Selling more of your core service might not be the only way to increase your small business’ revenue. Instead, you might want to try selling other products or services to existing customers to increase revenue. Research has shown that it is easier and more cost effective to sell to existing customers than it is to new prospects. This could be for several reasons:
• You don’t have to find the prospect.
• Your existing customers already trust you.
• Existing customers require less pre-sales treatment and nurturing.
However, choosing how to add revenue streams to your business can be challenging. There are numerous options for most businesses, but not all are suitable for your industry or customers. Deciding which are best and how they can enhance the services you provide is important. So what ideas do we have for adding additional revenue streams in your business?
1. Complimentary Products
Whether you are a doctor, lawyer or retailer; there are always extra services that can be bolted onto your regular services. For instance, a medical practice could sell healthy snacks and magazines at reception and software developers could sell hardware or equipment. What you need to do is examine your current services and consider what would work well with them.
Then do some research and see if there is any demand for that complimentary product. You might find that many of your customers are already buying it from another supplier – but they would probably prefer to buy it from one source – you.
2. Write a Book
With the advent of publishing platforms like Kindle Direct Publishing, CreateSpace and Smashwords, there is a significant opportunity for you to write a book, get it published and sell it across the world. Marketing a book can be just as challenging as marketing a business, but with the right strategy and contacts, you could find that this is a lucrative market.
Not only can you sell your book online through Amazon and other bookstores, but you could also sell it to existing customers on your premises. A book can be a great marketing tool as it symbolizes your expertise and desire to share knowledge. Just be sure that you give your book the best chance of survival by having it properly edited and formatted, with a high-quality book cover.
3. Advertising Space
Do you send out newsletters (online and offline) or have some free space on your website? Then this is a chance for you to get some advertising revenue for your business. Google AdSense is one of the most popular ways to generate income from website advertising, but there are two problems for this:
• Income is only a few cents per clicks, making revenue tiny.
• Adverts will take the visitor away from your site and sometimes to a competitor.
However, with the right technical knowledge, you can create your own advertising scheme and charge people a flat rate for using your website as a platform. This can be much more rewarding, and you can select who advertises on your website and who doesn’t. You can also ensure that adverts are of high quality and not competing.
4. Public Speaking
This is one of the most lucrative if you can manage speaking in front of people, which is a skill in its own right. Events and businesses are always looking for speakers to talk about various topics, from general life lessons to specific business strategies, to educate and entertain their audiences. For their time, speakers can be paid hundreds of dollars per schedule, and it also gives you a chance to meet new prospects for your business and sell your services.
Public speaking may start out slow, and you might need to volunteer for a few events before you start to become popular but if you want to take this route, it might be wise to watch some TED Talks before you start to prospect for presentation opportunities. This will give you a feel for what kind of subjects and styles are currently working, and it is always good to see how the best deliver their talks.
5. Business App
Mobile technology has led to the development of one thing that has a huge potential for you to earn money: the app. An app can be created for your business that is very cost effective and can help promote your business’ image to your key audience even when they are on the move. In addition to this, you can look into new ways to generate income.
One idea would be to charge for the app. However, for this to work, you might need to have your app do something that can really benefit the user’s life. The other option is to connect your app to adverts that show automatically to your users. These adverts could be simple graphics or videos, but they can reap significant rewards if users are signing into your app lots.
6. Online Courses
There are many websites where you can sign up, create a course and sell it for the hosting website to take a small percentage. This can be an excellent way for you to develop your brand and demonstrate your expertise while also earning extra revenue.
The best thing about this revenue stream is that you can record your course once and design your materials once and then they will be used thousands of times without you doing any work. So while the creation can be time consuming, in the long term it can be very lucrative.
If you know another business that offers products your core consumer might be interested in, then you might want to set up an affiliate system. This is where every time you recommend someone to the business and the consumer makes a purchase you get a percentage of the sale. There are websites where you can see what affiliate schemes are available for you to sell as well, so you can increase the range of your offerings.
This can be very lucrative with some individuals making their living out of owning websites that generate income solely from affiliate sales. It can also provide you with new content and other promotional ideas on how best to sell to your customers.
Generating more revenue in your business can sometimes mean that you don’t sell more of your core product, but rather you sell different products and services to your current (and new) customers. This will help you grow your business without much investment.
If you want to know more about generating additional revenue, why not speak to a member of the Ragain Financial team? We’re here to help.
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