How to Create New Revenue Streams For Your Business
Many, if not all businesses, need to quickly react to the ever-changing world we live in. Consumers change, and it’s important for your business to adapt to new trends. Many companies make the mistake of sticking to outdated business models that no longer work. However, most businesses want to grow and expand where possible. If you are looking for ways to grow your business, now is the time to learn how to create new revenue streams.
In this article, we will highlight 4 different ways that can help your business consistently grow. We understand that every business is structured differently and has different needs. We hope this information can help provide new ideas to expand your strategy.
How to Create New Revenue Streams: 4 Different Ways to Grow
Revenue streams refer to sources of income from the sale of products or services for a business. It’s important to have multiple revenue streams to stay agile in an ever-changing economy and marketplace.
Launch New Products
Adding a new product could jump start your business in a huge way. New products create great PR opportunities. You can start to create buzz around the product by talking to your current customers. Oftentimes, it creates an easy cross-sell opportunity as they already use your other products. You can also take advantage of new products on your social media and website channels. Showcase your new products and explain how they can add value. New products create additional excitement for your business that is hard to create in any other way.
When selecting new products, pick something that will get your customers excited and provide significant value. Don’t just pick something for the sake of trying to add in a new item. Add an item that can help jump start new revenue growth!
For example, If you’re in the marketing industry, a new product like SEO can do wonders for your business. Yes, your customers may be very happy with your current product lineup. But a new product could jump start them into buying more with your company, helping you grow. A high-demand product will improve retention and help you to attract new customers.
Outsource Services
In a similar vein to adding a new product, you can actually outsource some of your services to a specialist and cut costs. Many experts can do the job of the service you want to offer at a cheaper price simply because they can do more of the workload. Outsourcing your services to an outside vendor can give you the chance to offer higher quality products and services at a cheaper price. This can ultimately bring in more revenue for your business.
We recognize that letting go can be difficult. It can be hard to let someone else do a service that you’ve always offered in house. It’s important to do your research and vet out if you’re partnering with a company that truly has your best interest at heart and matches the business goals you want to achieve. Not every company is the right fit for you, so take the time to do the research to make sure they can do the job well for your customers. They are YOUR customers after all.
Consider white-labeling your product offerings. In this situation, white-labeling would mean using another company’s product or service and then rebrand to make it appear as your own. This one move could drastically improve your revenue. You’re saving money by outsourcing to an expert, and maintaining your current productivity level or even scaling up.
At Boostability, were the #1 white-label SEO company worldwide. Learn more about our white-label SEO services to see how we help companies grow all over the world.
Pivot Your Strategy
Through the COVID-19 pandemic, we talked with countless businesses that needed to completely pivot their business model and rethink their strategy. We’ve even profiled one success story you can read here. Gyms and studios have needed to offer online classes. Many brick and mortar retail businesses started offering curb-side pickup and ecommerce options that were not offered before.
One thing is for sure, we can’t just do things the way we used to anymore. We need to figure out a way to practice business safely and also attract new customers.
If you still find yourself struggling at this time, it might be time to think about new ways to pivot your strategy. That might be new offerings, online options, or even teaming up with others in your community to promote your business. If what you’ve always done no longer works, it’s time to try something new. Change is difficult, but it can help to grow your revenue exponentially.
Offer A La Carte Services
If you’re looking for short-term wins, offering some products and services a la carte could bring in new customers that aren’t quite ready to sign up for everything. This also lets you get a general feel for the industry and demand for a product or service. It helps customers get a sample of what you offer. From there, you can build trust with your customers to help them sign up for additional services.
For example, if you’re in the construction industry, offer smaller services like kitchen redesign. If you own a dental practice, advertise a one-time teeth cleaning service at a low (possibly discounted) price. If you manage a marketing company, you could offer an a la carte website redesign package. These types of services can help take some pressure off your potential customers. Overall, it provides ways to attract new customers and expand your revenue streams.
Along with learning how to create new revenue streams for your business, read on for how Boostability can help you grow.
How Partner SEO Can Boost Your Revenue
Here at Boostability, we sell SEO at cost for partners to re-sell to their customers. This is a proven model that helps so many of our partners to add in a high-value revenue stream to their business. SEO is an incredibly high-demand product that can really benefit businesses – large or small.
Many of our partners find satisfaction through adding SEO to their product lineup simply because we make it easy. They get a new high-revenue product and we do the work. Check out our partner program if you’re looking for a new product to offer.
Boostability’s Top-Notch White-Label SEO Services
In conclusion, there’s ways to increase your revenue even when we don’t know what’s going to happen next month or next year. Trying these options could help you improve your incoming cash flow and revenue. Partnering with a company helps you expand your products at a low cost. Boostability can work with your company to expand your product offering and develop your business strategy. Learn more about our array of white-label services by clicking the links below:
Get in touch with our team today to see how we can help boost your revenue!
This article was originally published in July 2020 but was updated Aug 20th, 2022.
