Thursday, April 24, 2008

The biggest problem of Linkedin users

About 600 people in my Linkedin network have over 500 connections. That's great.

But assuming that most people eventually will have such a great number of connections, the real problem will be the following: How do I monetize my connections?

In fact, the problem can be more accurately formulated this way: What product do I offer to all my connections?

It doesn't even matter at what price you offer a product. For instance, if you offered an ebook priced at $5, then with 500 connections, you'd be making $2,500. And that's not even including the consulting gigs that might come from your readers, who are now (hopefully) convinced that you are the undisputed expert in your field.

However, if you do not have a product to sell to your connections, then having 10,000 connections will not help. Indeed, 10,000 X $0 = $0.

You could even have 100,000 connections, it still would not help you economically.

So why is it that Linkedin users do not sell a product like an ebook capturing their precious knowhow and expertise? Why don't they just hire a ghostwriter to interview them and put down on paper what they actually know, so they can begin to sell their ebook (which can be 20 pages long or 500) to their connections on Linkedin?

Mind conditioning.

People have been conditioned to think that you only earn money by working personally, that is, putting in the hours (whether you work from home or at the office).

We have never thought about the possibility of earning money WITHOUT working (that is, earning passive income through the selling of a document, whether it's an ebook, a DVD, etc.).

It's a bit like what Copernicus discovered, that the Earth revolves around the Sun, not the other way around. Similarly, we will all soon discover that our wealth is based on our knowledge in physical format, NOT on our personal services delivered to an employer.

This is not some fantasy of mine. Just look at the facts: authors like Anthony Robbins, Robert Allen, Robert Kiyosaki, Wayne Dyer, etc. became rich because they wrote books.

Personally, I don't know any employee who has become rich. In fact, the friends I have who are rich have created their own business.

So there you have it. The biggest problem of Linkedin users: How to create a product that can be sold through their Linkedin network.