Many of my clients and connections have robust social brands, but lack a plan or the skills to monetize their presence. They have blogs, followers on social media and active relationships. But, for all their efforts and successes, they have trouble translating their work into profit.
With a few steps, you can add revenue to an existing online brand. With simple analysis and a few actions you can begin monetizing your passion and creating a resilient and long-lasting business.
You must first understand your brand and your followers clearly; not who you’d like them to be, but who they are. To gain clarity about your subject, review your blog posts, social media comments, and check the volume of traffic generated by different content.
Asking can go a long way towards helping you answer the question too. Do a quick survey and ask what people like about your blog, your posts, etc. Survey Monkey will let you run a survey free and the information you gather can be quite revealing. It’s also a fine way to learn what your audience wants and needs, the problems they have and so on.
After you identify your niche and the desires of your audience, find products that are a fit for them and match your beliefs and needs. If you’ve sold products or services before, you may have an understanding and source of products that fit your market. If not, you need to find something you can offer your tribe that benefits them and is profitable for you.
There are many options, but for this article I’ll use Market America as a source. MA is an online “mall without walls” that defines itself as a product brokerage and internet marketing company. It’s perfect for the digital world. All products are drop shipped from MA or it’s partners (40 million+ products) and they provide you with Amazon-like websites. In the image, Scottie Pippen is monetizing his “brand.”
They collect data on their tens of millions of customers and use that information to create product lines. With the leverage of their massive client base, they negotiate with manufacturers to create “champagne products on a beer budget.”
You can source market-leading products in health, pet care, Motives Cosmetics, household items, etc. They even have a music line that lets people become indie music labels!
Begin by testing products and writing product reviews on the ones you love. Leverage your brand to share your reviews to bring people to your store. Monetization comes in the form of commissions and profit sharing. Your customers remain yours and you begin to create a “shopping annuity.” While your customer base grows, your income climbs and becomes an annuity (continuing payment for the long-term). You can even pass your business down to your children.
Your monetized brand enables you to expand into other areas and products. By trying new items you may find other products you believe in and that you know would solve a problem. For instance, you might expand from Motives Cosmetics into pet care products because you know many of your readers have pets they care about. You’ll have a flow of products and revenue that you can continually expand until you reach your goals.
One of the earliest groups that we’ve had success introducing this model to is makeup artists and beauty bloggers in the US and the UK. They are writing about a passion and have loyal audiences that appreciate reading about great products. In the case of makeup artists, they are often working long hours selling products for another company. Switching to their own store can instantly produce dramatic increases in income for them.
If you’d like to learn more, click here to see an overview and the variety of product lines available. Feel free to shoot me an email too (click here) and I’d be happy to Skype with you an answer any questions you have.
Now, time to begin monetizing your brand and turning your passion into a business!