Our inner psychology tells us to be obedient to authority figures, even when obeying leads to our own downfall. Ignore them, be creative, and find new, high-value markets where you can tap into the new gold rush.
The Power of Authority
Our faith in authority figures leads to our falling into money traps. Studies have shown we are strongly inclined to follow the instructions of someone who looks like an expert. We will even substitute our judgement for those with the symbols of authority. Research into obedience to authority shows that we underestimate the extent to which the appearance of authority will influence us. (Social Psychology, 1999).
While the old scientific tests were mainly done with people in doctor’s coats, this influence also applies to political leaders, financial experts, or any authority figure, even celebrities with no financial standing. Do the gurus of internet marketing also come to mind?
So what can we do about it? How do we detach ourselves from this strong influence and work to our own goals? One way, that I mentioned in my book How to Control Your Financial Destiny, is to forget the herd’s sentiment and make your own decisions contrary to the crowd.
Contrary investing means you would invest when people are most fearful of investing (and thus get the lower prices), and withdraw and seek other markets when the herd is caught up in buying frenzy.
Contrary marketing would thus mean you are creating some unusual types of content, or using unusual mediums, that enriches the lives of others. I write about niche marketing for authors on here a lot.
What is Always in Demand?
Despite the wave nature of markets, there is one thing that is always in demand. No, not gold – which is still subject to trend waves.
As we pass the industrial age, we are now in the ‘knowledge worker age’ (Stephen Covey). The new gold of this age is… very specific information, that’s helpful.
So what does this mean for you? Well, it means people are willing to pay for information that guides them to their goals and dreams. Research is part of any successful enterprise, so let’s explore some of the most searched for topics on the internet:
- Loans and finance
- Hotels and Travel information
- Mobile phones
- Real Estate
- General shopping
- Health (also think Yoga, Massage therapy, etc)
- Work from home jobs
“The amount of money that business owners make online is proportionate to the value of their market”Source: Noble Samurai.
Within one of these trending topics you will surely find a connection, something you love to do and what others enjoy also. Then you can start attracting people through your written words and the tips you want to share with others.
Finding a valuable market in your area of interest is incredibly important. But there is also a lot about digital marketing and SEO to learn. I learn from the best: Neil Patel. Hubspot. Search Engine Land. Books, etc. It helped me rank well for terms particular to self-publishing help in Australia, which helped me earn money from service offerings.
Other Pitfalls about Making Money Online
Be on the alert: within this content marketing and affiliate marketing field, there are many pitfalls for the unwary. Some of these include:
- Not understanding that building a business of any kind takes money to get started
- Writing or speaking well is usually a part of online business: the better you communicate, the broader your reach.
- Don’t be someone who follows others and just advertises products without knowing anything about them (or testing them out).
- Paying $2,000 for a membership or course that allows you ‘access’ to materials to help decide your niche and content–before you can really test it out.
- Trying to rank #1 on Google for broad terms like “hotels in Santiago”, which is just an impossible task.
While others come and go, I build my personal brand through my books, service offerings, and membership site here. While others give up at year 2, I’m still here blogging at year 8. While others think they just can’t write, I keep on practising my craft and learning tips.
Have tenacity, have patience, spend a little on your website, and you will have the best shot at online business success.
Go your own way!
Creative Ways with Money is a new book (out 27 January) on the psychology behind scams, spruikers, and pricing. There are also plenty of tips around getting a side hustle, and paying less in fees.