Are you looking to ramp up revenues for your business? Expanding your services can be an effective way to attract new clients to your advisory firm and generate more sales from your existing client base. If you’re ready to make a move, it helps to know how to develop a new service offering that’s both scalable and in-demand.
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You may be comfortable in your chosen niche, but there are some good reasons to consider broadening the scope of services you offer. Expanding services can enable you to:
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Attract new customers who may previously have been outside your reach
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Connect with younger generations of prospects who may be primed to begin working with an advisor
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Fill financial planning gaps for your current clients and increase retention rates
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Increase revenues sustainably at a scale that you’re comfortable with
Are there potential downsides to consider? Certainly, and perhaps the most significant is the risk of getting it wrong. Expanding your services could backfire if you’re putting something out there that no one wants.
That’s why it’s important to have a game plan to ensure that you’re making the right offer, at the right time, to the right people.
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Creating a new service requires research and planning. These tips can help you shape a strategy that’s positioned for success.
Asking questions can offer insight into whether a new service offering is both necessary and desired. Here are some things to weigh as you develop your offering:
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What is a need your clients have right now that you’re not meeting? If you don’t know the answer to this question, consider asking your clients to complete an anonymous experience survey. It could yield some valuable feedback.
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Where does a new offering fit into your overall business model? Can you build on what you’re already doing with complementary services?
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What does the market say about the services you want to offer? Is there a demand for it? Is that demand likely to increase or decrease in the future?
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Does your current skillset or professional background allow you to make this offering available right away? Will you need to obtain new credentials or certifications first?
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What kind of financial investment will you need to make to bring this offering to market?
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Could you benefit from a strategic partnership or collaboration in developing this offer? If so, do you have any candidates in mind for such a partnership?
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Why do you want to expand your services beyond what you’re doing now, and what risks would doing so entail?
