While multiple streams of revenue are critical to business success, the ultimate goal is to also have streams of passive income.  Passive income refers to income that does not require your direct involvement. Some kinds of passive income you may be familiar with include owning rental property, royalties on an invention or creative work, and information marketing. Let’s look at a couple of the important ways to do this:

Let’s face it; there is nothing quite as gratifying as making money while you sleep. This is a big issue for those of us who provide services (sell our time).  The biggest drawback to selling time is if you aren’t working, there is no billing. But if you turn your expertise into a product like a webinar, now you can sell it over and over again on your website. So if you are on a beach in Hawaii or out walking the dogs, money can still be coming into your business.

If you want to earn more, work less, and have a decent retirement, you’re going to have to start creating income streams that do not require your direct involvement.

Ask any successful business owner and they will tell you that having multiple streams of income is essential to create a thriving business.  Multiple streams of income means your business has more than one way to make money.

One of the things I teach is called the “Goldilocks Product Strategy.” This means you have clients in three levels of service: small, medium and large.  As a marketing to the affluent coach, I am a big fan of having a Premium Priced service offering.  However, if all you sell is high-priced services, some individuals who can’t afford you at this time may be ruled out.  Mercedes introduced the “C” class for exactly this reason… to get their clients comfortable with the luxury because ultimately most upgrade to a higher-end vehicle.  After all, clients need to trust you and trust that they are getting a good deal for their money. If you offer products or lower-priced services, you’re offering the chance to “try you out” before investing several thousand dollars.

Additionally, the more income streams you have, the less devastating it would be to lose one. Businesses without multiple streams of income took a big hit in the 2009 economy transition.  What would happen if you lost your biggest client? Or a couple big clients at the same time? Eventually you’ll find other clients to make up the difference, but it could cost you dearly in the meantime. With the diversity of multiple income streams, a dip in one stream of income is not so scary when you still have money coming in from other sources.

Using multiple streams of income is the science of getting much more done with the same, or less, effort.

First impressions need to convey the image you have chosen and should be re-enforced by all of your company’s actions. By presenting a crisp, clean business card out of a holder you create a better image than digging around for a bent or dirty card. If visitors often come to your business premises then an instant image is created by exterior signs, interior design, staff clothing and company cars. If you align these aspects accurately with your brand it can make a real difference.  Literally, down to the voicemail we choose for our messages is creating the customers experience we deliver with our brand.
The most important thing is to make sure you are consistent because a clear image takes time to build. If you keep changing the appearance of your brand it will confuse customers. If it is done correctly then any small business can create a powerful brand image and attract new customers with little extra cost.
Almost every business has a business name, from the smallest market trader to the largest multi-national corporation. Only a minority of those businesses however, have what could be classed as a brand.
Your brand image should be trying to meet your affluent target customer’s expectations, needs and aspirations, it is important to try and reflect exactly what they are looking for.

Small business owners mistakenly think your brand is all about what your logo and website look like, which as couldn’t be further from the truth.  Here are some other key factors that affect your brand with wealthy clients:

• Strong Customer Service – This point is a vital issue with the affluent, your company should promote and portray this in all aspects.

• Corporate Identity Credibility – If you are selling a professional service or an expert skill these are highly important. Using correct terminology, colors and relevant client testimonials can all help to support this image.

• Brand Design – Another key part of any company’s image. Is your color scheme and logo consistent and does it fit the desired image relevant to your target market?

The image of a company should reflect the personality and character of the product or service it provides, both physically and emotionally. Just check out www.kellyoneil.com and you will see a very specific brand strategy that clearly communicates our brand promise—immediately.  The image you are aiming for should differentiate your product or service and make it more desirable than your competitors’.  We call this the essence of the brand.

If you think that creating a powerful brand image is just a buzz phrase for branding consultants then you should think again. Brand building is a critical part of your marketing strategy in attracting affluent clients.  If your brand does not instantly communicate the value of the services you will be providing, they will immediately click away from your website or throw your cruddy business card in the trash.  First impressions count – especially with the time crunched affluent.

