How to monetise anything: part 3

In last week’s blog I continued the discussion on “How do I monetise anything?” with a look at the attributes of the situation. This post I would like to have a look at identifying the value in the situation.

Value

The second step in the process is to identify the value that the attributes of the situation offer, and to whom. Value can be traditional goods and services or revenue, it could be knowledge, or it could be something much more intangible such as a “sense of community”. Value may also be derived by someone not party to the situation. For instance, a television audience is of direct value to the advertisers, not the station itself.

Some suggested questions around a community event:

• What drives the audience to attend, is it the networking, the sense of community, your content, the entertainment, the food and drink?
• Where is money changing hands around the situation?
• What other needs does the audience have that they are prepared to pay for?
• Who can satisfy these needs?

Some suggested questions the Wikinomics group:

• What drives the community to be involved, is it the thirst for knowledge, the sense of community or the search for a business opportunity?
• Where is money changing hands around the situation, is it for services or is it for the coffee and books you consume?
• What other needs does the group have that they are prepared to pay for?

Some suggested questions around the great network:

• What does your network directly spend money on?
• Where does your network influence the spending of money?
• Which parts of your “great network” actually have value?
• Can you satisfy their needs, or is it someone else you need to represent?

Almost every attribute of a situation has value, the question you need to ask is what costs do I need to incur to be able to access that value and is it aligned with credibility and goals?

Next post I want to have a look at the final competent of monetising anything, which is packaging.

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.