How to Look for New Revenue Streams Right Now

How to Look for New Revenue Streams Right Now

If you’re like me, you’ve heard the term “we’re all in this together”, and “we’re here to help during these uncertain times”  about a million times each over the past few months. I saw a lot of memes going around back in April that said something like “I’m so glad my dry cleaner from 5 years ago is here for me right now.” 

And now that the “novelty” has worn off and we’re all coping with this new reality that seems to get crazier by the day, many of us are still striving for a sense of normalcy. Even though the economy has re-opened, many still struggle with how to survive and thrive in a world that may never go back to the way it was.

Many, if not all businesses, have needed to react to the changed world we live in. Those who are now thriving pivoted successfully to a different kind of consumer. Some may still be floundering while they stick to old business models that are no longer relevant. But most businesses continue to have the goal of trying to grow. And now if the time to look for other revenue streams to help boost your business.

New products

Adding a new product could jump start your business in a huge way. New products create opportunities for good PR. You can start to create buzz around the product by talking to your current customers. You can also create big announcements through your social media and website channels to show that you’ve got a new feature people should look into. Essentially, new products create new buzz for your business that is hard to create in any other way. 

A new product, like SEO can do wonders for your business. 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 like SEO will improve retention and help you to attract new customers. 

Be careful when selecting a new product though. You need to pick something that will get your customers excited. And you also need to pick something that can make a difference for your business. Be strategic about it. 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.

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 a small business. 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 hard work. We encourage you to look into our partner program if you’re looking for a new product to offer. 

Outsourcing 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, ultimately bringing you more revenue.

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 services. This one move could drastically improve your revenue because you’re saving money by outsourcing to an expert, and maintaining your current productivity level or even scaling up. For SEO, we offer white label SEO services for partners who service small businesses. 

Pivot your strategy

Throughout this global pandemic, we’ve talked with countless businesses that have needed to completely pivot their business model and re-think their strategy just to survive right now. We’ve even profiled one success story on our blog. Gyms and studios have needed to offer online classes. Many brick and mortar retail businesses started offering curb-side pickup and e-commerce options that were never before available. 

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. The COVID consumer is far different from the start of 2020 consumer. Loyalties went out the window in the light of COVID and people will go to places that can take care of their needs safely and quickly. 

If you still find yourself struggling at this time, it might be time to think about new ways to do your business. That might be new offerings. It could mean teaming up with others in your same community to promote all your businesses at once. It could mean online offerings. If what you’ve always done no longer works, it’s time to try something new. That something new could be the change you’ve needed to make for years and will grow your revenue exponentially.

On-demand services

If you’re looking for short-term wins, offering some products and services on-demand could bring in new customers that aren’t quite ready to sign on full time. This also lets you get a general feel for the industry and demand for a product or service. These kinds of services are in addition to the products you already offer. But you provide them at a premium. These are for high-intent prospects and customers. It also helps to build up their trust in your company.

We live in a time where people want things instantaneously. You can get the movie you want on your smart TV anytime. You can order food right to your door. Through social media and apps, you can instantly connect with someone on the other side of the world. On-demand services help to satisfy that instant culture. Someone wants to try your product or service, and they can.

In conclusion, there’s ways to increase your revenue even if 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 your revenue even during a global pandemic.

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