The Best Approach to Multiple Income Streams
When my clients want to create multiple income streams, some go for creating very different products for the same target audience. Others go for different products for different audiences.
Which approach do you think is better? If you are working with different target market, you will have to do different mailing lists, write different blogs, different articles, and use different promotional techniques to reach your target markets. When you have different products, but work with the same target market, it is easier. While you are promoting or networking with your target market, you could offer different products. After all, your products are created for this market; all you have to find out is what a particular person’s needs are.
What I teach my students at Marketing Salad, the online business coaching community for solopreneurs is the need to create different products and services for the same target market.
There are many different products you can create. Books, ebooks, special reports, CDs, group coaching/consulting, audio guides and many more. Creating them for the same target market helps you really concentrate on your target market, and become well-known in it.
For example, as I work with solopreneurs, all of the products and services I have created are for solopreneurs:
https://www.MarketingSalad.com helps solopreneurs create passive income streams online.
Online Business Coaching helps solopreneurs get more clients by marketing online.
Complete Step by Step Online Marketing Course helps solopreneurs promote their business better online.
I would recommend that you concentrate on one target market, find out what it really needs, and create products / services that can solve their problems.
Once you have done that, and you have some time, you can look at your other target market, learn about the needs and problems, and create products to solve their problems.
Biana Babinsky