Marketing Secrets for the New Economy – Part 1 overviews the opportunities we have as entrepreneurs and business owners to dramatically increase revenues and profits in the ‘new economy’. Part 2 will address the importance of globalizing your business for sustainable long-term growth.
We have all heard many times over that most millionaires have a total of seven income sources. In the first part of the article, you will see examples of how you too can systematically create multiple income streams for a business around your greatest asset – YOU.
The image below reflects what these multiple income sources might include for a typical emerging business. I refer to this chart as the “Circle of Life” because it also provides an evolutionary path for scaling a growth business through the various life-cycle stages.
Now let’s explore each of these potential revenue streams in a little more detail, so you have a better idea of how applicable they may be for your particular situation.
- Products/Services. Most entrepreneurs and emerging businesses start out by selling a single product or service through direct selling or via #2 below. You can quickly grow top-line revenues via a plethora of options – add products/services, upgrades, cross-sells, back-end sales, value bundles, etc., and then expand the geographic market reach through online sales via your website as a next step.
- Web Store. Selling your products/services via a commerce-enabled website is a logical extension of #1 above, and can be a major driver for leads and new business as you begin to branch out and expand your market reach. Hint: think of your web store as a primary distribution channel for both direct sales and indirect sales via partners.
- Resale Partners. I’m a big supporter of bi-directional partnerships that create a win-win relationship for all parties involved. Agent, reseller and affiliate partnerships are the most prevalent in the majority of business segments. Resale partnerships can dramatically enhance sales ROI, while improving time-to-market, expanding market reach and driving new referral sales.
- Social Media. Every business should have a social media marketing plan in order to achieve success in the new economy. As an entrepreneur and business owner both you and your business should be visible to the market and actively interacting on multiple social media sites such as LinkedIn, Twitter, Facebook, Google+, etc. for brand awareness, lead generation and to help drive new business. A blog and/or newsletter for more targeted communications with clients and key prospects is also a requisite. Hint: think of social media as an important future sales channel, if it is not today.
- Franchise Business. You have validated the proof of concept by building a profitable/scalable business, established well documented front- and back-office systems and procedures, and developed detailed sales and marketing plans. Should you now consider franchising the business as part of your going-forward strategy? If you’ve perfected the business model and it lends itself to franchising, this could be a major revenue source.
- Book Sales. Now it’s time to write that book. You have been out there delivering valuable content via your blog and/or newsletter, just take this content to the next level. Writing and publishing a book will help to raise your personal profile and represents multiple new sources of revenue – e.g., hardcover or paperback, eBook, audio book; and, this all leads to book signings and to #7 below.
- Speaking Opportunities. Public speaking, both paid and non-paid, is a great way to help enhance your brand and generate more referrals and new business for all of your revenue sources. Now that you’re viewed as a subject matter expert (SME) through #4 and #6 above, it is time to tell your story to a broader audience and reap the benefits of your new found fame. Hint: remember to showcase and sell your products/services at the back of the room.
- Teach/Training. There are additional options here as well to leverage your subject matter expertise for additional branding, revenues and profits, and other business, investment and strategic partnership opportunities – e.g., adjunct professor, seminars and workshops, online courses, consulting, advisory board participation, etc.
More revenues and profits are the magic elixirs for any business. What Part 1 of this article has provided is a reasonable approach for building a strong brand, raising your industry profile, and dramatically increasing revenues and profits in the new economy. For sustainable growth, it is important to carefully consider all of these varied options and others, as you seek out additional revenue sources through the life-cycle phases of your business.
In Part 2 of Marketing Secrets for the New Economy we’ll address why globalization is a business imperative for sustainable growth in the new economy. Watch for Part 2 of this article in the next couple of weeks. In the meantime, please feel to share your thoughts on this topic.
Enjoy the journey!
COPYRIGHT © 2013 John Carroll