Peter Winick separates two things thought leaders confuse: productizing (turning ideas into apps and trainings) and monetizing (pricing, selling, and reaching customers). Most people productize first and wonder why nothing sells. Start with monetization instead.
Hi there, it's Peter Winick. I'm the founder and CEO at Thought Leadership Leverage, and here's the idea that I'd like to share with you today, and that's this: in my conversations, my daily conversations every day with thought leaders that are potential clients, clients, colleagues, friends, I ask them what, what are they working on, what are you thinking about, and 9 times out of 10, maybe even more, they tell me about what, how they're productizing their work. I'm going to take these ideas from my book and I'm going to turn it into this thing, or I'm going to create another app or a video-based training system, etc. And my pushback is always that productization is not monetization, and that you need to sort of work that backwards and ask a different question. And the question that you should ask isn't, how can I productize my ideas? That's easy. There's an infinite number of things you could do with your ideas, but how do I most effectively monetize them? Now that requires a deep understanding of the marketplace that you're serving, pricing, sales, marketing, distribution. Those are questions that need to be answered before you start to think about, or more importantly, execute on productization. So anyway, my question to you is this: what are you doing to monetize your work as opposed to productize your work? Love to hear your thoughts.
