3 Steps To Turning Your Intellectual Property Into Profit
In today’s competitive world, it can be extremely hard for businesses to stand out from the crowd. Everywhere you turn, there seems to be someone who is trying to sell you something. One of the key areas many businesses struggle with is selling. Now I love the sales game and in business, 99 percent of us are selling something whether it is our time, our expertise or our products.
One thing I learned early on in business is that perception is reality in this world. No business owner worth his or her salt is going to promote anything that shows him or her in a poor light. I can see it now, ‘Business coach thrilled with clients’ mediocre results.’ I come back to my initial premise. How do you stand out from your competition and be the first choice and ‘go to’ person in your niche?
It’s all about creating products that position you as the expert and the authority leader so when someone is looking for your service; your voice is a little bit louder than the rest. They key to this is being able to turn your IP into profit. To do so, look to the follow steps for guidance.
Write down all the problems that your business solves. Then, write down the 12 things that you would be able to teach people about even if a gun was being held to your head; these are what I call your bread and butter. Write down two things you know your competitors aren’t talking about that you know is critical to your target market’s problem.
The most effective way to stand out from the crowd is to talk about what others aren’t. Then you say, “We all know that ABC needs to occur before you see the change in your relationship however, I am here to tell you that unless XYZ happens, the results will never truly be remarkable.”
Be the one that stands out and stands for something that is memorable.
Identify how you can monetize your IP. Now that you have ‘unpacked’ your IP, it is time to start to look for ways that you can profit from it. You can take one of your 12 things you have listed, or as I mentioned one of the things your competition isn’t talking about, and create a wicked Opt In for your website. Make your bold statement and then create a short eBook, Whitepaper or PDF File that you can give to the people who enquire.
Choose six of your ‘knowledge points’ and create an eBook that you can have for sale for your clients and potential clients: remember, I believe that knowledge is power. Not only will this be a tangible product that you can have for sale, it is the perfect entry into your sales funnels that in marketing is one of your most important business tool.
Now you are starting to get the hang of creating products, how about you look at creating workbooks or manuals? This can be another, deeper entry into your sales funnel, and again, tangible products that you can photograph or have 3D widgets made to give substance to your website and expert perception.
Step 3 - Write a book. The most powerful way of turning your IP into profit is by writing a book. Becoming an author gives you a huge credibility boost for your own profile and your business. Writing a book shows to your potential clients that you are committed, intelligent and knowledgeable and therefore a perfect choice to help them solve their problem.
Not only will you make passive income from the sales of your book, being able to promote yourself as the authority figure in your niche suddenly become so much easier. Business owners who have written a book are twice as likely to achieve business success as those who haven’t.
Each of the 12 ‘knowledge points’ that you have written down can become chapters. Unpack them further to give them clarity and substance. Sort them into some form of structure and readability and voila, you are on your way to writing your first book.
Natasa Denman is a skilled executive coach, author of four best-selling books, and founder of The Ultimate 48 Hour Author. Within her mentoring program she guides time-poor entrepreneurs and business owners through the publishing process so that they can have their own story in print. Natasa is also a finalist in the prestigious AusMumpreneur Awards 2014. For more information visit www.ultimate48hourauthor.com.au, the first two people to email Natasa at[email protected] will also receive a free copy of her book.
- Business schools innovating for post-pandemic educationLeadership & Strategy
- 9 leadership podcasts for today’s business executivesLeadership & Strategy
- Empathy is today's top leadership skill for next-gen CEOsLeadership & Strategy
- 8 top tips to navigating your own route to successLeadership & Strategy