Are you missing opportunities to get more revenue?
Every day I listen to yet another podcast or read yet another blog post on how to monetize your offering.
Generally, these are bloggers talking about getting a return on the content they’re putting out for free.Is this a focus that other types of businesses - both large and small - should be taking?
New revenue streams in action
I recently researched the work we had done over a number of years with our client ALPMA, and the benefits that had came about as a result of this partnership.
One major win for the organisation was the creation of a new revenue stream thanks to the implementation of a new membership management, and online asset (video and document) management system.
They had a lot of great content available to them: mainly video recordings of conferences and other webinars. It was available to members for free. Or not used again.
A new membership management system made it possible to give different access levels and pricing to different kinds of members, and better distinguish between membership types and non-members at checkout.
Basically, they could choose who got what for free, who had to pay, and the system made it really easy for both them and the buyer.
So, what can you take away from this example?
1. Operate with an innovation mindset
Creating a new revenue stream was not the intent of that particular project, but a byproduct.
Sometimes a small improvement in one area, can have a huge impact across a whole business. Opportunities will never open themselves to you, if you don’t open yourselves to them.
2. Your new revenue stream probably already exists, you just need to identify it
In this instance, the product was already there, but the way to sell it was not.
It is likely that everything you do has value to someone. The trick for you is determining what can practically have value (do you have, or can you build, the systems and processes needed to sell the thing?) and what should have value.
Content marketing means that some things need to be free. I am a firm believer that the content you put out for free should be just as good - if not even better - than the content you offer at a price. Look at where you're spending your time and money, what’s getting the best returns, and consider where you might put value on the things you do.
3. Understand your customers: real and potential
In this example, the organisation’s core target market are potential or existing members. Their members are individuals, but it’s often the employer who buys their membership. What if you were an individual whose business did not want to purchase a membership, but was happy with a one-off spend for extra training? Who might be interested in their content that is currently missing out?
We have a range of customer personas, because we understand we have to speak to big business decision makers and influencers, but a lot of people who interact with us and our content might be smaller business owners or entrepreneurs. Do you know exactly who your customer personas are, both real and potential?
Does the term ‘customer personas’ make you think ‘brand personality’? Just me? The two go hand in hand. Stick around and learn why.
Or, read more about the work we’ve done with ALPMA to help them reach their business goals.