If you are reading this you’re either a business owner or looking to own a business. And as someone in this position, you’re always looking for how to increase your revenue stream because that’s one of the easiest ways to grow.
However, just offering goods and services may not be giving you the kind of revenue you need to function as a proper business. If your business is in that position, it can get frustrating, especially when you cannot raise prices because of competition. Thankfully, there’s some good news. There are alternative ways for your business to generate revenue without increasing the base price of your goods and services.
There are several lines of revenue you are not tapping into at all, and this article can change that.
Tap Into Web3
Today, Web3 is the biggest new thing, and every day more people are getting into it. If you run a business and you’re trying to attract interest from people who are also interested in Web3, you should consider releasing an NFT on your brand.
Of course, you might think that this is not feasible because of the technical requirements. And that would be true maybe four or three years ago. However, there are many solutions for brands trying to release NFTs today. ReserveX, a solution by e-commerce NFT company SHOPX, is one of those solutions. SHOPX is in the business of helping brands create NFTs and roll them out easily. They do all the work so that you don’t have to do anything.
With ReserveX you can create token-gated experiences that can only be accessed by a token owner. With this product, you can create your tokens or NFTs, and then use them to reward loyal customers with exclusive access to products or services you offer. It’s an exciting new way to engage customers and will generate the appropriate buzz you need for your business to grow even further.
If you notice that a bulk of your customers require additional services that you can provide, or can learn to provide relatively quickly, you should investigate that. It will be easier for you to break into that market because you will already have customers to whom you can upsell those services.
A great example is thus. Imagine you have an online store that exclusively sells female shoes. Now, your customers may only come to you for shows, but the fact they shop for shoes means they have an appetite for apparel shopping. Instead of allowing other businesses to satisfy that appetite, you can start by selling your apparel and seeing how quickly they take to it.
If you run a service that operates on-time payments, you may be interested in building one that focuses on subscriptions. Subscriptions are great ways to make a passive income, and they help reel customers into your world.
For example, if you run a consulting business, it may be better to offer a subscription model where people can get consulting at any time during the period they subscribed for, rather than just paying a one-time fee.
Affiliate programs have recently gotten a lot of bad rep, but they remain a viable way to not only get more revenue but to get more customers. If you operate in a huge ecosystem, you can have agreements with other companies and pay them a percentage for referring customers to you.
And this doesn’t work for just other companies. You can also have an agreement with influencers with a huge reach on social media platforms. By tying your success to theirs, you’re ensuring that they have all the incentives in the world to refer customers to you.
If you’re a business owner, there are certainly many lines of revenue that you can tap into that you’re leaving untapped. By exploring these options, you will certainly see yourself tapping into one of these extra lines of revenue and boosting your business revenue.
If your customer service agents are struggling with too many inquiries, which decreases your sales, it is the best time to think about chatbots as a solution to improve your customer support sector. While such a solution will increase your sales, it also reduces costs, so it’s a win-win situation. Chatbots have many personalization options so that you can adjust them to your customers’ needs. The best aspect of chatbots is that they provide you with 24/7 customer support, and you can try it with Tidio. They provide software for chatbots and live chats, and what is a game changer is that you can set it up without coding.