And which of those areas people might be interested in learning from you.
You’ll find that this part of the process goes much more smoothly if you apply these tips and tricks:
- Consider all your formal education. Which subject interests you the most?
- How about your work experience? Which aspect of your job(s) have you mastered and gained expertise in?
- Have you ever learned a skill? List them all in order of mastery.
- Do you have any hobbies? Write them down.
Step 2: Determine your target audience
The next thing you need to do is to niche down your interest to meet the needs of a specific category of people. Niching down to serve a specific group of people with your knowledge is one easy way to determine your audience. When I first started to monetise my knowledge, I made a lot of mistakes. You can bet one of them is not being specific with my target audience. Eventually, I got it right and started seeing the difference it makes in content creation, marketing and sales. Then I decided to help others overcome the challenge of determining their target audience because I see a lot of people struggle to get it right. Aside this common struggle, let me share with you the top 5 mistakes people make when monetising their knowledge and how to avoid them:
- Focusing solely on creating the course content without considering marketing and sales;
- Not validating their course idea;
- Not niching down profitably;
- Pricing their course too high or too low;
- Giving up too soon.
All of these mistakes including those not listed can be avoided and totally eliminated when you get the right guidance, follow relevant strategy for success and take the time to test and review your processes regularly. In no time, you’ll be effectively monetising your knowledge, skill(s) and experience(s).
Step 3: Choose your monetisation strategy
At this stage in the process, you’re likely to be overwhelm with the many different monetisation formats available to you. From eBooks, online courses, webinars, to offering consulting or coaching services to creating membership sites and even taking up speaking engagements. It is understandable that many people struggle with choosing the right strategy.
So, what you need to do is simply choose one format and see the creation process through.
I still remember the first time I was trying to create an online course, I decided to make it an on-demand program. I created slides, got a microphone to enhance my audio output and got to recording. At first, all went well until I got to the fourth lesson only to discover the video had no sound. To say I was disappointed would be putting it mildly. In the end, I learned a lot through that first venture and it has been one remarkable source of valuable lessons for me and my students.
The monetisation format you will choose will be largely determined by the strategy you designed. For example, you could use video, text, or audio formats for online courses while a book might only need text and illustrations/images except you decide to create an audio version of your book. If you choose to monetise with coaching, then you might consider delivering your coaching in formats that would be easiest for your client to get results faster. There are no hard rules about choosing any specific format, so feel free to use any format that makes it easiest for your audience to get the help they seek from you.
Step 4: Create valuable content
After you have settled the monetisation strategy you will be deploying, it’s time to gradually start publicity. At this point, you want to develop high-quality content that provides value to your audience. This could be blog posts, videos, podcasts, or any other form of content that fits your audience and monetisation strategy.
The essence of this step in the framework is to help you lay a good foundation for your brand identity, positioning and audience attraction by giving massive value free of charge. Make no mistake, everything will eventually be monetised.
To help you come up with quality valuable content, consider making posts about any of the following:
- what your audience are struggling with;
- tools that can help ease certain procedures;
- processes and techniques for achieving specific results faster; and
- questions your audience are currently asking.
Remember to incorporate your audience language into your content so that it can be highly relatable for your audience.
Step 5: Build your audience
Creating valuable content for the fun of it is not a good business strategy. So, you need to start collecting the contact information of your audience in a place. Ideally, that should be your email list. At the end of the day, you want to have direct access to the people who are interested in what you’re offering. Use social media, email marketing, and other channels to attract new leads and engage your target audience. Provide them with valuable content, and encourage them to share it with others on all the platforms you chose to show up. That way, you can increase the number of your audience.
Step 6: Establish yourself as an authority
Now that you’re beginning to attract your ideal audience and grow them, you need to position yourself as the expert that you already are. Establishing yourself as a trusted authority in your area of expertise include sharing your successes, case studies, and testimonials to build trust and credibility with your audience.
Don’t be afraid to get a little personal with the stories you share as long as you’re comfortable doing so. Contrary to what people think, showing some level of vulnerability to your audience will help to deepen their respect for and trust in you. So consider showing some vulnerability to your audience.
- Do you have an embarrassing story to share?
- What about your rookie mistakes?
- Are there some goals you don’t mind sharing openly?
- Have you received an award of recognition for your work, go ahead and talk to your audience about it.
Step 7: Test and Refine
We’ve come to the last step in the Knowledge Monetisation Framework. And while this step might not seem like much , it is crucial in the sustainability of the success you will achieve with this framework. This is the stage when you launch the strategy you chose in step 3. The problem most people make after launching is to move on with delivery at the expense of marketing. Some even forget to review their launch strategy so they can improve on the areas that didn’t yield desired results.
To get the best out of this framework, you need to test different monetisation strategies and content formats to see what works best for you and your audience. Refine your approach based on the feedback you receive, and keep improving your content and offerings over time.
And there you have it – a simple 7-step framework for building a successful business based on your knowledge, skills and experience outside the traditional formal employment setting. Remember to always provide value to your audience, stay up-to-date with the latest trends and best practices, and continuously improve your offerings to stay competitive in the marketplace. Now that you know how to monetise your knowledge, there’s just one thing left for you to do: take action.
So get to it, and soon you too will become a successful knowledge monetisation expert!
And if you need help getting started, click here to hire me to guide you through the process. Life is way easier with a coach who is vested in your interest and committed to your success. Wouldn’t you agree?
