#80 | Monetizing Your Knowledge With Terry Rice
Don’t have time to watch the video? Tune in on your favorite podcast app here:
This week’s Coffee with Kim guest, Terry Rice, is an Expert-in-Residence at Entrepreneur Magazine and a firm believer that everyone can monetize the value & learnings they have. If you’ve been wondering how to share content, attract high-paying clients & make money doing what you’re great at, you’re in the right place!
The 3×3 Daily Plan (05:30)
I’m always curious to know how successful people manage their time. Part of Terry’s routine is implementing the 3×3 daily plan.
“I calendar block nine things I must do that day. Three for myself, three for my business, and three to maintain relationships. This method helps the important tasks get done first. You never know how your day will end but you can control how it starts.”
P.S. The goal is to get all nine tasks done, so if some continuously roll over, switch them out!
P.S.S. If you want notes on everything we discuss in the convo, visit sendmenotes.com. Leave me your email and I’ll send them straight to your inbox!
How To Partner With Brands (09:10)
Terry said it best, “The future belongs to creators!”
Here are his top tips for partnering with brands:
- Remember, value comes from your talent, not how many followers you have.
- Partner with brands whose products you actually use and would recommend to a best friend.
- Post organically and tag the company. It opens the door for future collaborations.
- Start monetizing your knowledge by first delivering content for free. You can practice without the pressure to perform, build clientele, and gain testimonials.
- Discover what you should be charging by asking your network.
Using LinkedIn Effectively (19:15)
Speaking of networking, there’s never been a better time to collaborate with someone new.
Terry and I agree that hand-selecting your crew via LinkedIn is much better than blindly going into an event hoping to kick it off with another guest.
“Get the most out of your time on the platform by interacting with others before and after you post. You’ll show up in more feeds and hopefully find ‘your people’ faster,”
While you’re at it, supercharge your LinkedIn profile with these tips.
Lead Magnets to Convert Audience to Customers (22:45)
Not making any money or leads? Terry says that’s a sign you’re giving away too much content for free or that your content doesn’t have an end goal. Combat this with lead magnets!
“Lead magnets are something of value you offer – a pdf, guide, course, etc. – in exchange for an email. Once someone is on your email list, you can eventually sell them a product.”
Attracting The Right Clients (27:46)
Terry reminded us that even as a seller you should be a buyer! Follow your intuition when deciding who to work with because once you take their money, they own your time.
“Attract the right clients by being polarizing. Those who like you will really like you. Those who don’t weren’t going to buy from you anyway so it’s best to know that up front.”
Additionally, look for these qualities in potential clients:
- Can commit to a goal
- Realizes it will be challenging
- Sees failure as an opportunity to learn
- Cares about their audience
- Is respectful of others
The ACTION Model (31:42)
Curious about opening a business but not sure how to leverage your knowledge? Start with a pillar from Terry’s ACTION Model.
Audits – offer audits to another company’s process or product
Consulting – consult people on how to better their work
Training – train on different tools, products, or processes
Implement – help implement said tools, products, or processes
Ongoing support – remain on retainer if clients need help
New opportunities – join brand partnerships, speaking engagements, and podcasts
The great part about this is there are no startup costs and you can keep your 9-5!
Brittany Barnhart of Powerhouse Brand Studio is a great example of this!
Finding Inspiration (39:30)
Creating fresh content for your business is easier said than done.
Terry says to pull a story out of your everyday life that will be relevant to your audience but unique to you. For example, if your desk is messy, post a photo of it asking for organization tips.
Find more inspiration with these killer content ideas.
Speed Round (43:54)
- What have you started using or doing lately that you love? Scheduling time for white space aka doing nothing
- What’s the next thing you’re hoping to learn? Getting better at creating reels (on Instagram)
- What are your favorite social media accounts to follow? Jason Feifer and Michael Gervais
- Newsletter or podcast you would recommend? Daily Dad Newsletter
Homework: Document the vision you have for your life. If you have a vision, you have the motivation to overcome any challenges that come your way. Also, document your ‘dominant question’ – a question you answer daily that aligns with your vision. For example, Terry’s is “How can I use this moment to live in the legacy I want to leave behind?”
Keep connecting with Terry here:
Next Week:
It’s just you and I friends, diving into how to optimize your LinkedIn profile. Be honest with me, how often do you update yours or even think about updating it…? The average person spends 3 seconds glancing at a LinkedIn profile, only 3! I’m sharing my best practices on how to make your profile interesting, clear, and easy to digest. Join me!
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