From Passion to Profit

Building profit from your passion is something we all dream of. The road to profit is not always clear. You know what you are passionate about, but deciding how to create products and services surrounding those feelings stumps a lot of people. I often see people focus on finding what they love and attempting to monetize this way, but business is about people. Although knowing what you love is very important, even more important is knowing who you love. By this I mean it is important to be able to identify what group of people you love.

Knowing what people you are passionate about will allow you to center your business around the idea of improving the lifestyles of those that matter most to you and in marketing this is the birth of all great products and services.profit from your passion is something we all dream of. The road to profit is not always clear. You know what you are passionate about, but deciding how to create products and services surrounding those feelings stumps a lot of people.

I often see people focus on finding what they love and attempting to monetize this way, but business is about people. Although knowing what you love is very important, even more important is knowing who you love. By this I mean it is important to be able to identify what group of people you love. Knowing what people you are passionate about will allow you to center your business around the idea of improving the lifestyles of those that matter most to you and in marketing this is the birth of all great products and services.

Figuring out who you love is an easy way to identify your target market. Before you get deep into thought about what products/services you want to provide you first need to know who you are trying to help. Once this is clear, you now have a target market and can begin to build an audience of these people. Usually this step takes place via social media. I often use the quote “Build your audience first. Create your product second”. I live by this quote. There is no better product launch than one that has an entire audience of people anticipating its arrival.

Imagine if you starred in at theatre show and opening night had no seats filled. You would feel as though all the hard work you did was for nothing.  A lot of entrepreneurs both new and experienced often make this mistake. If you were to identify your audience first, interact with them, write a show about something that interests them, and then announce your opening night, you would have a packed house. A repetition of this process could make you a household name to the people you are passionate about.to the people you are passionate about.

This is also the point at which entrepreneurs become defensive. Claiming their product/service is suitable for everyone. This may be true, but no one wants a product that is meant for everyone. As humans in this day and age it is normal for consumers to feel as though they are chosen, elite, special. We want to feel like products were made just for us, with our needs in mind.

Feeling exclusive at a store will make all the difference in not only the decision of whether to purchase or not, but also the decision of how much we spend. The more exclusive a customer feels, the more they will be willing to spend on that product/service. Do not feel like you are excluding potential customers. Focus on providing an exceptional experience to a specific group of people. If your product/service is really great, people of all backgrounds and ages will buy and partake in the experience you create.

When you know the group of people you are targeting you can then identify opportunities to improve their lifestyle. Think of items/ services that would help these people be more efficient, better versions of themselves. We are all constantly looking to improve and any product we see that will help us do so we are willing to buy into. Once you discover these opportunities you will next need to package, price and push your solution. I use the word solution on purpose. You are not selling a product/service. You are selling a solution.

Package your solution in a way that is easy for the customer to see, evaluate and understand. Any extra effort that needs to be put forth for someone to buy like having to click over to the FAQ page lessens the chances of completing a purchase. Instead add a specific list of FAQ to your product page. Make the decision to purchase easy by packaging your solution appropriately. Price your solution within a realistic range. You know the people you serve and knowing their level of income and what they can afford is important as well. Regardless of income, when value is present and clear, purchasing will happen.

Think of the value your product holds and present this in a way that makes your pricing make sense. Pushing your solution is the last and final step to turning your passion into profit. There are tons of products on the market across the world. Without marketing, no one will know that you exist. Spend time getting yourself out into the community you serve, and becoming well known. Push the solutions you create to be visible. You do not have to hackle people. If the solution you created is presented with valuable the decision to buy will be a “no brainer” for your target audience.

Passion to profit is not something that happens overnight. Even with this formula you will run into some trial and error, but this is the process. Successful business stems from people who have a passion for humanity. There are businesses that are successful that lack a bit of passion, but trust and believe these will not last long. Longevity and passion go hand in hand. Be humane and humanity will favor you.