The Value Bank
March 7th, 2022
A while ago someone told me about the concept of 'The Value Bank'. I can't remember who or when I first heard about it, but here's the gist...
You need more credit in 'The Value Bank', before you make a withdrawal with your audience.
Let's say you're building a community on Twitter, what value can you give them?
Perhaps some insights, an educational video or even entertainment. Every time you provide your audience with value, you deposit into this metaphorical shared bank.
Over time you'll build up credit (goodwill). Your audience will start to see you as someone who gives, perhaps an expert in their field.
At some point you might want to make a withdrawal from the bank, this could look like... selling your services, asking for referrals or signing up for your newsletter.
Making a withdrawal without first depositing into the bank is likely to fall flat, but ask an engaged community who feel as if they've been enjoying the fruits of your labour for years and that's another story.