Running a small business often means being consumed with the day to day activities, delivering products and services to clients and ensuring that bills are paid. Getting caught up in the minutiae may mean that you are overlooking significant hidden revenue streams in your business. Such revenue streams make use of your existing assets, instead of requiring a further investment. The art of discovering hidden revenue streams is easier than you might think. Here are some tips to start unearthing hidden revenue streams.
Speak With Customers
Many organizations are focused on the internal, and when you start thinking about revenue streams, you may be tempted to start with what you know. After all, that makes the most sense. However, neglecting to be fully aware of what your customers want and what is going on in the market, will not serve you well. As you begin to look for hidden revenue streams, start with your audience. Get face to face with your market, instead of sending your sales team out. Put the customer at the center of any new strategy, and you’ll find that there are things you can do to tweak your current offerings, that might just suit the customer more, and bring you more revenue.
If you have a business, you probably have a website. And that means you already have a way to add revenue. Display advertising is an ideal way to add some immediate revenue. Your website already has visitors, and visitors are valuable. There are plenty of other companies who would like to have the opportunity to advertise to your clients. Register with Google’s advertising network, and you can have ads placed on your site. Every time someone clicks on an ad, you get paid, no purchase necessary. It’s as simple as that to make a little extra money, without doing anything other than registering.
People are always searching for valuable content online. Regardless of what industry you’re in, someone wants to read what you have to say. You’re probably already blogging on your website or on social media sites like LinkedIn. You can set aside some time to produce the content for a small eBook. This way, you become something of an expert and have come up with an additional revenue stream by selling your eBook.
Remember all that lead generation you did for your business? You likely have a subset of prospects that you cannot serve. Maybe these are customers looking for something else, or they don’t fit your business model. Whatever the reason, you probably have a list of prospects that will not buy from you. Chances are, that list is collecting dust somewhere. Rather than abandoning those prospects, you could hand that list over to a firm who will be able to provide them with what they need. This is beneficial not only in providing you with some revenue by selling the leads, but also establishes you as a business that wants to help prospects.
Would it be beneficial for you to partner with another organization, and have access to their networks and ecosystems? Lateral partnerships can build your reputation, give you entry into new markets and develop even more revenue opportunities. This can be via referral schemes or additional promotional opportunities. Considering a partner channel can bring you revenue opportunities that didn’t exist before.
Befriend Your Competitors
Finally, a great way to uncover hidden revenue streams is by keeping an eye on your competitors. This doesn’t mean become paranoid about what they’re doing, but be in the know about their company news, product announcements and promotions. Sign up for their email list, and you’ll be able to see how they’re marketing to their customers, and if you’re missing something. If networking with your competitors is possible, do it. You will find that other businesses are happy to give you pointers and suggestions, and maybe even some joint venture opportunities are available.
Hidden revenue streams are so often an overlooked part of the business growth model, that most business owners aren’t even aware of their existence. Instead of trying to grow your revenue by raising prices or constantly finding new customers, which is difficult, go hunting for hidden revenue streams. By leveraging your existing audience and products and services in a new way, you can uncover new income for your business.