I met with the Rutgers University Dean of Honors last week to catch up and discuss potential ideas for collaboration. The last few years I’ve worked with the Rutgers Honors Program on various workshops. I told the Dean about my Skilz product and methodology. He quickly referred me to a new nearby incubator and co-working space. It turns out the venue, JuiceTank, is the perfect location for my workshop.
Profitable Products | JuiceTank Workshop
The focus for my upcoming workshop is specifically for consultants and service providers who want to increase revenue from information products and move away from time-consuming services.
Are you still a service-provider?
Information products are a great method to transition away from the unsustainable business model of chasing clients to provide resource-heavy services to them. It’s time consuming for you and very expensive for them. Don’t you want to work on your own projects? I know I did. That’s why I moved away from working on other company’s projects to building my own products that empower my clients to do what they normally would pay me to do for them. I’m developing stronger relationships with my clients because my clients are happier. They spend less money to get the same work done. I’m able to reach more clients with my products because I’m not dedicating every waking moment to finishing their projects. My clients are becoming empowered and loyal customers.
Clients are expensive, customers are profitable
As both a service provider and consultant I know the difficult position I was put in at times. A bulk of the work I would do for a client was in the beginning of the relationship. I charged my clients an arm and a leg to get everything set up properly. This is expensive for clients because it requires me to work full-time on their individual account for at least a few days to a few weeks. This is not a sustainable business model for me, you, and our clients. Websites need to be updated on a daily basis. Marketing campaigns need to be tested on a daily basis. When my clients have the ability to do these tasks internally it results in better outcomes. Silos need to be torn down. Everyone in the office must be a marketer, designer, writer, and multi-tasker.
My clients rather be empowered with the knowledge and ability to increase their internal capacity rather than be overcharged by a service provider. After they build their house with a strong foundation it’s fairly quick and easy to run new experiments to see what works best for their particular business model.
Using the old model, the service provider model, my clients weren’t learning anything because I would always do all the work for them. I’ve had too many conversations with clients during the initial two to six week launch phase about a return on their investment. Clients expect to see measurable monetary returns on their initial investment with me. That is impossible to do when their website looks like they scanned their business card and posted it up as the home page. At times there is a lot of work that needs to be done before a client will see measurable results. I use information products to bring my clients to the point where we can sit down and talk strategy rather than what’s the best hosting company to use for a blog.
Teach your clients how to do these basic tasks on their own. They will look at you as the expert who empowered them to bring their business to a new level. Guess who will be the first person they come to when they need a high level strategy consultant? Yup. You. Strategic consulting means getting paid to give your advice. Now that’s a business model you can take to the bank.
*cash register noise*
The workshop is set for Sunday, November 17th 9am-4pm. The venue can hold over 100 people, but I’m limiting the attendance to 20. This is meant to be a very exclusive, intimate, and hands-on workshop for serious consultants and service providers.
A few topics we’ll be covering:
- Choosing profitable topics
- Attracting a profitable following
- Increasing consultant rates
- Effective launch strategies
- Pricing strategies to increase profits
Early bird tickets to the Profitable Products workshop are on sale until this Sunday, November 10th at 11:59pm. Buy your ticket today to reserve your seat.
If you can’t make it to the November 17th workshop be sure to get updates on my 2014 workshop tour around the world…