What Is Your Current Currency?

On October 21, 2010, in Internet Marketing, Uncategorized, by Brett Duncan

Current CurrencyNumbers with dollar signs are our favorite measuring sticks. There’s no denying that making money is hands down the most prominent measurable seen today. But I’m convinced many people measure profits and sales not solely because that’s all they care about, but because it’s the easiest way for them to measure success. With so many people concerned with it and keeping an eye on it, it becomes a great scoreboard.

But what if money isn’t the most important thing you should be measuring? Hang with me: I’m not about to get all sappy and anti-capitalism on you. I’m actually offering a simple paradigm shift that should possibly preface the involvement of the accounting department.

What if your business isn’t ready to make money yet?

Currency doesn’t have to be currency. What you value most in terms of what you receive in exchange for whatever value you offer oftentimes isn’t money. Especially for us blog-hyper, social media-loving new media marketers.

For example, most bloggers can’t justify “money” as their primary currency. We simply can’t generate enough of it, and it becomes a depressing thermometer of our blogging success.

But maybe you’re looking at the wrong thermometer.

Maybe your currency as a blogger is visits to your site. Or subscriptions. Or comments. In other words, what do your readers give you that you truly value and want in exchange for the blog posts you’re giving them?

This should be your currency.

You can apply this to any medium, really. And it’s important to remember your currency now doesn’t have to be your currency later.

This type of thinking also allows you to not have it all figured out right now. Sure, you know you wanna make money online someday. But it’s not feasible right now. Just change your currency. By building your list now, increasing subscriptions now, getting inbound links now, you give yourself a shot of offering this crowd something that has a pricetag later.

So Here’s My New Currency

I find myself in this boat at the moment. Too many podcasts and webinars are swimming in my head. All good info, but I realized this week that I’ve convinced myself I gotta get all this stuff in place before I can take the next step with this site.

Poppycosh!

For right now, my currency is my list. That’s what matters to me: connecting and keeping in touch with folks who, for whatever reason, like something that I’m doing here.

So, if you’re in a giving mood, I’d love for you to donate to my newfound currency. Subscribe to the blog and join the email list if it fancies you. The email will be having some major updates in the coming weeks, so I’d love your feedback as we go.

What is your currency right now? What makes the most sense for what you’re doing?

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3 Responses to “What Is Your Current Currency?”

  1. Poppycosh? Is that even a word? Kidding aside, I really like–and dislike–the core of your idea. What I hear you saying is that making connections is more imortant than monetizing your blog. Awesome. I get bombarded by enough people trying to sell me things that it’s nice to hear a rationale for not monetizing.

    On the other hand, it also becomes an excuse for not moving things to the point that it makes money. Is it just another excuse to delay?

    I realize there is probably no answer to that question, so how about this: When will you know that it’s time to push forward?

    I look forward to seeing your next steps and enjoying your journey along the way.

  2. Brett says:

    Neil – yes, poppycosh, supposedly, is a word. At least Billy Crystal said it in When Harry Met Sally.

    I’m suggesting that maybe there are steps to take before you start monetizing. Trust me: monetization in some form is coming here at MiP. However, the step most of us skip is fostering the crowd first. It’s too hard to focus on getting fans/traffic AND making money. To simplify, focus on one, then figure out when to offer them something.

    As far as knowing when it’s time to push forward, hmmm…. Maybe it’s when these new, larger group of fans keep bringing up common questions, common themes, common reasons for liking your stuff. They’ll identify the need that you have the right to address.

    Or maybe it’s right after you get fired ….

    Anybody else got some tips on this?

  3. Hey Brett,

    Really cool post! You’re spot on about quantifying your success based on money because it’s what we’re used to.

    Interestingly, I think about why I keep on creating content for my blog and other medium and it serves a meaning beyond just making money. I really love to write and making some money from it is icing on the cake.

    Have you heard/read The Dragonfly Effect by Jennifer Aaker and Andy Smith? There’s a section on ‘purposeful profit’ and I find it really powerful. You can do your business, do good with purpose, and profit from it … Zappos is happy to deliver happiness and shoes.

    Good stuff, Brett!

    Janette

    p.s. Okay, I’ll get on your list :)

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