Today, I’m going to deviate from my usual industry tips and tricks, and focus on the Entrepreneurial demographic. I’m going to go a little Gary Vee here, so please bear with me. Today, I want to have a little talk about monetization, or in simple English, a strategy to make money off of people’s attention to your platform. I would like to challenge conventional thinking about producing content to make money. Now, I am NOT saying that you shouldn’t make money! After all, we are in business to make money! However, what I AM saying is that conventional strategies may be a bit short sighted, and with a bit of macro level thinking, the opportunity to make money grows exponentially. I’m not going to give you opinions. I’m going to state real facts from my own personal experience.
As some people may know, I have a podcast called #AskTheCEO where I interview Entrepreneurs and ask them about their businesses, motivation, and inspiration; so that people can learn from them, and become inspired to succeed in life. I’ve had conversations with people who asked me what my monetization strategy is. I responded, not that I don’t have a monetization strategy; but rather, my strategy is not to monetize. There were some people that got it; however, some people could not wrap their heads around the fact that I’m “wasting” a few hours a week speaking with guests, editing the videos, and posting it on social media. The average weekly investment is about 5 hours. “You mean you’re doing it for free?!?” One person asked me incredulously? “You really need to rethink your strategy. You should take these 5 hours and put it back into your business”, said another.
Here is the deal. If you look at it from the perspective of a 2-3 year plan, they are all correct. If I’m looking for a short term ROI (return on investment), then my strategy is full of holes. However, Gary Vaynerchuck is fond of saying “Life is long” and “think macro”. I’m in this for the long run, so having a 10 year plan for ROI doesn’t scare me at all. I am not fazed by time. To help you understand what my ROI strategy is, I’d like to quote The Five Laws of Stratospheric Success from The Go-Giver, written by Bob Burg and John David Mann. By the way, I’d like to give a huge shout out to my good friend Mark Richards, a Reverse Mortgage Planner at Fairway Independent Mortgage in Ridgewood, NJ, for sharing this book with me.
The Five Laws of Stratospheric Success are as follows:
- The Law of Value – Your true worth is determined by how much more you give in value than you take in payment. (Think about this for a second. How does that change the way you think about monetization?)
- The Law of Compensation – Your income is determined by how many people you serve and how well you serve them. (Again. Think about this!)
- The Law of Influence – Your influence is determined by how abundantly you place other people’s interests first.
- The Law of Authenticity – The most valuable gift you have to offer is yourself.
- The Law of Receptivity – The key to effective giving is to stay open to receiving.
Having gone through these Five Laws, I would like to suggest the following. Rather than focus on the short term, what if you focused on the next 10 years. Now, it’s really not possible to know what’s going to be in 10 years from now, so it’s not a literal suggestion. That would be what Verne Harnish, in the book Scaling Up, calls a BHAG – Big Hairy Audacious Goal. However, what if you focused on your strategy as if it were for the next 10 years? How much differently would you think?
Going back to my podcast, my strategy is long term. Therefore, my focus is on building a community and gaining a following. I am building this following by giving tremendous value and asking for nothing in return. As my You Tube stats can testify, what I’m getting in return is their attention, which is growing day by day. Each guest I interview exposes me to a new audience, who I honor by not asking for anything in return. In return, they grant me the gift of their attention.
Ok. So, what do I get out of that? Where’s the strategy?
Businesses, even large corporations, are run by people. Period. The more people that grant me the gift of their attention, the greater is my exposure to potential referrals and business opportunities. It’s like having my own ad channel! So, think about it this way. I put in a massive amount of work upfront for, say, 5 years. Then, the system runs its course and referrals start pouring in. It sure beats cold calling any day – and it’s a whole lot more fun, too!
By the way, it has already started happening. Referrals are already trickling in after only a few months! By following the 5 Laws mentioned above, you will set yourself up for success in life, beyond your wildest dreams! I wish you much success and best of luck.
My question for you is, what are you doing to honor those that grant you the ultimate gift of their attention?
A little bit about SimiPlex. Your phone is an integral part of your company. For some of us, it’s the lifeblood of our business. This is why we, at SimiPlex Technologies, take our role as your trusted advisor very seriously.
We do this by helping you solve business problems in your business. For example, a hair salon owner who is looking for help on weather or not to hire a full time receptionist. Or a real estate broker who is concerned about his brand identity when opening a new office. Or a doctor who is looking for help to keep his waiting room calm.
What we offer is the latest in technology, state of the art Cloud Based phones, where we save you time and money by you not having to wait for a telephone company technician to arrive when something breaks. The reason being, there is nothing to break! You no longer need to purchase expensive equipment that breaks down or gets outdated. Just purchase your state of the art phones, plug them into a high speed Internet connection, and they just work! With regards to your high speed Internet connection, we offer that too; and the cabling that makes your connection work.
Just remember, when you need a reliable phone to make a call, call SimiPlex, where we bring Simplicity to a Complex World.
As Steve Jobs once said, “Be a yardstick of quality. Some people just aren’t used to an environment where excellence is expected.”
We, at SimiPlex Technologies, are the yardstick of quality.
To learn more about how we can help you with your communications needs, visit our website at http://www.simiplex.com, or call us at (212) 372-9847.