How to Monetize Your Passion: 3 Important Lessons for a Profitable Online Business
Are you making this mistake with your side hustle?
Coaches, Consultants, Experts, Service Providers…listen up. This post will help you make sense out of the online business model. Whatever your passion is, whatever you’re good at, I’m living proof that you can monetize it online, but there’s a catch…you’ve got to follow the formula.
You’ve heard it before…
Take what you know.
Sell it for $2k or more.
Use a Facebook ad, a video, and an email sequence.
That’s the formula.
It’s really simple.
But, actually, it’s not that simple.
Easier said than done…
Because you might be thinking,
“What exactly is my offer?”
“Would anyone actually pay $2k, $5k, or even $10k for it?”
“That’s what I charge.”
“Well, I think that’s what I should charge.”
“But, nobody’s ever heard of me.”
“I don’t have an email list.”
“I have case studies but they’re not written up yet.”
“I don’t have a video for my business.”
“And syncing the software?”
“Exactly what software should I use?”
“What’s the difference between a Sales Page and my regular website?”
“What if I don’t even have a website yet?”
“Plus, what about ads?”
“I’m clueless!”
“I’m not sure if I can write the perfect email sequence.”
“And I’d rather not do phone calls, either.”
“Hmm…”
“Maybe I’ll buy a course.”
“Or try to find a freelancer to help me.”
(Pause)
I’ve got a better idea.
Read this first.
There are some important lessons to learn if you want to create a profitable online business.
How do I know this?
I worked in corporate marketing for a Fortune 500 for 10 years. I traveled around the U.S. to train regional marketing teams. After that, I worked for a digital agency for a few more years. When the sales guy at my agency invoiced a client $10,000 for a report that I wrote myself, I finally decided it was time to stop giving away my expertise for peanuts.
But…with that…I had to start over. I started at the same place where everyone starts when they’re starting a new business…at the very beginning. So this is a culmination of advice that I both gave to clients of our agency, as well as garnered myself from starting over.
Lesson 1: What is Your Offer?
The very first step to monetization online is to get crystal clear about what exactly your offer is. Who do you serve? What is the problem that you solve? And most of all, why does it matter? In order to be successful with monetization online, you have to focus on the transformation you can provide for people. It doesn’t matter whether it’s crafting hair bows for gymnasts or writing paleo recipes, your focus has to be clear.
A lot of times people want to start a blog but they aren’t quite sure what they want to blog about because they have several different passions. While Lifestyle Bloggers can definitely monetize and become successful, the real key to monetization is to start with a narrow focus.
Are you making this mistake with your side hustle?
When you cover too many different topics, such as motherhood, kids, fashion, and email marketing, people will be confused about what it is that you are an expert in.
I often see women start off blogging about motherhood, and then all of a sudden they are an “expert” in SEO and they are selling a course on “how to start a blog”.
Listen, I don’t care what anyone else tells you…that isn’t a sustainable way for you to make a full-time income as a blogger. It will never happen. I’ve seen people fail, and fail again. You’ll be wasting your time with affiliate links to other blogger’s products that have nothing to do with your blog.
If you worked in marketing for the last 15 years then start a marketing blog, but if you didn’t, then stay in your lane.
Get out of comparisonville, don’t regurgitate other people’s blog posts, and get back in your lane.
Stick with what you know well.
If you’re going to create a video or blog about a topic, make sure you have experience in that topic. Nobody wants to learn about how to grow a YouTube channel by someone who has 3 videos on their channel with 10 subscribers and 20 views.
I once clicked on a Pin on Pinterest which led to a blog article about advice on starting a YouTube channel. As I read through the article, I was becoming skeptical because the advice was counter-intuitive to what is being taught inside the mentorship program I belong to. (In case you didn’t know, I’m a mentor inside of the private groups for YouTube Influencer Sunny Lenarduzzi’s YouTube for Bosses and Authority Accelerator Programs).
We teach people how to be successful on YouTube.
But do some due diligence.
Check out my YouTube channel. It’s not huge, but it’s acceptable. If you like what you see, don’t forget to subscribe while you’re there.
So the moral of the story is….stick with what you know.
Don’t try to be someone you’re not.
Because that isn’t going to give you a full time income.
Want to learn how to be successful with YouTube so that you can grow your biz like the real GirlBoss that you are? Start here:
Lesson 2: Your Purpose
Creating content is all about focusing on your purpose. Sometimes, bloggers can’t articulate their message, and this ultimately makes it harder to monetize.
Try thinking about this statement:
I help [specific person] to [specific problem you solve] so [specific result they want].
Here’s mine:
I help driven women entrepreneurs go from feeling stagnant in their business to standing out as leaders so they can fast-track more high-ticket clients and share their unique message with the world.
You definitely want your message to be high level, but also speak to a specific pain point that will get your audiences attention.
Make your purpose clear, specific and results-driven. Ultimately, you want to move people to take the next step in their journey.
