Every marketer has a dream to get successful. According to Coschedule, the success factor is determined by setting goals because 59% of the marketers who report marketing success set goals and have a strategy, which helps them achieve 82% of those goals.
The main mean of success: diversification of income sources. Contemporary markets keep growing with numerous opportunities for generating competitive edge achievable for any business regardless of the niche it dwells in.
However, many ways of expanding the business horizon exist, but for a marketer opting to increase the income sources, the most sustainable idea is to make use of the existing assets and resources instead of paying for the extra ones. This not only helps you cut the costs of your expenses but also allows you to excel in the cutthroat market competition.
Speaking of marketing strategies, the most successful ones are often the simplest ones. Today, we’re going to discuss our top 5 fool-proof revenue-generating ideas that allow you to minimize your takes on risks but keep you satiated on the earning front.
1. Rent Out The Spare Business Space
Of all the profitable ways of marketing, renting out your office premises to other businesses. This practice has numerous benefits and is much more like business mutualism in the marketing ecosystem. If you have a spacious business place, declutter your working area and with clear organization, try to free space by going digital.
There are many small businesses that require space as much as a room or a warehouse shed. Make it look presentable and as it could be leased at a profitable income. Spaces such as spare storerooms, sheds, and garages can fetch lucrative rent.
You can increase the rent if you throw in some extra amenities, such as working machines, shared conference room, and access to WiFi as well some furniture in good condition. You can leverage another tenant plus point where you can rent the room or shed to a business that complements your line of work.
For instance, if you own catering business, renting an office room to an event specialist would be profitable for both of you, where you can recommend each other, establish a partnership repute together, and create earning opportunities for each other.
2. Offer Value-Added Services
Another way of generating income is by providing value-driven services and products. Customers are more into buying services and products that offer them actual value for their money. A good example is that you can offer logo design service and stationery designs for businesses, kitchenware and cooking lessons, and productive seminars on financial services and so on.
Brainstorm about what additional products can be offered and select the ones in which you have the upper hand. Don’t forget to consider the preferences of your customers as well. Choose the one that suits your requirements best and then test it to see how much revenue it can generate.
3. Sell Your Services As Products
If you’re selling your services, package them as products. Fix the quotes so that the services are easier to sell and let the customers see the effort and outcome of your work. Like a packaged product that your customers require, you must be agile enough to deliver full-fledged services.
It helps you pitch for greater sales as there won’t be a chance for the clients to churn up some reluctance and bargain for your complete services, which they considered a negotiable deal or project.
4. Have Your Attempt At Vial Marketing Techniques
Viral marketing refers to the way of promotional marketing that allows people to spread the marketing message to others, just like a virus. The ‘infected’ customers become the source of the contagious message that is shared in the form of a free service or a self-help e-book.
This viral marketing tactic also includes word-of-mouth and referrals from your already present customers. Think about all the ways you can boost referrals, such as offering a service, the profits of which are more than the costs of it. For instance, you can use strategies to improve word-of-mouth marketing, such as offering a free sample, service, or treatment with every product sold. Don’t forget to ask your customers for reviews and referrals for the promotions they’ll be receiving.
5. Focus More On Building Loyal Relationships
According to McKinsey, customers assess a company based on the quality of product, performance, and price. The same report also entails that the satisfied customers are likely to retain by upgrading or adding more services from their desired service provider.
Instead of joining the hunt for new customers, focus on improving the quality of your services so you may sell more to the already present customers. Since you already have data and consumer metrics available for your customers, you can project your advanced products at them, which makes it a win-win situation. You can also learn how you can make your store more noticeable by employing ecommerce and branding strategies. All in all, focus on treating your customers well.
Summing It Up
As a marketer, your main job is to scour the market and devise the strategies that leverage you the advantages of earning more than the usual income. Your assets are your audience, your product, and your services, resources as well as your business property. It depends on how you employ the creative edge to make it profitable for you.
With these 5 practical ideas, this article intends to help you connect your assets with income generation, so that you can recognize the pathway to success easily. Last but not the least; don’t forget to reduce your expenses. By doing so, your profits will automatically increase, without you having to put in even a pinch of extra effort.