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Multiple Revenue Streams


Online Revenue Generation

Multiple Online Revenue Streams

Unless your business is producing a million dollars every day on autopilot there’s always room for growth. Analyzing the performanc

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e of your profits, diversifying your income sources and generating multiple streams of revenue enables you to take your business from where it is now to where you want it to be. An interesting aspect of revenue, the critical lifeblood of every business, is that even when flowing through a business’ veins that business could in fact be slowly dying. How does the blood of a business, the source from which the life of your business stems also possess the capacity to harm your business? Neglect. An imbalanced focus on a business’ core product or service offerings can create an unhealthy case of tunnel vision for business owners, causing a detrimental overdependence on a single revenue stream; your business could severely suffer if that stream runs dry. Regardless of the size of their operation, every business owner should establish a comprehensive revenue strategy and create multiple streams; supplemental tributaries feeding back to the main body of your business.

Revenue Streams for Short-Term Supplementation

While business owners are always advised to carefully consider the long-term health of their company and build with longevity in mind, businesses still require immediate sustenance during their formative years. Incorporating multiple streams of revenue provides this short-term supplementation. It’s also important to recognize that not all individual revenue streams are intended to carry the entire weight of a business by themselves. And if you’re feeling frustrated by minimal returns on some of your supplemental revenue streams or simply can’t seem to justify the time investment, you might gain new perspective by breaking down your overhead and dissecting some of your recurring expenses. An additional source of revenue could produce enough to pay for your monthly office supply costs, employee Christmas bonuses, or upgrades for your e-commerce website. Even if it’s only enough to enable you to reinstate donut-Friday you’ll still succeed in boosting employee satisfaction, which transfers over to improved customer satisfaction, and this further increases revenue. Plus, multiple, secondary revenue streams can have a cumulative effect as well, combining to create lucrative momentum for your business. At first, they simply provide basic nutrients, but they eventually produce enough income to help businesses break even and eventually reach the point where positive cash flow has been achieved.

Get Paid Multiple Ways for the Same Product or Service

The less time, energy and materials required to produce a product or service, the greater the profit. You can significantly improve your profit margins by developing multiple ways to earn a return on the same core products or services. We’ll use a marketing consulting company as an example. Suppose this business offers their consulting services as their primary source of revenue. They could then create a webinar sharing some of their best-kept secrets and sell tickets for virtual seats, requiring minimal extra effort since they’d simply be sharing expert information and guidance normally included with a client consultation. Next, this same business can then sell the written version of this such as a professional, glossy pamphlet, which adds up to the cost of a one-time fee for a digital transcriber (or intern) and an inexpensive order from an office supply store. The next step would be to sell the audio version of the webinar, and possibly additional supplemental materials after that. Finally, the business can then sell an all-inclusive package with all of the items bundled under one price (bundling products and services provides one of the best ways to provide customers with greater value and still be able to produce a larger profit).

Google AdSense Marketing

Google AdSense marketing provides a convenient option for adding yet another revenue stream to your business, and it’s free to use! Online publishers and webmasters can choose from flexible advertising options that include custom website search results ads, website ads, and mobile Web pages and apps. Among the most devoted users of Google’s AdSense program are avid bloggers. That’s because fresh and unique content is essentially the most powerful factor online. Peerless content pulls people in from the search engines and revenue is made when they click on the ads or complete the call-to-action displayed in the ad. Google automatically loads the most relevant ads for you according to your content. Although Google makes it fairly simple for Internet users to create an account, there are many factors that affect your revenue potential. Having an AdSense expert set up and maintain your campaign will improve your numbers.

Affiliate Marketing

Business may be war, but that doesn’t mean everyone has to be your enemy. Affiliate marketing provides a way to quickly form no-obligation alliances. There are two primary options for this type of marketing: 1) You can set up your products or services to be sold on someone else’s website (personal or commercial) and they earn a predetermined percentage/commission for any sales they make, or 2) you can advertise someone else’s offers on your site and earn a commission for sales made through your site. Almost all affiliate marketing is set up so that the affiliates never have to handle the other company’s products (e.g. orders are delivered via drop-shipping or directly from the affiliate’s warehouse).

Informational Products

Businesses can also generate additional revenue by selling relevant, useful information through their website, such as informational articles, e-books, industry news, price and rate updates, product catalogues, buyer’s guides, newsletters and a variety of other helpful resources. Your website visitors’ top incentives for buying information from you stem from the desire to learn something unique, gain insider access to exclusive information, discover how to make more money, and how to achieve time freedom. An additional benefit of information selling is that you’re simultaneously marketing yourself as an expert in your industry and an authority on your niche market.

Leading the Way to More Revenue with Lead Generation

You can also take advantage of the opportunity to optimize your website revenue by incorporating lead generation tools. Static websites acting as one-page business cards are dead and gone. If you’re not taking advantage of some of the newer features then you’re missing out on the potential for additional revenue since not everyone who visits your website will immediately purchase your products or services. But that doesn’t mean that they never will. Promoting your business online and driving traffic to your website is very challenging, time consuming, and often expensive work. Therefore, you must capitalize on every visitor that lands on your website in order to optimize your ROI and get the most out of your online marketing efforts. Create multiple opportunities to close the sale by including lead generation forms throughout your site. Lead generation tools allow you to capture vital information about your website visitors. A name and e-mail address is all it takes to establish a touch-point and maintain communication with your prospects. Follow up with them to: remind them that they left products in your e-commerce shopping cart; offer discounts on their next purchase, send product and service updates, offer free trials and more. You can also create another revenue stream using lead generation tools on your website by selling the leads you generate to a third party. (Protect the integrity of your company and respect consumer privacy by stating that their information may/will be sold to a third party.)

Save More to Earn More

It’s also well worth mentioning cash management’s capacity as a pseudo stream of revenue. From strict budget adherence to bartering for business, the less money you spend, the less you have to make. As part of this, maintaining well-organized, detailed financial records will support a smooth tax process for your business and improve your chances of securing another form of revenue…tax write-offs. Similarly, you can look to inventory and shipping methods such as drop-ship and wholesale (buying bulk quantities for discounted pricing) options to attain better values, increase savings, and increase your profit margins.

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