Becoming irreplaceable or how to NOT be a commodity
Today we’re talking about becoming irreplaceable.
Or how to NOT be a commodity.
I’ve been getting into cryptocurrency & I’m honestly SO late to the game. I remember my boyfriend in college & his friends getting into it a decade ago, and I didn’t give it a second thought.
Then in 2018 I tried to buy in to just play around with it bc an astrologer friend told me that something with Uranus was pointing to crypto getting BIG in the future.
I went to sign up to buy & when I put in that I live in Hawaii it wouldn’t let me.
But Hawaii’s regulations made it so I couldn’t even sign up for an exchange to buy.
So now. At the end of 2021. I’m finally getting into cryptocurrency.
And my Pluto in Scorpio in my 8th house LOVES getting obsessed with things, so I am very enthused to have a new obsession.
But that’s an aside.
A relevant aside.
Because today we’re talking about how to NOT be a commodity.
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In economics, a commodity is a good that has full or substantial fungibility - AKA the market treats instances of the good as equivalent or nearly equivalent with no regard to who produced them.
So the market, your potential customers, see you & your services or products as virtually the same as everyone else.
And guess what happens when you're the same as everyone else in the eyes of your potential customers?
People get real concerned about your price & how it compares with everyone else.
People “shop around” for different prices and will often go for the cheapest option.
If you price your work based on what other people in your industry charge. You’re acting as if your work is a commodity.
You’re acting REPLACEABLE.
In the world of crypto there’s a new thing called NFT’s:
Non fungible tokens.
Fungible means “able to replace or be replaced by another identical item; mutually interchangeable”
Like a commodity. Like hundreds of the exact same car on a car lot.
So nonfungible then is:
“Something that cannot necessarily be easily exchanged for something of equal value. Art and collectibles are often considered non-fungible because of their unique properties.”
Or your dog.
There may be a million other chihuahua’s in the world. But the one you own is definitely non-fungible.
It’s NOT of equal value to another because it’s not YOUR dog.
According to Investopedia:
“Non-fungible tokens or NFTs are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.”
You see a lot of memes being created as NFTs, but the potential is SO HUGE for our world.
It could allow creators & artists to actually get paid for their work without a mediary of an agent or publisher.
“Twitter CEO, Jack Dorsey, tweeted a link to a tokenized version of the first tweet ever written where he wrote "just setting up my twitter." The NFT version of the first-ever tweet has already been bid up to $2.5 million.”
Okay so what’s this have to do with you?
When you sell something that’s just like everyone else then you have to compete on price.
For example, if you are a jeweler & you sell diamond rings that look like every other diamond ring, you can compare the metal of the ring - the purity of gold - and the weight and clarity of diamond.
But you could go to Kay’s or Etsy or wherever.
You start stepping away from being a commodity when you start creating the one of a kind.
In our ring example, you create one of a kind designs, maybe with rare ethical gemstones.
Every ring is a work of art.
It’s non fungible.
What you create in your business can be non fungible.
It can be one of a kind & irreplaceable.
It can demand premium pricing.
It can create it’s own audience of true fans…
But you have to become a creator.
If you’re copying other people’s work, or teaching stuff you learned from other people, or your mentors, then you aren’t being a creator.
You aren’t creating non fungible assets.
That is OKAY!!!
If you’re newer to business, this is normal & you just need to start working on your confidence in you having your own genius & perspective to add to the world that will truly serve.
If you’re an established business making over 6 figures & you’re feeling like a commodity then PAY ATTENTION HERE!!!
You probably are having to hustle.
You probably get burned out every time you launch.
You probably feel like business is HARD.
Because you’ve put yourself in competition with everyone else
This is where niching down can be useful.
Quick aside about niching before moving on -
A niche is “a specialized segment of the market for a particular kind of product or service”
If you're in business, you’ve already heard about niching.
But there are actually 2 ways to niche:
Horizontal niche v vertical niche
A horizontal niche is when you do one very specific thing for anyone.
Like “I help people make engaging Instagram Reels” - nothing other than IG Reels. But anyone can hire me.
A vertical niche is when you do something general to a very specific audience.
Like “I help ecommerce stores that sell dog toys with their marketing.” Marketing is broad. The person you help is very specific.
Either way helps you step away from being a commodity.
But beyond choosing a niche, this is really about leaning into your genius, truly believing that you’re brilliant & have a unique perspective & taking time for it to express.
So what do you need to do?
First, look at the programs & courses you’ve created - where are you teaching the exact same things that other people are teaching?
Dedicate yourself to figuring out how you can create a unique spin
Your social media
Are you showing up like other people are, or are you being lead by your inspiration? Does your branding look exactly like everyone else?
Your messaging
Are you using the same terms as everyone else?
Or are you creating unique ideas and metaphors and ways of explaining things?
This is how you create your own NF assets.
This can also be protected by trademarks and licensing & be owned by your business.
What’s it look like to be irreplaceable?
When you’re irreplaceable then your clients & customers want to work with you for life.
People refer you to their friends and peers.
You’re uncopyable or when people copy you it doesn’t matter bc you’re creating the next big thing.
You get to set your own prices instead of what’s industry average.
You’re able to have a bigger impact on the world because you’ve unearthed what you’re here to do and teach, instead of regurgitating what everyone else is talking about.
So here’s one thing to start working on today to step away from being a commodity & start being irreplaceable:
1. Do an inventory on your experience.
2. Adding in your own story & realizing everything you’ve done so far has set you up.
3. Get inspiration outside of your industry.
What I tell my clients over & over - stop living in your industry.
True innovators find inspiration in other industries.
I’m not saying to recreate the wheel but instead to realize that you have a unique perspective that is precious & insanely valuable.
If you used someone else’s process then become an affiliate for them!!!
But if you have a unique spin on a process then that becomes one of a kind.
That’s all for today, everyone.
Make sure you reach out on Instagram to let me know what the nonfungible concepts or assets you’re creating so your business is one-of-a-kind.
And of course, if you want help with that I got you.
If you’re an established business owner who’s already making $100K-$500K in your business & looking to scale your business this next year WITHOUT sacrificing your quality of life, then book an effortless expansion session with me.
Head over to thedirtyalchemy.com/about to learn all about it & book your session.
See you next week for a Very Special Episode - episode #88 where I’m taking you behind the scenes and answering the questions you’ve sent in via Instagram.
See you there!
References:
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