After giving it much thought, you’ve finally decided that you’re ready to create a new revenue stream. Having more than one way to generate revenue is a win-win for both your business and prospective customers.
Multiple revenue streams provide you with several ways to serve your customers and give them more options to work with you. Now being 2 year into COVID you have seen 1st hand that having more than one way to serve clients is valuable, in case one of them goes out temporarily.
Now what?
It’s time for your next decision, what exactly do you plan on selling?
It’s not about just creating any product, but the right product. It has to make sense for the brand you’ve already established because you wouldn’t want to do something so off-brand that you have mixed messages in the marketplace for the work that you do. However, you do want to make sure that there are notable differences between your current and new offering, so that people will be able to make a quick, informed decision when choosing which one best fits their needs.
Brainstorming in Progress
Here are some things to consider when you’re looking to create that new revenue stream:
- Listen to your clients – what additional services are your ideal clients currently looking for? They already like working with you, so the relationship could continue to be a lucrative one if you either create a new thing for them to purchase, or strategically partner with someone who has what they need.
- Go digital? – If you normally do business in-person, have you ever thought about seeing what could be converted into an online offering? From ebooks to full membership sites, digital products allow you to make money in a leveraged way.
- What’s trending? – The way we do business is constantly evolving. Are there any new, highly-sought ways of delivery and fulfillment that would make sense for your business?
- What makes you happy? – When you look at all of the things you currently do in your business, can you think of any tasks or conversations that come more naturally than others? Take an inventory of your abilities and see if there is a whole new revenue stream up your sleeve.
- One step up or down? – Maybe after selling your current offering for a while, you’ve realized that there needs to be an additional step created for clients who have either passed that point or are not quite there yet. Is there an upsell or downsell opportunity?
Framework before Marketing
Even though this isn’t your first rodeo, you still have to follow many of the same steps in creating your framework before you begin driving traffic to this new revenue.
More than likely, this new item is going to appeal to a new avatar. How much do you know about this new ideal client? Why would they want to choose this new offering over the offering you’ve already created? What problems will this new offering solve, and what are the potential objections a prospect might come up with?
The reason why you’ve created this new thing must be clear and easy to understand before you even think about opening that cart.
How will you get the word out?
Now that you’re clear on what you’re selling and why it’s time to talk about marketing strategy! Beyonce is the only person I can think of who is not concerned with increasing visibility before a big launch. She just wakes up and says, “I feel like dropping an album today.” and then we all go get it.
Since we all can’t be Mrs. Carter, be sure to take some time to map out how you will create a decent amount of buzz before the release of your next revenue stream.
Here are some ways to build your list and extend your reach before a big launch:
- Facebook/Instagram Lives
- Podcast appearances
- Webinars
- Free offerings that leave them wanting more
- Email marketing – story series emails where the problem in the story is solved by your new product
- Contests/Challenges
- Giveaways
- Guest post on a popular blog
In closing, if you’re in the middle of creating this new stream and feel yourself getting overwhelmed, please know that if you take your time designing a high-value product with an unshakeable framework, the benefits will quickly outweigh the headaches you endure during the creation process!
Just like the first product, you may find that changes will be made with each launch as you get more feedback over time. There is nothing wrong with that!
Just make a promise to keep launching!