Turn your expertise into a river of gold: part 2

In last week’s blog we looked at the role of technology in creating new revenue streams for anyone with expertise by way of online subscriptions.

Of course, subscription is not the only way to make money from your expertise.  Instead many publishers and experts have chosen the path of advertising and affiliate marketing to create new revenue streams.

Expert blogger Darren Rowse and, of course, SmartCompany are at least two that have succeeded with this model. As outlined last week, Rupert Murdoch is still making up his mind on these models for his various offerings.

But only on close examination of your specific situation can you determine the best revenue path for your own online business. If you already earn an income from your expertise in another way, such as book royalties, speaking fees or consulting fees, you are in a very good position to ‘repurpose’ this expertise for the online world.

The following guidelines too may help clarify whether you have enough intellectual property assets to be able to charge potential subscribers.

The great news is that the tools required to run such a venture are now more affordable than ever. A trend that will continue for the foreseeable future.

1. Evaluate Current Assets

One of the first steps you can take to ascertain your subscription potential is to create an inventory of existing IP assets. Perhaps you have some eBooks or a range of articles, ‘Powerpoint’ presentations, audio or video recordings. If so, this can make for a library or ‘resource centre’ of content that subscribers may well be prepared to pay to access.

2. Brainstorm Future Assets

Given the low cost of online media technology, you are likely to be able to offer content or advice in a way that wasn’t possible previously. With affordable IP telephony, webcam and/or web conferencing software you might be able to offer tuition to a group or even one-on-one – no matter where your subscriber is located.

In addition to live offerings, you can record these events to create even more content for your resource centre.

3. Create value added packages

Once you have an idea of what you can offer potential subscribers, break it up into different levels of packages – essentially the bronze, silver, gold and platinum standards that make it easy to understand.

Obviously the higher the price the higher the value of the content or advice you could provide. For example, your highest package may include a one-on-one web conference whereas the next pack down may be in group format.

4. Test the market

Once you have come up with your different packages, run it by as many people who fit your market profile as possible. Friends are useful for this but better still are existing clients who could well be your first subscribers.

Generally people value being asked for their opinions so listen carefully to what they have to say about your draft packs. Don’t forget to ask about all-important pricing levels for each pack.

5. Tool Up

Once you feel you have essentially got your packages into shape, you can start tooling up for a trial of the packs. Typical tools are shopping carts, integrated and online customer relationship management systems, extranets (password protected areas) and web conferencing and webinar systems.

Before you start getting nervous about these technologies, the great news is that they are very affordable and in many cases are able to be tried free of charge for a trial period – something you should take full advantage of.

6. Trial

Once ready, ‘soft’ launch your packages to a select group – preferably without charging. That way nobody will feel misled or out of pocket if something goes wrong.  You could even gain greater leverage with your existing customers by inviting them to participate in the trial in return for their feedback. With any luck they may value what they are getting so much they may become your first paying subscribers.

7. Launch

With the trial under your belt and after gaining some candid feedback, you should be in great shape to launch your subscription product to the world.

Depending on how failsafe you think it is, again you could embark on a ‘soft’ launch to perfect the offering and improve it prior to a more aggressive launch.

8. Continually improve

As you go on, you’ll get to understand the ‘hot buttons’ of your market and start to become creative about what you are offering. As your space becomes competitive expect to constantly refine your packages to ensure you keep ‘churn’ (unsubscribes) to a minimum.

While these guidelines may assist you to create a business case for your subscription business, it’s likely that at some point you’ll need the advice and assistance of a professional to help pull it all together – saving you much time and heartache along the way.

But don’t let that stop you exploring what could be a lucrative and enjoyable way to earn ongoing and near passive income streams.

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Craig Reardon is a leading eBusiness educator and founder and director of independent web services firm The E Team which provide the gamut of ‘pre-built’ website solutions, technologies and services to SMEs in Melbourne and beyond.