What is the value I'm providing through my YouTube videos, and then how can I
wrap that value up into a package that someone's willing to pay for that
delivers like ten times the value that someone would be getting through my
channel? Now if you are making money on YouTube you actually already have
somewhat of a business model in place. And you have a product already. And so if
you're looking at your channel like what's my product? Well there's two ways
to think about it. Either your audience is your product, or your audience are
they are your customers, and you're gonna sell something to them directly. We're gonna talk
more about revenue streams and how do we capture value from our audience. One
revenue stream to consider is merchandise. Now a lot of creators make a
big mistake here though. If you have an apparel, fashion channel, then selling
t-shirts and clothing and things makes absolute perfect sense. But if, like, no
like I sold t-shirts, my channel is about helping creators grow their
audiences. That's like a disconnect. Like why I'm subscribed for that value, why
are you selling me a t-shirt? So you can do merchandising, but I recommend that it
ties directly into the value proposition of your channel if you're going to do it.
A few other quick ideas for you guys and this is more of a service-based
value exchange than product-base, that is consulting. Maybe you have a skill or an
area of expertise, where your audience is trying to learn from you and then they
would pay you for some of your time for you to work with them one-on-one, or for
them to get your advice, or to be able to get feedback from you. Or, as you begin to
grow authority and establish credibility on your channel in a specific niche
or topic or area, maybe you start getting paid to do speaking opportunities at
different events and training seminars and things like that. Or maybe you're
going to start your own live events, where you're gonna do your own like mini
conference or your own meetup or your own like show at a certain place and
people are gonna pay for tickets in order to come see your show or your
event. Another revenue stream to consider could be licensing. That is when someone
wants to pay you for permission to use your video content
in their video content. Someone wants to use part of your videos and one of their
commercials, or maybe in a TV show or maybe you start selling your video
footage on stock video websites. One of the most valuable revenue streams that I
really love when your audience are your customers is a membership site. Now the
one I use is Patreon, but there's many of them out there. Patreon's worked well
for me. And the reason I love it is that it's a great way to continue to deliver
value over and over and over and over again to an audience of people who say
"we want to keep supporting you, keep supporting you, every month or every
video you publish on an ongoing basis". So the way it works is that you set up
different reward tiers with different prices associated with each one, that
gives different rewards based on how much money they're contributing either
per video that you publish or per podcast episode that you produce. Or, just a flat
monthly fee. What's cool about this is that is not only just a financial
transaction where someone's gonna pay you $5.00 a month in order to have
access to, you know, a private hangout with you once a month or something like
that. No, this is actually an opportunity for your community to take a next step
with you. In their support of you, yes, but also in their relationship with you.
So for me, using something like Patreon isn't just about money and transactions,
it's actually about community development. So if you decide to use
Patreon or another membership site platform, don't pitch it as like "hey you
can support me by giving me money" yes mention that, but make it again all about
the reward and the value that you are delivering through your Patreon
community to your audience. And they get to be a part of it, isn't that awesome! It all
comes down to what we talked about in the previous video, which is thinking
about exchanging value for dollars, instead of time for dollars. And that
could be anything from physical products, to downloadable products, to templates,
to events and services, like anything. One of
the great things about YouTube though is that your revenue streams are limited
pretty much just by your creativity. You can come up with a lot of different
ideas than the ones we've suggested here, and I want to hear from you in the
comments of this video - what other ideas have you implemented on your channel? Or
maybe you're thinking about implementing on your channel? And read the comments
other people are leaving down there. You're gonna learn a ton from them. If
this is something you're thinking through, you're gonna get a lot of other
ideas from those people down there as well. Thanks for hanging out with me a
little bit here and we will see you guys at the next Creator Academy
Master Class. See you then, bye. Thanks so much for watching! Be sure to subscribe and
check out my previous Master Classes below.
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