How do you diversify and monetize your thought leadership platform?
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The first step to diversify and monetize your thought leadership platform is to clearly define your niche and value proposition. What is the specific problem or challenge that you help your audience solve or overcome? What is the unique perspective or approach that you offer? How do you differentiate yourself from other thought leaders in your field? By answering these questions, you can identify your target market, craft your message, and position yourself as a trusted and relevant authority.
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Your niche is the best way to monetize vs. being a generalist. When you provide a specific value or solve a specific problem or for a specific group, you build a strong thought leadership brand around that.
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These questions are all very helpful thought they sometimes feel too abstract. Another way to clarify your niche is to pinpoint what you want to be known for as an expert. Next, it helps to create a narrative of the ideal client's customer journey. For example, what is the mindset shift that takes place from the time you discover the problem to solve, to the time you see a shift in perspective, mindset and behavior. When you can describe what happens that causes these shifts to take place, people are more likely to view you as a trusted advisor.
The second step to diversify and monetize your thought leadership platform is to create and distribute high-quality content that showcases your expertise and provides value to your audience. Content is the currency of thought leadership, and it can take various forms, such as blogs, podcasts, videos, webinars, ebooks, newsletters, or social media posts. The key is to choose the formats that suit your style, audience, and goals, and to produce content consistently and strategically. You can also leverage different platforms and channels to amplify your reach and visibility, such as guest posting, speaking, or collaborating with other thought leaders.
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Your content is the BEST way to get your voice, your story, and your expertise out there. It start conversations, it demonstrates the value you bring, and it creates engagement with your target audience. Take the time to create a content strategy that is diverse, multi-platform, and consistent.
The third step to diversify and monetize your thought leadership platform is to build and engage your community. Your community is your most valuable asset as a thought leader, as it consists of your loyal fans, followers, customers, and advocates. To grow and nurture your community, you need to interact with them regularly, provide feedback, answer questions, solicit feedback, and create opportunities for dialogue and participation. You can also use various tools and platforms to facilitate and enhance your community engagement, such as email marketing, online forums, social media groups, or membership sites.
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The critical elements you need to have to build here is your content strategy, your DM strategy, your email list and a community where people can access you. Each of them are levels where people get to know, like and trust you.
The fourth step to diversify and monetize your thought leadership platform is to offer products and services that align with your niche and value proposition, and that meet the needs and desires of your audience. Products and services are the direct ways to generate income from your thought leadership, and they can range from online courses, coaching, consulting, books, events, or software. The key is to create products and services that are relevant, valuable, and scalable, and that showcase your expertise and authority. You can also use various pricing and payment models to optimize your revenue and profitability, such as subscriptions, bundles, upsells, or affiliates.
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There are a variety of options available today at low to no cost to produce your products and offer them for sale. The best way of learning about them is find some thought leaders who share their technology stack!
The fifth step to diversify and monetize your thought leadership platform is to establish partnerships and sponsorships with other organizations or individuals that share your vision, values, and audience. Partnerships and sponsorships are the indirect ways to generate income from your thought leadership, and they can take various forms, such as joint ventures, endorsements, promotions, or referrals. The key is to choose partners and sponsors that are credible, compatible, and complementary, and that offer mutual benefits and value. You can also use various strategies and tactics to negotiate and secure partnerships and sponsorships, such as proposals, contracts, commissions, or incentives.
The sixth step to diversify and monetize your thought leadership platform is to measure and optimize your performance. As a thought leader, you need to track and analyze your results and impact, both qualitatively and quantitatively. You need to use various metrics and indicators to evaluate your reach, engagement, conversion, retention, and revenue, as well as your feedback, reputation, and influence. You also need to use various tools and methods to collect and interpret your data, such as analytics, surveys, testimonials, or case studies. By measuring and optimizing your performance, you can identify your strengths and weaknesses, discover new opportunities and threats, and make informed decisions and improvements.
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A special note that a 'NICHE' isn't just your target audience. It can also be a particular problem that you solve that is so unique and valued you can monetize it. For example, I focus on getting people a TEDx Talk, which I guarantee based on my methodology. Very few people offer this, so that's a niche problem to solve, but my clients are quite broad and diverse.
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