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The 7 Minute Mentor podcast by Mark Asquith

539 – Content Development Process: Monetization & Retention Logic

The 7 Minute Mentor by Mark Asquith

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Hey, guys, welcome to episode 539 of The 7 Minute Mentor with me Mark Asquith. Today, we're going to talk about the last part of my content development process, which is the monetization and retention logic. Sounds a little bit complex and a little bit abstract, but I'm going to explain it in just one moment. Look, before I do that, let me just give you a quick heads up that I will be live with my free coaching today at [4:00] PM UK, [11:00] AM Eastern, [8:00] AM Pacific, where I give you 30 minutes of my time completely unadulterated and completely for free.

Now, we've got a number of questions that have come in from the community this week. So, we're going to be answering some very personal questions and some very pertinent questions as we move in to 2019. So, please don't sit on the sidelines, don't think, “How do I grow this business? How do I move this business forward?” Don't struggle on your own. Let me help you. Is what I do, I do it for free, there is no strings attached. All right. I do this every single week. So, come along. All right. Come and join the free coaching session at excellence-expected.com/freecoaching.

Also, what could you do with $20,000? What kind of impact could you have in your business, in your community with that injection of cash? Well, Aweber, my great friends are actually giving away $20,000 to one lucky business. One lucky non-profit, one lucky small business, who is already making a big impact. They want to help you do even more. Now, they're running their brand new contest. They're running a small business big impact contest, and anyone can enter as long as you are a non-profit and a small business in the United States. I want you to go get involved. Please go on and enter. There are no strings attached to this either, go and check it out at aweber.com/bigimpact.

Creating your content is only one part of content marketing. A smaller piece, actually, that many people realize. Just as you create a short one line marketing angle, and elevator pitch, if you like, for your business, you have to create the same for each piece of content. In fact, I believe that you should create two. I call these, monetization logic and retention logic angles. Now, a lot of people will talk about monetization logic in slightly different ways. For example, Dan Norris talks about this where he'll go through and say, “Okay, the monetization logic of this content is that someone will download this resource into the top of my funnel and off we go.” That's perfectly valid. Dan's fantastic at what he does.

I've kind of tweaked the term a little bit just for our internal use and instead, I actually use these as kind of like my elevator pitches for each content package. There's an example of this. Let's use this motorcycle example that we've been using all week. Where someone's new to being a motorcycle rider, they've passed the test and we've created some original content, which is a blog post. These are top five things that motorcycle riders get wrong in their first week. We've created an alternative piece of content which looks at that from a different angle, which is the top six industry leading crash helmets, rated, reviewed and compared. Then we created a content upgrade, which is a way of getting people to transact to give you an email address to get them on your list. That content upgrade is relevant to this content, and what it does, this content upgrade is, the ultimate fitting guide. Take this PDF with you when you go and try a new crash helmet on and go and try these three tests. See if you can get the right number fingers between your head and the crash helmet, and so on and so forth.

So you've kind of created this package of content. Now, the last piece of the puzzle is the monetization and retention logic. The reason that I'm telling you that these are two different angles is very clear. The monetization logic is the kind of one sentence elevator pitch. Is the angle that you will use for people who haven't yet bought anything from you. This is for this entire content package. So, the monetization logic is intended to just serve as your elevator pitch for people who haven't bought anything from you.

Let's assume that you run a motorcycle website and you sell a membership. Your monetization logic for this piece where it may be something along the lines of, “Okay, we want to attract new motorcycle enthusiasts who have just passed the test and we want to get them into a membership at 39 Bucks per month.” The monetization logic may be something along the lines of, “Okay, with these three pieces of content, we're giving you everything you need to buy this particular kind of helmet. The best helmet that you need that will suit you the most. If you join our membership you'll have access to discounts from these top six retailers.”

For example, the retention logic would be slightly different because you wouldn't go at people and you wouldn't market at people who are already members in the same way. Instead, you would want to keep them as members. What you may then decide to do is use the one off angle as, rated and reviewed, the top six crush helmets in the industry, and by the way, we'll reveal our number one this time next month, or we will run a poll this time next month and whoever wins gets a free crush on me.” Something like that. So, the monetization logic angle is what you use to tell people that aren't transacting with you about this content because how you talk to people already buying from you is different to how you talk to prospects. The retention logic is how you tell people that are already buying from you why they should continue to buy from you.

Now, it does feel a little bit abstract, and sometimes it can be really hard to do this, it can be really hard to do this, but think of monetization logic and retention logic as the elevator pitches for each content package. Monetization logic is the elevator pitch for people who aren't buying anything from you yet. Retention logic is the elevator pitch for people who you intend to buy things from you in the future? So, very distinct difference. Think about it, work on it and on Monday what we're going to do is talk about developing your first content package. We're going to do that together.

So, over the weekend, I want you to think of one idea, one problem, one question that people ask you in your industry, and I want you to write that down. Write that down. And we're going to come back to that on Monday. Until then, guys, have a wonderful weekend. I'll see you on the free coaching and never, ever forget, the more you expect from yourself, the more you will excel.

About the author, Mark

Mark Asquith is a serial entrepreneur who has built globally successful design, marketing, software and digital businesses since he quit his real job in 2005.

A passionate podcaster, global keynote speaker and helpful bloke, Mark is the co-founder of Podcast Websites and the creator of Excellence Expected. He has a terribly embarrassing beard.

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