As a business owner, revenue is likely one of the most important things on your mind at any given time, especially in the current 2020 business climate. This is because the size and number of revenue streams can easily make or break a company, with 82 percent of businesses failing due to a lack of cash flow. Therefore, it is crucial that you know how to successfully pivot or develop new revenue streams to help ensure the longevity of your business during these uncertain times.
Expand the Areas You Serve
One of the most common ways of developing new revenue streams is to simply take what you’re already doing and expand. Before the pandemic, about 64 percent of small businesses were expected to expand their operations within the next year. And even though this number is now going to be significantly lower, it is still very possible to expand operations if done properly.
Instead of thinking of expansion as opening up a new expensive brick and mortar location, start thinking about it from a digital perspective. Start shipping products to new neighborhoods, cities, states, or even countries. This allows you to suddenly gain access to entirely new groups of consumers without having to make any significant changes to your current business operations.
Add Value to Current Products or Services
You don’t need to reinvent the wheel every time you want to expand your revenue streams. Sometimes, simply adding a complementary product or service to your existing offerings is all you need. For example, if you have a certain product or service that has lately become much more popular, you might want to consider developing items that are meant to help anyone who would be interested in purchasing this increasingly popular product.
These could be add-ons that provide workarounds for common consumer issues or can even be high-quality articles that explain the value or answer common questions that people typically have about the product or service. This will help position you as a one-stop-shop for anyone interested in the products or services you offer, which should lead to more repeat customers and higher revenue streams.
Team Up With Other Brands
Another effective way of expanding into new revenue streams is to partner with another brand or creator. This will allow you to piggyback on their existing customer base and help introduce your company to consumers who would have never heard of you otherwise.
This is especially effective when partnering with a digital influencer, some of which have millions of followers across multiple social media platforms. In this case, you’re essentially getting the same exposure as any traditional large advertising campaign but for a fraction of the cost.
Through these helpful techniques, you should be able to successfully pivot your business and unlock new revenue streams that strengthen your company. If you need help with expanding or developing your business, using these or separate techniques, then make sure to contact our team of Las Vegas PR agency experts at GYC Vegas today.