I’ve been thinking about revenue a lot lately.
For clients.
For projects.
For myself.
My conclusion is that there are a lot of ways to approach revenue.
The key is finding the right solution for yourself and your business.
That said, many who I speak with don’t know the possible levers to pull to increase revenue.
Revenue Levers
When considering revenue, here are 10 ideas to consider:
- Expand Customers: Can you introduce your product to an additional target group?
- Expand Products: Do you have additional products that would resonate with customers?
- Focus on Loyalty: Are you communicating with your best customers? They will repurchase and can create advocacy telling others about your products.
- Broaden Scope: If your product is a physical product, could you add a service? If you are a service provider, is there a possible product expansion?
- Create a Subscription: Could you develop a program with recurring revenue?
- Go Online: If you aren’t selling your product or services online, can you set up a shop?
- Tier a Service: If you have a service rate, can you tier (higher and lower) to broaden the mix of customers who can find a price point that is right for them?
- Create an Experience: Could you design a digital experience (app/game/etc.) or in-person event (art, entertainment, etc.) that would draw customers in while charging a fee?
- Design a Class: Are there areas of your business that others might be interested in learning about? The class could be delivered live or recorded and offered on-demand online.
- Reduce Cost: Have you recently conducted an audit of your costs to ensure you are getting the best prices? Note that I’ve put this as the LAST idea…unlike many who put it first.
My Perspective
I think the list of 10 areas above can be helpful in determining revenue ideas.
I see ways this framework can apply to our careers as well.
If we think through the lens of our career, we need to look deeply at the areas above and determine if there is opportunity.
Expansion. Diversification. Mergers. Consider how these might apply to our income portfolio.
Your Turn
Does this list of revenue questions spark ideas for your work/business?
How about ideas for your career?
Which idea on the list do you find most intriguing to explore?