How to Monetize Your Perceived Value
without sticking to a single product
Successful businesses don’t sell products
Why?
Products are by nature, generic, which makes it hard to create meaningful differentiation.
You would have a lot of explaining to do to customers to help them understand the value they get from that product.
A product - centric strategy is a recipe for failure.
What do successful brands sell then?
“A unique value that delivers a benefit their customer desires”
I’ll use a common example:
Apple Inc doesn’t sell technological solutions
They sell a societal status, prestige, and class
People don’t get Apple devices because of their functionality,
In fact, there are many more mobile devices that could do way better things than the iPhone can.
If you use an Apple device, ask yourself, “why did I choose this?”
Take a moment to answer that sincerely -
If you don’t have one, but you desire to use an Apple device, ask yourself, “why am I choosing this?”
Your answer? That is the value Apple sells.
Want to know how I know?
If Apple decides to launch a furniture brand today, it will evoke the same emotion and deliver the same value.
Do you see now that Apple doesn’t sell tech devices?
How is this relevant to you as a Personal Brand you ask?
Once you understand the power of bringing a unique value to market,
What to sell to make money is not difficult to come up with.
Because “products” are products of value - Read that again.
So how do you discover what unique value you could bring to the market as a personal brand and monetize it?
The key is to get radically honest with yourself about your skills, experiences, perspectives and philosophies that allow you to show up in a distinctive way.
What yearning desire or frustrating gap could you fulfill for your audience that competitors are not addressing?
Once you identify that special "it" factor that only you can deliver, everything from crafting your brand narrative, to designing compelling offers, to formulating a marketing strategy becomes much more seamless.
You'll be able to clearly convey the transformation and value you provide.
Here's a pictorial representation:
This value-based approach shifts the game from attempting to just sell a product or service, to selling a promise that captivates people and keeps them coming back.
That's how you monetize your personal brand for sustainable success.
The most powerful brands don't pursue customers, they attract loyalists by dealing an irresistible value that customers crave.
Make that your aim as you build your personal brand.
Become a master at delivering a singularly relevant value, and you'll never struggle to make your personal brand profitable.
SOMETHING TO THINK ABOUT
Analyze your current business idea or project, whether it’s been launched, in stealth or still in the ideation phase - and carefully come up with the singular value that makes you stand out.
Care to share what it is? Send me an email.
WEEKLY TAKEAWAY
“You’ve got to start with the customer experience and work backwards.”
— Steve Jobs - on finding your unique value proposition.