How to monetise anything: part 2

Last post I looked at the question “how do I monetise this?” and suggested frameworks for monetising, as per the below. In this week’s post I want to look at identifying the attributes of a situation you want to monetise.

Identifying the attributes

The first thing you want to do in any situation you want to monetise, is identify all the attributes, not just the most prominent or immediate. Sometimes it can be quite hard to identify all the attributes, so as an approach it’s worthwhile looking at the inputs, the outputs, the activities around a situation and its outside influences or controls, then ask yourself “who, what, where, why, when, how?”. As you look at each item, also ask yourself “so what?” the answers may surprise you.

Consider our examples drawn from the questions raised in the initial post.

Suggested questions around a community event:

• What is the demographic of attendees and the quantity or people, what do these people do, what do they spend money on, who is in their network, what are they passionate about?
• Where is the location that you are speaking at, does the location need services? How will you get to the location?
• What is the content of your presentation, are there particular messages that you will push, are there specific solutions that people can purchase, are there calls to action?
• Will others access your content that are not at the event, where and in what format will they access it?

Suggested questions around the Wikinomics group:

• Who is involved in the discussions around Wikinomics, what is their demographic, how often do they meet, where do they meet, do they spend money while there?
• What are their “stay awake at night” issues?
• How do people learn about Wikinomics initially and then ongoing? How do they consume content around Wikinomics?
• How does one build skills in applying Wikinomics concepts?
• Who else is interested in Wikinomics, why does it interest them and what problems do they need to solve?

Suggested questions around the great network:

• What are the demographics of the people in your great network?
• What power and assets do these people have?
• What worries these people, what frustrates them, what do they aspire to, what does their future look like?
• What do they do with their time, how do they spend their money, what are they saving for?
• How often do you “touch” these people and by what method?
• How often do these people “touch you” why do they think of you and what do they think of you?

Once you get started, it’s not that hard to start recognising all the attributes of a situation.

In next week’s post I will have a look at identifying value.

To read more Brendan Lewis blogs, click here.

Brendan Lewis is a serial technology entrepreneur having founded: Ideas Lighting, Carradale Media, Edion, Verve IT, The Churchill Club, Flinders Pacific and L2i Technology Advisory. He has set up businesses for others in Romania, Indonesia and Vietnam. Qualified in IT and Accounting, he has also spent time running an Advertising agency and as a Cavalry Officer with the Australian Army Reserve.