I hope you are as EXCITED as I am to close out this year. Whether you are a client or platform subscriber, we hope this year has provided much clarity and success in your business/platform venture.
But I do want to share with you one lesson I relearned today: the monetization decision.
If you follow my platform or you are a client, you’ve probably heard me say, “monetize your expertise.” Pandemic or not, it is imperative that all business owners, including authors, know the value of what they offer and strategically offer it. Many businesses no longer exist due to poor financial business decisions.
I was going over the task list and was preparing to write another informative article when my spirit said, “I hope you plan to submit that to XXX versus publishing it on your website.” It was the monetization decision that I forgot. Embarrassing enough, I should have remembered this lesson because it is how I received my first check from XXX and almost fell over. It was actually an article I was going to publish on my website and decided to submit to them instead. Here is how it applies to you.
I am hard on my VIP clients to make sure they make wise decisions on their representation. Everyone will ask you to do something for free in order to expand their profit margin. They will tell you what a wonderful opportunity it is for “exposure.” I have fallen for that many times in my beginning years and made it work to my advantage. But there has to be a limit to how many of those opportunities you accept, and every one of them must be strategic.
If you are a giver like I am, sharing and teaching are just what comes naturally. That is why I don’t indulge in “consultations” or “coffee introductions” because they are just invitations to rob you of your knowledge and profit from your expertise and give you nothing. A business can create videos that provide instruction, commonly asked questions, etc., versus tying up their phone line or Zoom with consultations that yield nothing. I know my expertise produces six-figure and million-dollar ideas, so I do not give them away cheaply. People that are serious about what you offer will pay to do business with you. Those who are not should not be allowed to rob you blind, waste your time, or fill up the pipeline from those ready and willing to work with you. The choice is yours.
The “monetization decision”: I am a writer, and that is what I do. Part of being a business owner is producing content for your clients and customers. Another part is creating content for the brands I am paid to share my expertise with clients, business to business/copywriting, and serving as a contributing writer. This is why I am not a “free contributing writer” for anyone. Even when I was, it was for platforms with massive reach and only a few articles here and there. So, it behooves me to write content for the paid brands first and submit it to them, followed by a variation for my own brand. (Typically, when you are a paid contributor, they want first dibs on content versus something you have already published. However, a skilled writer knows how to write one piece and produce multiple variations for publication elsewhere.)
I share this to ask: Where are you giving away your best that you should be using to monetize? Today, there are too many chasing social media fame versus putting the same energy into growing their client base and business contracts. Oh, I use social media just as I use the media for features and to add to our clientele, but I do not use it for likes or a photo op. Bottom line: if it is not profitable to my business, I refuse to waste resources just to be seen. Social media, and any other media I use, is used strategically and provides a narrative with an objective.
- Are you talking too much and giving away your business?
- Are you sharing too much and giving away million-dollar ideas that you should be building yourself or profiting from?
- Are you too busy talking, trying to prove you are an expert versus moving quietly and strategically to build your brand?
- Are you wasting time at meaningless events labeled as “networking” that are not working for you or your business?
- Are you everywhere your audience is not?
- Are you paying for opportunities that place you in front of people but the kind of people who are not interested in your business, what you are selling, or inspired to sell?
As I tell my VIP clients, increase your sales conversations if you want to increase your business revenue. If you are not having sales conversations regularly, reevaluate where and how you spend your time and adjust accordingly. Otherwise, switch your business to volunteer or non-profit work and keep your current practices. You’re welcome.
Alesha Brown, CEO, Fruition Publishing Concierge Services
Editor-in-Chief, Published! Magazine
Award-Winning Entrepreneur|Publisher|Transformational Speaker