How would you like to have your cake and eat it too? That's what targeting a niche for your practice and creating information products for the masses can do for your business.
Advisors are resistant to targeting a niche because they fear turning away clients. Yet taking on too many clients with too many diverse needs and concerns can cause a fractured focus, too many work hours, and personal dissatisfaction.
Announcing that you specialize in a specific demographic, profession, business industry, or gender doesn't mean that you don’t take as clients Mr. and Mrs. Smith who are none of the above. It just means that you specialize in this niche and know how to service their unique problems.
Imagine for a moment that you have created information products that you sell on the internet to prospects who don't meet your minimums
Rather than turning away the $4000 Roth IRA rollovers or the less than attractive investible assets showing up on your front door, create a product that could help these folks and sell it on your website. This strategy can eventually evolve into a wonderful passive revenue stream.
Despite coaching only Financial Planners, I have created, trademarked and now sell many products on the internet. When I created my first information product, a Business Plan for entrepreneurs and independent professionals, it was a standalone e-book. I charged only $24.50 for the 20 page e-book and a word template for the finished business plan. Over time I added many sample business plans for various industries and professions, multiple marketing tools, and an e-course to help purchasers fully develop their custom plan. I now sell the business plan at a higher price, have multiple additional standalone products, and I sell my products all over the WORLD! That's the power of the internet.
The moral of the story: think about information products you can create that could solve problems for clients who may never work with you. Passive revenue is AWESOME!
Suzanne Muusers
Business Coach and Strategist to Motivated Advisors
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