Many people often encounter challenges when attempting to monetize their brand. The ability to convert brand presence into revenue depends on a combination of factors, including the size and quality of your audience, as well as the level of your skills and experience.
Today, Dr. Terri Levine delves into the key factors influencing the monetization game, offering a roadmap for entrepreneurs and business owners who are seeking to maximize their revenue potential. In addition, she shares five distinct methods to monetize your brand effectively.
Tune in and transform your approach to monetizing your brand.
Key Highlights From The Episode:
[00:16] What’s in for you in today’s episode: Monetizing your brand
[00:28] Factors influencing monetization strategies for your business
[01:13] Five different ways of monetizing your brand
[01:16] #1 Affiliate marketing
[03:32] #2 Take your service and look at it as an in-demand scale
[05:14] #3 If you sell products and have a thousand engaged followers, start offering your own products
[06:33] #4 Consulting calls
[07:40] #5 High-ticket coaching and consulting
Golden Nuggets:
- Before you start monetizing on social media, you need to have about a thousand genuinely engaged followers. [00:56]
- Before creating a product, ensure it solves a clear problem for your audience. [05:36]
- Conducting consulting calls not only provides your clients with immediate results but also serves as valuable research, helping you gain insights into the main challenges they are facing. [06:43]
- High-ticket coaching and consulting offer the best opportunity to maximize earnings since clients pay for your assistance over several months.[07:41]
- Your ability to monetize depends on a combination of the size and quality of your audience, as well as the level of your skills and experience. [09:14]
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Full Transcript:
Welcome back to Digital Marketing for Coaches & Consultants. I am your host, Dr. Terri Levine, and I’m glad that you joined. I hope you’ve subscribed, I hope you’ve reviewed us, and I also hope you share this podcast. So today, I’m going to focus on money and how you can make more of it. And there’s really, in my experience, about five different ways that you can monetize your brand. And the factors that are available to you, the options kind of depend on your business, what your level of skill is, what your level of experience is, the strength of your offers, definitely the quality of your audience, and the number of engaged followers that you have on your social media.
So, these are the factors that are going to help us understand how you’re going to be able to monetize your brand. Before you actually start monetizing on social media, whatever platform, you need to have about a thousand really engaged followers. And if you’re starting from scratch, you’re going to need to do that. If you’re not starting from scratch, and you already have that, that’s awesome. So what are your options? Well, one option is definitely affiliate marketing, and it’s a very good way to monetize your social media accounts. Why? You can make money without even having your own offer. You can promote someone else’s offers.
There’s someone who has offers I really am aligned with and I know they help my client family members, so I share that offer. And I actually am not looking to be paid as my company doesn’t need the income coming in. And we give most of our income, 90% of it, to the Terri Levine Foundation for Children with RSD; Reflexive Synthetic Dystrophy. So, last year, from that affiliate arrangement, I brought in about $28,000, properly sharing what they have with my clients, and $28,000 went right to our foundation. So, you don’t need to donate to a foundation, all you need to do is find a product or a service that really aligns with your audience that you really believe in, and on behalf of another creator, you can share, and you can make anywhere, in my experience, from about 25 to 30% commission. And I like to do that personally on digital props or products.
So, how do you do that? Well, first, you have to find some really good products or services that you’ve bought, and that you’ve used, and that you believe in, and that you want to share with others. The next thing you do is you direct message on whatever social media platform to the creator, and you ask can you be an affiliate. And usually, they will give you a link and say the answer is yes. And then, the next thing, of course, is you start promoting the product or the service on social media using your unique link. Then what happens is somebody buys the product or the service, then “kachin” money goes into the bank. So, let me just give you a couple of tips on that.
I like to even sweeten the deal by, when you get this person’s XYZ, they get something extra. Maybe it’s a console, maybe it’s something you have that’s a score sheet, or something like that. And the other thing that I like to do is promote the other person’s product or service with social proof. I look for testimonials or case studies that I can share. Now, that’s one option. The second option is that you take your service, and you look at your service as an in-demand skill. And, by the way, I’ve been able to do this for client family members that don’t have a thousand followers that are engaged, they only have about 500. So it’s essentially like being, how do I even call it? Almost a freelancer.
