Having several revenue streams for your business is a sign of good financial health. You get to make up for every lost income and keep the business running no matter the budget. This article will help you understand six creative ways you can use to generate new revenue streams for your business or company.
Rich Communication Services (RCS)
Most operators now use rich communication services to create new revenue streams from digital marketing spending. RCS also stands out as a communication protocol, connecting mobile telephone carriers to replace standard SMS messages with a rich text-message system that delivers intuitive and meaningful experiences to subscribers.
You can monetize RCS to generate new revenue streams by applying flexible rates to those sophisticated message types and automatically billing operators. Through this, you face seamless collections and invoicing processes with a quick time to cash, which increases revenue for boosting your bottom line.
Turn To Content Creation And Collaborations
Grab more attention by doing live streams to familiarize your brand to the influencer’s followers or reintroduce it to your followers. Use the opportunity to reach more audiences as possible.
You can also create a YouTube video and use it to promote your products while generating more income through views. Doing some mini videos on your Facebook or Instagram will also go a long way in driving more pennies into your pocket. The bottom line is you embrace e-commerce and sell your products online.
Fix The Leaky Funnels In Your Business
You can find a leaky funnel in almost every business. Look at the available data and find ways to cut costs. You can even streamline and automate some processes to make your business more effective. Consider how to upsell and re-engage your existing customers. It will be more cost-effective than hunting for new customers. Additionally, embrace every solution that allows you to offer your services online via digital channels.
Develop More Product Offerings
You can go through your existing product lines to identify if they can generate product or service extensions. For instance, If you are running a service-based company, like a marketing agency, you can develop an in-expensive, productized version of your services to offer to smaller businesses. Alternatively, if you offer products, be innovative and develop new and unique products you have never provided before.
Focus On Adding Value
One of the best ways to generate new revenue streams is to brainstorm how to add value to your existing customer base. For instance, if you are selling products and services that see a decrease in demand, you can decide to provide add-on products relating to your services or any tangential service to raise the average purchase size.
If your sales reduce because customers have less money, the best approach would be to draft valuable content and share it with them. They will definitely feel valued and buy from you when they get money.
Develop Strategic Partnerships
Partnering with like-minded brands or other complementary service providers can open up doors for more referrals. You also connect with small business owners, increasing your customer base. However, keep in mind that there is a mutual delivery of value for every partnership to make it worthwhile. Think of how you will add value to your partner before making a pitch.
While you can find various ways to generate new revenue streams, define your short-term and long-term revenue goals at every stage of your business. That way, you can focus more on activities that will enable you to accomplish them.