The world is online. From booking appointments to virtual consultation, attracting customers with video streaming content and digital ads, or making your website visible with good SEO rankings, businesses thrive — or languish — depending on their online savviness. Is your business taking full advantage of the digital revenue streams available?
Condé Nast is a global media company that owns such well-known publications as Vanity Fair, Vogue, and Bon Appétit — among multiple other digital, print, and web publications. While serving as CFO for five years, David Geithner helped grow the company’s digital revenue by 15%, to over $400 million. Even if your business scale is slightly more modest, there’s no reason you can’t take advantage of the same strategies to grow your revenue.
Automate and Streamline
Robots are not out to take people’s jobs, no matter what wild predictions are made every time there is a new breakthrough in artificial intelligence happens. But that doesn’t mean you can’t take advantage of automation to streamline your processes. There are multiple software systems and services that can aid your business in streamlining mundane and manual procedures.
Just like setting up an automated email response, you can streamline and automate procedures such as subscriptions, marketing campaigns, calls to action (CTA), and more. Your business can increase its revenue streams by reducing the manual labor needed to do common tasks, and instead, let an automated system do the work for you.
Diversify Product Offerings
You don’t need to start manufacturing a completely different product to take advantage of diversification. If you run a financial consulting business, for example, you could offer online courses about basic financial literacy, with an option to schedule a consultation at the end of the course. Looking into diversification can increase your revenue streams, and it doesn’t need to be expensive or labor-intensive.
If you already have the materials, or if you can repurpose information and repackage it into on-demand courses or webinars, you could offer additional products in the form of ebooks, videos, or courses. The best part is that once you’ve established these products, the upkeep can be minimal and the profits can be lucrative.
Read and Subscribe
If your business provides valuable content such as articles, blog posts, or informational videos, consider utilizing a freemium model. This format allows customers to access a specific number of articles before they must subscribe or purchase access to additional content. The free reads are the incentive, like a trial subscription. When you already have the content available, monetizing a subscription or paywalled articles can add revenue streams without additional workload.
“Like and subscribe” is a familiar refrain, and that’s because it’s effective. People respond to being asked to do things. When it is as simple as clicking a button on the webpage — and doesn’t require entering payment information right off the bat — people are likely to participate. Once they have joined your channel, your newsletter, or followed you on social media, you have access to your customer base and can present targeted information to an audience that has opted in and thus is likely to be interested in your product or services, now or in the future.