So you have a service, and instead of offering it on Upwork or Fiverr where you get paid almost nothing, you instead leverage your brand and you start mentioning whether it be what, Twitter, X, LinkedIn, Facebook, Instagram, it doesn’t really matter, you start mentioning, “Hey, I’m the go-to expert in this field…” And I would just make something up. “I’m willing to do copywriting at a reduced rate for the next five people, just DM me directly,” or something like that. I have had my client family members using this system, and I typically write out the posts for them, get a ton of referrals this way. And so, it’s a way to really get your brand out there, and to build your brand, and to reach a lot of social media accounts.
The first thing I will give you a caution on is make sure your offer is optimized, don’t just start kind of telling people about it. And the second thing is, if you do lack some experience, charge a very low fee in exchange for a testimonial. If you have a lot of testimonials, you have a lot of experience, look, even if you have 500 followers, and I’ve seen people do this with less than 300, you can offer your service for 10,000, 5000, 2000. I’ve seen people add an extra $5,000 a month just by doing this. The third option is if you have products that you sell; a book, a course, info products, anything like that, is, at that point, you need a thousand engaged followers.
And then, once you have a thousand engaged followers, you do want to start offering your own products. It’s 100% profit, and you’re able to sell on social media 24/7. So, just make sure that your product really solves one clear problem for your audience, that it’s a problem they definitely have, and it’s a solution they definitely are seeking. And so, please don’t just create a product, you have to do a lot of research, you have to also plant a lot of seeds to get engagement on social media, making sure there’s a strong enough demand before you offer something they don’t want.
I also recommend that you run a kind of like a presale before you even build the product because, if it doesn’t get enough sales, then you’re going to know this isn’t the right thing, you could refund the money, and you don’t have to keep spending time and money on a product the public doesn’t want. So, the other thing you do once you build it, once you know they want it and you build it, is you can go to some of the affiliates that I talked about earlier, and you can ask them to be affiliates for you. Just make sure whatever you build, if it’s a product, it’s always really high quality.
The fourth option you have are consulting calls. So, if you’ve got a skill, you want to be able to use your skill and make an offer at the same time, you can do consulting calls to help get your clients immediate results. And, at the same time, it’s research to help you really see what are the main problems that they are facing. So you can do a handful of free consulting calls, truly consulting, not sales pitches in disguise, and listen to the problems. And that’s how you’ll know what the common denominator of the problems are, and that allows you to create a high-ticket offer that solves the problem.
And the offer can be a coaching consulting service, it can be digital. It depends on your market, it depends on your skills, and clearly, your experience. And these consulting calls, once you start charging for them. It can be, depending on your skill level, 100 bucks an hour, to 1,000 or more. I use Calendly to schedule appointments. And you can also set up a simple landing page, or a sales page, or you can just DM people. So, what’s the fifth option, it’s high-ticket coaching or consulting, which is what I always recommend. This is your opportunity to make the most money because the client then is paying you for your help over several months, whether it be individually or in a group.
When you have about a thousand engaged followers, and people are kind of recognizing your expertise, then this is the right thing to be offering. And a typical coaching or consulting offer like this can go for $1,500 to 5,000 or more for an eight to 12-week program. So, I recommend that, in this package, you deliver kind of a mix of things. So it could be some one-on-one, it could be some group, it could be some support in WhatsApp, or Slack, or text. It could be customized worksheets. It could be recorded lessons, it could be some kind of curriculum, access to a private Facebook group.
So, I recommend that if you do have a high-ticket offer, which I recommend you have, is you offer that through calls. And the calls, again, are not sales pitches, they’re really ways to find out what people need and see if you’re a match for them. And the whole goal here is that you build relationships with people. And I always recommend you first validate your offer with lower ticket things. Make sure people are resonating, they’re getting value, they’re giving you testimonials. Document their case study, and then, you can move up to the higher ticket.
So, I’m going to say this, your ability to monetize depends on a combination of the size and quality of your audience, and then your level of skills and experience. So, if you already have some existing skills and experience as well as an established audience, man, start creating those offers immediately. So, craft your offer. If you’re not ready to come up with an offer yet, go listen to this episode, go back to other episodes that are really focused on building your audience because they do teach you how to do that. I hope you’ve enjoyed today’s podcast, I hope you’ll share it. And again, we’d love your reviews. I’ll see you here next time at Digital Marketing for Coaches & Consultants. Bye now.
