Let’s be clear – monetizing anything isn’t easy.
The trick is not to make it more complicated and thus increase the probability of success.
When it comes to social media monetization for content creators, there are two main ways to monetize (a) find a job (b) find clients.
Let’s walk through the six most common content monetization errors of social media content creators.
1. Not knowing the target audience
We create content to reach an audience.
A specific audience.
Not a vague one.
If we don’t know who that audience is, then we won’t know what these people want.
If we don’t know what they want, then we won’t be able to create content for them to connect with, enjoy, and use emotionally.
If they don’t consume the content, then they won’t purchase things.
The things, of course, must benefit the buyer.
If the potential customer isn’t at the center of our content, then bad things happen.
Remember content isn’t about us – it is about them! Them being consumers and customers.
This point has truth in B2B and B2C.
The only significant difference is that most B2B customers purchase during a crisis.
That’s why consistency pays off. Be there when the customer needs you. Not the other way around.
Who is your target audience?
2. Not listening to our paying audience – only!
We all have millions of opinions on thousands of topics.
You’re having one right now as you read this post.
Might be a positive, negative, or neutral – but you’re having one.
These opinions change based on our emotional state in the moment or our mood.
That’s the fun part of being a human being (person) rather than a smartphone (product).
Remember, emotions are temporary, and moods last longer.
If we answered number one, then we know who our target audience.
Meaning listening becomes the key.
It is the starting point, of our customer feedback loop. That loop will drive sales and create new product/service lines – if we listen!
Do you know what the key to listening is?
Take a second.
That’s right – not talking.
We need to focus on listening to our paying customers only.
They have not only earned but paid for the right to give feedback.
Anyone else is just a critic and most likely an agitator rather than buyer.
3. Not surveying a potential audience
Hold on you just told me in number two to only listen to paying customers, now I’m surveying non-paying customers!
Monetization sounds like it takes a hell of a lot of work.
The customer isn’t always right.
This potential customer base needs a way to communicate their ideas to us before spending money.
Surveys are a fantastic way to open up dialogue because even the best customer base is cyclical.
Here’s the good news. This double feedback loop will help us to retain current customers because we gain access to information they may be afraid to share with us. We can address those needs head on and diffuse any potential downside.
At the same time, we are growing the audience from the people just because we listened to them.
Never underestimate the power of listening because that approach closes more sales than any other tactic.
4. Not understanding opportunity cost
Let’s keep it simple. If we do something, then that means we aren’t doing other things. Those other things are the opportunity cost because we can’t do them and benefit from them.
Go back to number two and three. Let’s say we have a decent customer base but found out with a few changes we could double the customer base. We need to weigh and understand the risk of not doing the latter.
The opportunity cost of what we can’t do because of the choice we made.
5. Not knowing actual break-even costs.
Remember break-even costs are a combination of our fixed and variable costs. Everything over those two numbers added together is profit.
Understanding the importance of being above break-even can’t be understated.
6. Thinking more than doing
Actions do speak louder than words. Talking about monetizing content isn’t the same as actually taking the daily, weekly, monthly, quarterly, and annual steps to make it happen.
Got a monetization question? Ask us.