Now, if you don’t already know this, your bottom line is highly dependent upon your ability to “do social media” correctly. What does that look like you’re saying to yourself, what exactly does it mean to “do it correctly?”
I think it’s easy to get so focused on building your product that you forget to build your audience. Before you can monetize, you need to have people to sell to. In other words, if you don’t have an email list or a very big social media following, you’ve got to work on that.
Monetization is twofold: it’s about creating your own digital product that will help move your audience closer to their goal, and also suggesting helpful products and services (affiliate links) that will also move your audience closer to their goal.
You can’t monetize your passion if you don’t have someone to sell to. Think about it this way, just because you put your product out there on your website doesn’t mean people are just going to start flocking to it. The social media fairies don’t work that way.
Plus, and this is important, here’s the reality: you’re probably not going to make a huge affiliate income on the day you publish your first affiliate link. People are not going to open up their wallet and buy something they’ve never heard of just because you recommended it in a blog post.
Is it possible to make an affiliate income the moment you hit “publish?” Of course people may read your post, get really into the product you’ve recommended, and buy it. But in my experience it hasn’t been an effective strategy and I wouldn’t rely on it.
And here’s the other thing you should know about affiliate income: it’s inconsistent. I wish affiliate links were a stable way to make an income, but the reality is that there is nothing truly stable about making money by promoting other people’s products. It’s not uncommon for a company to close down their affiliate program, change the terms, or go out of business altogether.
Lesson 3: Your Audience
Herein lies the final key to being successful with monetization. I’ll say it again because it’s so important: You can’t monetize your passion if you don’t have someone to sell to.
So even if you don’t have a product yet, you want to start building your audience from day one.
Regardless of what your background is, believe me, for the last 14 years I’ve been working with people from college educated to physicians to craftsman to students, and when it comes to online marketing and digital advertising, everyone is in the same boat. Your leadership, drive and ambition isn’t about your educational background, it is about your motivation to accelerate your business forward and that is what will make you successful.
Now there are ways to accelerate the process of building your audience. You can use paid ads to get in front of your exact target audience, but there’s a strategy that you need to follow to make it all come together.
Savvy shoppers are now what the Harvard Business review is calling “mobile supershoppers” they know just what they want and they know how to find it.
The question becomes, do you know how to market to them? The success of your online business in the 21st century depends on whether you know how to do it right.
Lets talk about value. Measuring and delivering what your consumer really wants, that is value.
When a customer evaluates a product or a service, they weigh it’s perceived value against it’s asking price, but zeroing in on what they REALLY value can be difficult, because psychologically it’s complicated.
How does that all play in to getting people to buy your product or service online? Well, to make your product valuable, it needs to contain 4 elements:
- be functional
- emotional,
- life changing
- and provide social impact.
When optimally combined, these 4 elements will increase your customer loyalty and your revenue growth.
So where do you go from here? If you’re still stuck, why not book a consultation?
Hi there, I’m Kate!
And yes, I’m serious. I have nearly 20 years of experience in marketing, the last 14 of which have been specifically in digital marketing.
At Vogue Media we specialize all the things you need to be successful with online marketing.
We’ll expertly help you get your message out to the world.
Crafting your offer, your video, your ads, emails, website, landing page, everything.
Just tell me what you want to sell:
– Services
– Coaching
– Consulting
– Courses
– Masterminds
– Retreats
– Seminars
– Digital Products
– Workshops
– Whatever you sell
Then sit back.
I’ll make it happen.
What’s the catch?
Well I charge a big, fat fee of course.
But if you’re clueless about the digital business model, tech integrations or how to connect online marketing back to revenue for your business, and nothing else has worked…
And you’re sick and tired of trying to do ALL.THE.THINGS.
Maybe it’s time to outsource the entire scope of the project to an expert with an unparalleled commitment to serving your needs.
Alternative Option!
Here’s an alternative option for a very limited time…I currently host a Free, private Facebook group where you can ask questions, get solid advice, support, and collaborate with other social media influencers, bloggers, and online entrepreneurs. In early 2020, I will be changing this group from free to paid, so if you would like to get in now, for free, click here to join! Once I officially launch my Masterclass Series, I will only be inviting those who have paid for the course. Why? Because it takes time to answer questions of course and I can’t keep working for free! 🙂 Join now!!
On another note, here’s my best advice for Small Business Owners: Start with a digital audit. I can do a mini-audit of your website and social channels, and then plan a time to talk it over with you, one-on-one in a 1-hour or 2-hour session. I also offer a full-scale digital audit which provides you with a written, step-by-step Action Plan tailored to your business model to help you get you where you’re going. You can implement the plan yourself, hire us to do it for you, or seek out freelance services yourself using Upwork, Fiverr, or Bark.
When you have a written plan, you’ll know exactly what you need to do, and perhaps most importantly, how to communicate it properly in the right ‘industry lingo’ so that you, someone on your team, or a hired freelancer can get it done quickly and efficiently.
