Over the past 20 years I (and my colleague Colin Dunn) have been involved in creating, marketing and selling approx. $170M of information products. There have been a range of delivery formats – group coaching, seminar, conference, group phone coaching, in a box, online, software, webinar etc. Here is a checklist we go through every time. You might find it useful.
- What do we know?
- What markets would buy it?
- How are we going to package it?
- What technology do we need to create/deliver/support it?
- How are we going to market the products?
- How are we going to sell the products?
- How are we going to deliver products?
- How are we going to support products?
We’re running a 2 day high end product development symposium on Hamilton Island. December 5&6 2013. It’s going to answer all these questions and show you exactly how to do it. Let me know if you’re interested. Send to email@example.com
The last time I made 12 predictions for the profession was in 2010. They have all happened or happening! The market has changed and after copious amounts of research I am predicting 12 critical changes to the profession in the coming years. Here goes…
- Compliance will (already) become a commodity service that will be sold by the most efficient, lowest cost provider
- Around 90% of businesses will embrace cloud technology as their Accounting system – approx. 10% now
- Around 90% of Accounting firms will embrace cloud technology as their operating system – approx. 3% now
- Business coaches and consultants will embrace cloud financial analysis tools that enhance their credibility and take business away from Accountants
- Compliance clients will become more transient as their data is light and more portable – gone will be the local Accountant with 80% of clients in a 20km radius
- Cheap and very smart offshore labor and offshore based Accounting firms will process the majority of ‘back office’ based compliance for local Accounting firms and local businesses – the local firm will be customer facing and everything else will be done offshore
- The price of statutory compliance (what we know today) will plummet by more than 50% of the current price
- Marketing and Sales skills will be learned and implemented in the majority of Accounting firms
- Young people will not be attracted to traditional ‘staid & boring’ Accounting firms – instead opting for technology savvy and value adding Accounting firms
- Time based billing (the archaic hangover from the last century) will be replaced by packaged services with fixed fees – hopefully the fixed fee is based on your value contribution
- With compliance revenue plummeting Value Added Services will make up more than 80% of the revenue of an Accounting firm
- Clients who have been yearning for additional services will finally be served properly by their professional advisers
You may believe, you may not. You may be seeing and feeling them already. Your firm will need to adapt to capitalize on these. There is a tsunami of change happening. You can get wiped out or you can learn how to surf!
What are your views on my predictions?
I find it perplexing that Accountants do not ask enough questions. Asking questions shows you have high self esteem and willing to learn. You’re not afraid what people think of you and you are open to new ideas. Asking questions shows you are curious and intelligent.
It seems most Accountants sit back and just wait all the time. After 19 years (about to enter my 20th year) working with Accountants I still do not know the answer as to why Accountants wait and are very reactive.
You can ask a question online, in a meeting or at a seminar. You’re not supposed to know everything. I am doing a seminar tour at the moment. Hundreds of people, not many questions. Go on! Ask away – the answers might surprise you!
I interviewed John last week for our annual conference. John has personally built and sold 4 businesses and then he wrote the book on doing so. He has a fantastic story to tell about how advisers can help their clients structure their businesses for sale. A MUST listen to if you are an Accountant or Consultant to business.
He lives in Paris and he is speaking at my conference in 2013 in Queenstown NZ. March 17-21. Details on conference here.