Crafting the Plan
Often times, when we sit down with a business, they are very confident in the work they do. Their products and services are their life blood and they know them inside and out. When we begin to talk about crafting new revenue streams, they tend to close up initially. The concerns range from being unsure how to manage it all to not wanting to detract from what they are currently doing. We get it. Thinking through and developing new revenue streams can be a challenge. But it doesn’t have to be a difficult one.
Begin with what you know. For many of our clients who perform a specific service, this is easier. However both service industries and product oriented businesses need to ask the same question. What do you know that you can teach someone? Education is one of the best forms of marketing as well as providing a new revenue stream. The best part is that your customers are not bound by geography.
So let’s begin with some ideas.
eCommerce:
One of the most obvious is eCommerce. Selling a product online whether from your location or having it drop shipped is one of the easiest places to begin. However, eCommerce can go further by adding in courses or video components. If people find a value in what you are offering, provide a way from them to get it.
Membership:
Subscription and membership systems have been around for a long time. Creating a membership section on a website can add to what you are currently doing. For instance, while talking with a small business who sells vacuum cleaners, having them offer a subscription for vacuum bags offers a convenience to their customers as well as a revenue stream for the company.
The membership area can be focused on education, fun, or a product. The sky is really the limit. The best part is that it all can be automated to make your life easier. If you are providing education, it takes no more work to do it for a small number as it does for a large one. It is a way to maximize your time.
Hybrid:
One of the best approaches online is taking things as a hybrid of all of the ways. This may include things such as Print on Demand products, eCommerce, Membership, as well as Service. Having all of the components work closely together can create strong streams that can be maximized to increase your companies revenue.
At Operation Crusader, we work closely with our clients to help them create something that can be expanded to fit their current needs. Normally, we begin small and slowly add streams to make it easier on our clients. Because we normally work with them on a subscription basis, we can help make the adjustments as things continue and the company grows. However, it all begins with a free time to sit down and talk about goals and dreams. If your primary offerings suddenly dropped, do you have other streams to help pick up the pieces? Reach out and let’s talk.
