Dam-Busting: Open Up Those Revenue Streams

Perhaps the methods of doing business you’ve set up aren’t doing the trick as much as you would like. Maybe you simply want to ensure that you’re squeezing every penny you can out of your market. Some businesses might see that as a sign to go through the long process of creating whole new products and services. However, you can get smarter and open new revenue streams based on what you already have, instead.

Technlogy has enabled businesses to automate many menial tasks as well as given the ability to reach millions of people. This has expanded the pool of potential customers from local, to global. What’s also changed is the sheer number of passive income ideas you can use to increase your income streams. Never have we had so much opportunity quite literally at your fingertips.

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Expand your lead building

There are a lot of different ways to build leads on the internet and outside of it and there’s a good chance that you haven’t fully explored all your options yet. Online, have you made use of SEO, PPC, content marketing, and the plethora of available methods? If you’re mostly doing your business online, have you considered how making a real appearance through trade shows and other events could help you reach audiences you haven’t thoroughly explored yet? Keep looking for new ways to build those leads.

Sell to your friends

One way to expand those leads is through the people that are already your customers. Word-of-mouth is always powerful, but waiting for them to spread the word isn’t always the most efficient. For instance, using a gift card template is a simple method to create a new revenue stream based on the social aspect of spending with very little investment required. Setting up a referral system might require a little more investment, but besides incentivizing word-of-mouth, rewarding discounts on future purchases for the referrer gives them more reason to keep coming back. You can build a new lead as you retain an old one.

Give more bang for their buck

Based on that logic of widening existing revenue streams instead of opening entirely new ones, retaining customers is important. Getting them to spend more often isn’t necessarily difficult, either. Just as referrals can offer them more value for being a customer, setting up a loyalty system can work just as well. Whether that’s offering them points or giving them more exclusive rewards, you have to decide how much you’re willing to invest in retaining your customers. The more value for them, the more likely they are to make use of such reward schemes.

Take it on the road

If you’re in the business of services as opposed to products, then sometimes a demonstration is just what you need to close more sales. To that end, you shouldn’t always expect people to take the first step and come to you. Especially in IT, you sometimes need to help them thoroughly understand the value on offer before you really have their interest. Turning your business into a traveling workshop can help you more thoroughly explore the market and make it a lot more convenient for businesses that might show an interest.

On some occasions it may, in fact, be time to look at new products and services. But don’t jump the gun before considering if the above methods could help you optimize your current revenue streams. It’s not an efficient way to do business.

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