I remember once looking online for a life coach…the first ten sites I pulled up had rainbows and kittens and looked like something out of a children’s book.  The copy didn’t explain at all what they could do for me, so I immediately clicked away.  They could have been the best life coaches in the world, but their brand immediately communicated to me that they wouldn’t understand me, they weren’t really serious about their business and they weren’t willing to invest in themselves.  So how could they have really been of service to me?  I wasn’t willing to risk it and waste my time or money.  Next.

Every company, large or small, needs to have a brand marketing strategy. In the marketplace these days just the perception of what your product or service can do is supremely important. It can be a very effective method of attracting new affluent customers and strengthening your brand to existing ones.

Mass marketing refers to treatment of the market as a homogenous group and offering the same marketing mix to all customers. Mass marketing allows economies of scale to be realized through mass production, mass distribution, and mass communication. The drawback of mass marketing is that customer needs and preferences differ and the same offering is unlikely to be viewed as optimal by all customers. If firms ignored the differing customer needs, another firm likely would enter the market with a product that serves a specific group, and the incumbent firms would lose those customers.

Mass marketing is not the best approach for small businesses for a variety of reasons.  Here’s what you need to consider when approaching your marketing plan:

1. Mass marketing is not targeted to the people most likely to buy what small businesses sell.
2. Mass marketing rarely creates quick sales.
3. Mass marketing can be expensive and suck up your resources.
4. Mass marketing is difficult to design to appeal to a target market.

The number #1 mistake I see businesses make with their marketing – the vital step the often skip – is failing to properly research and define their ideal target market.  They often launch a product or service offering without actually seeing if their customer values what they are offering.  Doing your due diligence can mean the difference between success and failure, and it doesn’t have to cost a penny. Networking, online research, informal focus groups and other do-it-yourself methods can do the trick.

Here are the 7 steps you need to take to define your ideal target market:

Step 1: Acquire a Thorough Understanding of the Affluent Mindset, Attitudes, Beliefs and Values

Step 2: Research the Market

Step 3: Define Your Ideal Client

Step 4: Segment Your Market

Step 5: Conduct a Competitive Analysis

Step 6: Identify Powerful Niche

Step 7: Create Your Ideal Client Profile

The first step to putting together a strategic marketing plan is to thoroughly understand your market space and your ideal target client.  This includes acquiring a thorough understanding of the affluent mindset (Attitudes, Beliefs and Values), defining the demographic and psychographic qualities of your ideal client and understanding who else is serving your clients.

Whether you are starting a business or launching a new product line, it is a little like buying a car:

You need to do some research before taking the plunge. First, figure out if there’s demand for your product or service. Do a competitive analysis. And ultimately, create a plan to differentiate your offering.

Many of my clients come to me once they find a Joint Venter partner and want to know what they should do next.  Once you agree to embark on a venture, there are many marketing activities you can engage in to exploit the relationship and bring a highly desirable bundled offering to your combined base of followers.  Here are some ideas:

• Write a referral letter introducing your partner to your clients and recommending their service and vice versa.
• A simple idea would be exchanging text links or banners with other related web sites or ad swapping as suggested in the eZine section.
• Exchange testimonials or endorsements for each other’s products or services.
• Combine your products or services together with another business into one big package.  You could split the profits.
• Host a teleseminar with another business.  Include each other’s promotional material on the web site.
• Hold a live event together and invite both of your client databases.

Now here is your mission:  find ideal joint venture partner TODAY and determine the results you desire create. Next, design your plan accordingly and set your intention for success. Get ready for a mutually-beneficial business endeavor–the sky’s the limit!

Beyond the obvious benefits like: an increased chance of beating your competition, increased sales and profits, time and money savings, the receipt of valuable referrals, and increased market share, there are implicit rewards to Joint Venture partnerships as well. By finding a partner who compliments your business offering, you have the potential to harness incredible barrowed equity—fortifying your brand beyond what you are each able to accomplish independently. This in turn adds VALUE, a key ingredient for the affluent customer. Remember, the affluent are time crunched. They want services and products that offer a huge amount of value and a level of convenience to their hectic lives.

The point being here is this: Apart you are strong but together you are POWERFUL. By connecting with a strong strategic partner, the groundwork is laid to create a service offering or marketing opportunity far more powerful and desirable to your wealthy clients than almost anything you can bring to market on your own.