Yes, you have read that correctly.
It doesn’t matter what type of intellectual property you possess at this moment in time…it is utterly useless unless you can turn it into something other than knowledge.
That’s okay…I’m about to clarify.
In your line of study, work or passion, you have amassed an enormous amount of knowledge. You have not only absorbed all the data and history available to you, you have conducted your own studies and made your own observations…in order to draw conclusions and develop educated opinions that have massive potential for serving your industry and changing it for the best.
Sadly, as it is, that knowledge is not going to serve you.
No one is going to pay you just for the dispensation of that knowledge.
No one is going to write a cheque just so you will rattle off facts they can choose to use to solve their own problems…
and there it is.
The key word is problem.
The only way to effectively use your knowledge to turn a profit is to use it to create a solution to a problem.
That doesn’t mean giving people the tools (i.e. knowledge) to create that solution. It means doing the work for them; packaging it in a ready-to-use solution container that meets their needs, feels achievable and has proven results.
Again, this is all about taking the focus off what you have, what you can do, what you have achieved…and putting all that focus on the customer, so they can see, immediately, what benefit(s) they can expect to enjoy.
As you start thinking about packaging your knowledge into a marketable solution, ask yourself this question:
Am I Meeting a Need?
If you’re not meeting a need, solving a problem, easing a pain…then it’s just knowledge—useless knowledge (at least for the purpose of starting a business or building a brand).
Keep in mind that the need doesn’t always have to be readily evident, or obviously painful in its current state. Sometimes, your ideal customers will not have yet recognised just how dangerous or uncomfortable their current situations are. They need to be enlightened to the future consequences (or to the discomfort they haven’t yet acknowledged). Then, after they concede to that fact, they’re on their way to believing that they need your solution. Brand-builders in the health food and car manufacturing industries utilise this method when they warn of the consequences of poor health, or of driving cars with sub-standard safety features.
So how can you turn your knowledge into a sought-after product?
Here are the steps I recommend you take:
- Ask Questions and Listen. There’s one sure-fire way to find out what your audience needs. That’s to ask them what they need. Your ideal customers are experiencing unique pains, challenges and frustrations. And many of them have never been asked to talk about those problems. Be the ear they need to release their aggravation, and as you listen, start to think about how you can convert your knowledge into a product that will solve their problem. And don’t forget to ask them to go into detail about how their problem affects them, how they’ve tried to solve that problem in the past, and their displeasure with just how annoying it all can be. Their words will give you the communication tools you’ll need to push the right buttons (i.e. stir the right emotions) to make conversions. These are the things that are most important to them, and the things that will prove that you’re putting your customers first and speaking directly to them.
- Find a Common Interest. Your ideal customer has a problem. You have knowledge in their area of need. Now, it’s up to you to find that place where their need and your solution meet. The solution (product) you will create (using your knowledge) will be just what they’ve been looking for (even if they weren’t sure they were looking for it). It will be a unique creation that solves their problem in a way that others haven’t tried, or haven’t carried out successfully. It will be something that displays what is unique about you and your intellectual property, whilst filling the gaps that your ideal customers are feeling in current products and/or services.
- Show Them THE Way. The solution that you’ve created from your knowledge is perfect for your ideal customers—and now is the time to show them just how well it will work for them. Have real, demonstrable numbers ready to show them how others like them have benefited. Publish case studies. Get specific about how what you’re offering will change the way they’ve been experiencing business, life or the world around them. And show them real evidence about the positive ripple effects of your product. Use the language you picked up from them to show you’ve been listening, and prove through the things you do for them and the heartbeats that you put out into your community that you truly do understand their pain, want more than anything to help them alleviate it, and that you have the solution for doing just that.
As you can see, your knowledge is only worthless for building a brand if you fail to convert it into something that you can market to your target audience. It must be turned into a solution—a solution they need.
Are you looking for more help with converting your knowledge into a marketable product? Then might I suggest checking into the B.R.A.N.D. Building Bootcamp? In this one-day branding experience, you will learn to create credibility, visibility and profitability for your business, using the three strategies I used to take my business from £0 to £18,000 per month in just 12 weeks. Click here to learn more about upcoming boot camps.