Written by Wendy Keller
Did you know that more than 320 rights exist in any piece of intellectual property?
How many of those rights are you thinking of when you consider writing a book, giving a speech or creating an audio product?
Quickly assessing your product for hidden revenue streams is an important skill. The easiest money you can create is embedded in how many ways you can sell what you know to the people who want to learn it and pay for it. Why do so few people think of only a few ways to profit from their content?
In my 22+ years selling intellectual property rights (mostly books and speeches), I’ve noticed that nearly everyone falls into the proverbial “Carpenter Syndrome.” That is, if all you’ve got is a hammer, everything looks like a nail.
To understand how to leverage the content in your carefully-collected knowledge base, you have to realize that people prefer to learn in very different ways. The three primary methods of learning are auditory, visual and kinesthetic. Stop for a moment and ask yourself which you are.
If you’re mostly auditory, you probably pay attention to music and sounds and other people’s vocal inflection. You are likely to learn easily by listening to cassettes or CDs.
- If you’re primarily visual, it’s likely you can remember what someone was wearing the day you met them, even if you’ve long forgotten their name. You are likely to learn by reading. You’re probably a serious book lover.
- If you’re mostly kinesthetic, you learn by participating. You’re likely to really get a lot out of seminars, especially ones with group interaction and ropes courses. You’re definitely focused on how people are going to feel about your message.
- These broad generalizations are the tip of the matter, of course. But it’s likely that whatever your personal preference is, you assume that’s the preference of the world. Even as a literary agent and well-published author, I have to constantly remind myself that not everyone reads books. In fact, only 17% of all American households bought even one book last year! (American Booksellers Association research).
Your goal as a content provider – someone with knowledge for sale – is to consider how people who prefer learning in other ways might be able to more easily access and buy your content. How active is your self-promotion on the Internet? How available is your program in audio format? Did you get a book published? If you did, did you make sure that it’s also available as an e-book? How many people attended your last workshop?
The hundreds of ways you can parse rights to your content are more overwhelming than they are relevant or important — unless you start with the most profitable ones and work your way down. But first, you have to consider your options and then take the most expedient, direct and effective measures to deliver and market your product in that form or format to the audience that is most likely to buy it.
As an information marketer, you will profit the most by looking for all the innovative ways to get your material out – not just the one most comfortable for your own learning style. You’ll soon find that by putting your material out there in a wide variety of forms allows the success momentum to take over.