Sometimes sharing your hard-earned EdTech industry knowledge can come back later to benefit you and your business.
Many large supermarket chains have gas reward programs. You buy groceries, have the purchase credited to your rewards account and after you’ve spent a certain amount, you get discounted gasoline at the pumps. Sometimes the discount is so fat that you’re paying less for the gas than they did. But they’re no dummies. They know that the profit they made by your in-store purchases more than makes up for the loss on the gas.
This concept of selling something under market value to attract customers who may purchase more profitable items, called a loss leader, has been around a very long time. While you may not cut the price of gasoline to get people to buy more frozen pizzas in your business, there are valuable loss leaders that you should consider incorporating into your marketing strategy.
Your Brain is Valuable
One of the most valuable assets your company has is your industry knowledge and experience. Getting properly compensated for giving advice and guidance to someone in your industry based on your experience and knowledge is called consulting. Giving someone in your industry advice for free is called a favor. You’ll never stay in business by doing nothing but favors.
But what would be considered being “properly compensated?” What would you consider to be compensation that’s not money? How about a sales lead or possible collaboration or partnership connection? These can be more valuable than any hourly consulting rate you may come up with.
What is Proper Compensation?
If you invest your time and energy into something you consider to have value, like building an online tool, writing and publishing an eBook, or hosting a webinar, consider making people who are interested in your thoughts on that topic compensate you with something that’s easy for them and valuable for you — their name and contact information. Over time you can build a valuable list of sales leads.
When you attend a trade show, you come back home with a list of new sales leads and industry connections. Do you consider the money you spent on attending to be a loss? Of course not, it’s just a cost of doing business. That’s a good way to think about some of your valuable intellectual property.