“Income, Profit, Equity.” July 2008
What’s a practical way to leverage face-to-face services into new income streams?
Suppose one offers consulting, training or education programs in a specific field of expertise. Typically, as these type of service offerings are delivered over time, the target market narrows toward the most profitable and enjoyable work as defined by the person presenting the program. This invariably leads to many missed opportunities.
Have you ever heard the expression, “I can’t see the forest for the trees?” In this case, one can be staring directly at the trees, which is the primary market. However, there is a forest of business available all around which can lead to tremendous new income streams.
The problem is though, the new income streams are not readily available in a traditional fashion. In other words, if securing new business requires more of the consultant or trainer’s time, this may be a show stopper. What if the schedule is already full? Perhaps the consultant would actually rather spend quality time at home rather than adding a new client to the mix. Maybe the other prospects won’t pay the preferred rates.
In some cases, the forest may represent a need to decentralize focus which presents its own set of challenges. Attempting to serve too many markets can be problematic.
So what’s the solution?
When one begins to look at consulting knowledge, skill sets and educational programs objectively, they can be seen as assets. These assets are intellectual property. Why not convert these tangible assets into a form that can be delivered to the ‘forest’ using technology? Find a way to share knowledge with those who want the information but may not be able to avail themselves due to cost, proximity or timing.
Automation allows us to market, sell and deliver digital products and services including e-workbooks, videos, audios, recorded webinars, etc. This means with a good IP plan and a robust online marketing platform, many more trees in the forest can access high quality intellectual property at lower prices than personal consulting or training. The advantage to the IP owner is the ability to control their intellectual assets and sell them to a broader audience.
There are many ways to ‘productize’ consulting, training and educational services. With a strong IP Plan including market research, competitive intelligence, product design as well as strong online marketing, sales and delivery tools, intellectual property can expeditiously create new income streams.
Cheers,
Steve
Steve Olds
Founder and CEO
www.STRATWORX.com