Are You Stuck in Your Business Model?

Back in 1992 when I entered the speaking business, things felt much less complicated.

I worked with a speaker who was a leadership expert.  We worked the ‘call-send-call’ process to book speeches and workshops.  And she had a book which we used to leverage her expertise.

We didn’t offer consulting, teleseminars, membership clubs, webinars or podcasts.  There was no such thing as Facebook, Twitter, Technorati, Digg or Flickr.  Yet, we doubled our business every year.

I was a bit surprised by the climate at the National Speakers Association conference this year. Several very successful speakers confided in me that they were in transition and were not entirely sure which way to turn.

Business has been down and they haven’t been on the road as much as usual.  That part isn’t a shocker, but they enjoyed being at home so much that they were questioning how much they wanted to speak in the future.

I can totally relate as my coaching has been down these first two quarters and I’m considering taking a sabbatical to see if I miss it.  I can find other ways to deliver my message, building a different and perhaps better business model.

If this sounds familiar to you, perhaps you are stuck in your old model.  So how do you get unstuck?

Let’s say you set out to make keynoting 70% of your revenue, products 20% and consulting 10%. With keynotes down right now, you might want to consider adding something that allows your audiences to hang out with you after the event.

Some will use podcasts, teleclasses or membership clubs to keep their message alive.  So now your model is more balanced and not nearly as dependent on keynotes for survival.

Or perhaps a new product becomes your focus.  In my mind, there is no better feeling than to have an income stream set up that requires 0% of your attention yet brings in a nice revenue.  (If you want to get inspired around this read ‘The 4 Hour Work Week’ by Tim Ferriss.

Ask yourself…. ‘how can I deliver my content in a way that no one has thought of yet?’

Speakers who are able to shift and deliver their message using different outlets will ultimately be able to bob and weave with the economy.  They’ll be able to shift their focus towards the new and different learning methods that future customers will demand.

ps:  Are you stuck in an old business model?  If you need help gaining focus, check out my ’40 minute focus’ coaching session at a special price.  http://www.speakerlauncher.com/coaching.html

Recession Means Getting Back to Basics

George C. Speaker has been in the business for 20 years and has thrived for most of them. But his calendar in the past 12 months has been hit hard. Business is down nearly 50%.

So what does George do?

Well, back when I first entered the business, there was a process that we followed…..’call-send-call’. Call a prospect, discover their needs, see if they’re a fit, send over some information, call and follow up.

(You can read more about call-send-call process in The Wealthy Speaker, Chapter 5). http://www.speakerlauncher.com/tools.html

George needs to get back to basics and start connecting with his clients and prospects in a meaningful way. So what might that look like?

Step 1. Identify your prospects. Pick a target market based on who needs the ideas that you provide. Develop a list of organizations to approach.

Step 2. Establish expertise. Consider writing an article for your target industry that discusses the problem and your ideas as the solution. The article may help you get a foot in the door.

Use your research to help build industry relationships. And, make sure you include a call to action at the end of the article that drives people to your website.

Step 3. Discover your prospect’s needs. Is there a problem that you can help them solve with some consulting or training? Is there an event that might require a pro with your message?

When it comes to finding events, searching associations is often easier and more productive than corporations. Association events are often held at the same times each year and are listed on their websites. This search engine on ASAE’s website can be useful.  http://www.asaecenter.org/Directories/AssociationSearch.cfm

Step 4. Be in the right place at the right time.

By planting seeds and continually fertilizing, we allow the prospect to get to know us. This is where our newsletters and blogs are helpful.

Build your list of prospects and regularly send them something that is helpful. When they have a need for your expertise, you’ll be in a great position to get the business.

Be sure to include a bit of promotion (perhaps a “ps”) with each tip so that your list is well aware of your offerings.

Step 5. Follow up. This is where many of us drop the ball. Staying in touch via newsletters is one thing, but picking up the phone or dropping a personal note or e-mail to see how they are doing, is another.

Getting back to the basics means reaching out and connecting rather than waiting for the phone to ring. We all (including George) need to ask ourselves every day ‘how am I moving my business forward?’ And, most importantly, we need to take action.

PS: There’s nothing like good press to help boost your career. We did an awesome teleclass with PR expert Marsha Friedman ‘Harness the Power of Publicity’ and it’s available now on MP3.

http://www.speakerlauncher.com/AudioTools.html