I had my first major money wake-up call about 10 years ago. I was working in the nonprofit sector, and a major grant that had been promised to us fell through. I had to scramble to raise the funds to keep the boat afloat. I knew the hustle, because it was the same hustle I’d been doing every month as a struggling artist to pay the rent.
If only I knew then what I know now. That moment inspired me to sign up for valuable money workshops and seminars, including working with the formidable Jay Abraham, a marketing guru who launched has more than 1,200 major brands. Perhaps the most important lesson I learned from him: the concept of “monetization,” making money off your products or ideas.
These five insights I’m about to share enabled me to apply this concept and triple my income in eight short months.
1. What is the change or transformation you are selling? People do not buy products or services — they buy results. What benefits are you promising when people buy from you? Why is this change important to them? What pain does it alleviate? How does it improve their quality of life or the viability of their business?
If you’re an employee, the same questions apply when people bring you into their company or organization. What results are you promising? What problem are you solving? How does your presence improve the quality of their brand or value proposition in the marketplace?
2. Who really needs that change and is willing to pay for it? The key words here are “willing to pay for it.” People might agree that your product is good or even that they need something like it. But you’ve got to ensure that your customers who have the means desire make the purchase. Are you talking to people who know that what you provide will make a big enough difference in their lives?
If you’re an employee, do you know which aspects of your skills or expertise your boss is most willing to pay for? This could be a game-changer. This information enables you to understand and access your value at a much deeper level.
3. How much are clients willing to pay for your product? Once you find your ideal client, it is important to know what they are willing to pay. Understanding what price point works for your segment of the market is also important. Do you want to command a premium? Are you able to clearly articulate why your product or service costs more than others? What specific benefits and features justify the price?
If you are an employee, salary talks are when you put on your negotiating hat. Not only do women still deal with a pay gap, but they also leave hundreds of thousands on the table during salary negotiations. It’s not enough to be a better employee; sometimes you have to command that premium. Likewise, it’s not enough to simply command the premium; you need the courage to be the best.
4. Why now? Creating a successful sale is all about being compelling and creating a sense of urgency. Why do they need your product now? What conditions or circumstances in their lives make your offering important and timely? What is the nature of their predicament that makes their current state intolerable? How can you alleviate that pain quickly and easily? Or better than anyone else?
If you are an employee, you have the opportunity to really understand your industry, field, and company. How connected are you to the big picture, and how clear are you about the urgency of your contribution? If you’re a high flier, you can probably answer these questions in five seconds. If you are an up-and-comer, these might be important for you to contemplate as well. The more you understand your organization’s “why now” answer, the more you can maximize their investment in you.
5. Why you? Sales is all about establishing trust and credibility. What is it about you, your skills, your results, your background, your journey, your aesthetic, your process, and your experience that makes you the right person?
This one is universal. I recently led a hiring process with 58 candidates vying for one position. And when it came down to it, the distinct combination of all of the above was what closed the deal for our chosen candidate. We are living in the era of the whole person; as we like to say at Move The Crowd, “whole self = whole success.” Bring your best self to the table, because people are always watching — your impression can be the difference between a “yes” and a “no.”
Rha Goddess is a member of the DailyWorth Connect program. Read more about the program here.