What do you do when you have a booklet, or a series of booklets that you’ve been marketing and doing well with, and you want to go in a new direction, creating new booklets for a completely different market? This can be a tough decision, especially when you’re really passionate about your new idea. But, it can be done and if it’s handled properly, it can bring in even more riches for you!
Here are some ideas to help you navigate this decision so that you come out a winner!
1) The first thing you must consider is the booklet or booklets you have been doing well with. This is your current income stream and therefore you should continue making this product or products available. If you don’t, you won’t have the income to bring your new idea to fruition.
2) With your current booklet going like gangbusters, the next thing you should ask yourself is whether your new idea could fit within your current market. This would give you a new product to offer those who already have your other booklets.
3) If your new idea can be marketed to your current audience, that makes your marketing easier. You already know how to reach this market.
4) Another advantage of being able to sell your new idea to your current market is that since they have bought from you before, it is safe to assume that a majority of them will buy from you again.
5) If your new idea is not marketable to your current audience, for example if your current audience is working mothers and you want to write a booklet for motorcycle enthusiasts, you must consider the amount of time that you have put into your current marketing in order to make and keep it successful. Will marketing to a new audience take away from the successful marketing you’ve been doing already? And, will you have enough time to devote to marketing your new booklet?
6) Count the cost. Very little marketing is actually free. Even marketing that might seem to be free will cost you in time. Can you afford to market to both audiences?
7) If your audiences are vastly different, you probably won’t be able to successfully market your booklets under the same business umbrella. You may need to create a second business for your new booklets, or you may need to create some kind of division within your current business to accomodate your new passion.
8) Always look for the simplest, most cost and time effective way to do things. If it’s too complicated, find a way to make it easier. If you can’t it might not be worth doing. In the case of your new idea, if it’s going to make things in your business much more complicated, it will end up complicating your life. Make sure that you can add your new idea to your current schedule of things to do without having to make too many sacrifices long term.
9) Consider your new market. Is it larger than your current one? Are you likely to gain even greater benefits by marketing to the new market than you are to the old one?
10) How will the new market enrich and enlarge your business overall?
When you take these things into consideration, you’ll be well on your way to making the best possible decision as to whether you should pursue your new interest now or wait until a later time, and the best way to go about it.
To your riches!
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