My coffee with Susan Corriere from Social Buzz Network yielded some very valuable entrepreneurial insight….
Monetization is the process of generating revenue from your business. You do this by charging your customers the right price for the products or services you offer.
One of the most common entrepreneurial mistakes is leaving money on the table when your customers are more than willing to give it to you. If you’re doing your job right, they’ll look for reasons to give you more money because they want more of what you’re offering.
Once you have your brilliant idea in mind, shift gears to pinpoint who will pay for it, how much they’ll pay for it, your options for cross-selling, upselling and co-branding, etc. Even if you have a non-profit, you still need to earn revenue if you want to help people.
Checkout Susan’s website, the Social Buzz Network here: http://www.socialbuzznetwork.com/
Hi, I am JP Stonestreet, the new business energizer. A few days ago, I was lucky enough to have coffee with a brilliant entrepreneur. Her name is Susan and she runs the Social Buzz Network here in the Denver Metro Area and talking to Susan, it became painfully obvious why some entrepreneurs struggle where others don’t. Susan, she is bubbling with ideas just like most entrepreneurs are. She has tons of ideas, great ideas and as she was telling me about some of the things that she is thinking about doing with her current business and potentially new businesses, what I was fascinated about is how she talked about it. She spent about a sentence, may be two sentences describing the idea and then she went into great detail about how she was going to monetize it. That’s a piece that a lot of entrepreneurs forget about. We talk, myself included, I go into details on the idea, I look at it from every angle you can possibly think of, I try and figure out who would want to use it, how they would use it, what features and functionality it should include, how long it’s going to take me to do it, if it’s something I even want to undertake. Meanwhile, Susan is spending all of that time talking about monetization – who is going to pay for it, how much are they going to pay for it, why are they going to pay that much, how she can upsell, cross-sell, cross-brand, co-brand, you name it. Susan is talking about monetization. Take a lesson from her. She is brilliant. Monetization is the only way to be successful as an entrepreneur even if you are starting a nonprofit, you have to monetize it or you are not going to be a nonprofit very long; you can’t help people if you don’t have any money. So, take this lesson from Susan. Talk about monetization more than your ideation. Spend your energy figuring out how you are going to generate revenue from this brilliant idea that you have. If you can generate revenue, then dive in to the details of how you are going to implement it, but spend the majority of your energy upfront on monetization.