Tuesday, February 26, 2008

How to make money from Linkedin, Part 2

A novelist once said, "Money is the sixth sense which allows a better use of the other five."

If you don't have religious or cultural prejudice against money (some people people that "money is the root of all evil" or that "rich people are greedy and bad" or that "money doesn't buy happiness"), then the logical question to ask is, "How can I make more and more money while working less and less?"

The only way is to use a system. S.Y.S.T.E.M. actually stands for "Save Your Self Time, Energy & Money."

Linkedin is one such system.

However, most people do NOT know how to use Linkedin profitably. Most people are NOT making any money from Linkedin. They use it as a mere sophisticated Rolodex or as a lazy way to network.

Linkedin is like a powerful sports car, yet most people open the door of that car, sit in the driver's seat, then look at the dashboard (which doesn't change much) and sometimes look through what's in the glove box, then they get out of the car.

They are not going anywhere with Linkedin.

Other people take a different approach. They set a specific goal, such as "I seriously intend to make $50,000 this year from Linkedin." (That's ON TOP of their regular salary from their full-time job).

So what they do is this: They write a personalized letter to EACH and EVERY ONE of their 500 connections and introduce themselves, their services, what they offer to clients, they even sell various knowledge products they have on Lulu.com or Payloadz.

After a few weeks of diligent and customized marketing, they begin to get orders, and they make $100, then $300, then $1,000, etc. Remember: they did not pay anything to be part of Linkedin. Their cost of doing business on Linkedin is zero.

But as I explained in the previous post, you first have to CAPTURE your knowledge in the form of a document, and this document must have at least a price of $1.00.

It is just unbelievable that there are SO MANY highly knowledgeable professionals, executives and entrepreneurs on Linkedin who have NEVER put down in writing all the knowledge they have in their heads! If they did capture their knowledge in the form of an ebook (or even ebooklet of 20 pages) or a blog or a podcast, they would have promoted it in their Linkedin profile.

My point is that if you want to make money from Linkedin, you basically have no choice but to start to diligently document your knowledge so that you can sell it.

I will write more about how this can be done, by using the MAPS framework I created.

It stands for "make it (knowledge), amass it, process it and sell it."