The digital revolution has caught many businesses by surprise; many have yet to adapt to its potential. But for the ones who have integrated to the digital way. Building revenues through digital sources can help build them a thriving business long into the future.
Successful businesses combine & operate with multiple streams of income. If one stream gets quiet, they still are blessed with the others being in full flow and generating revenues. Suppose your business is lucky enough to be digitally functional. You, too, can operate multiple streams of income digitally online.
When creating an exclusive membership for a product or service monthly, quarterly or yearly, significant revenues can be generated for your business. What product or service can you package as a membership?
Subscriptions are excellent digital revenue sources as they become recurring. Charging a fee for something exclusive like special discounts on products, services, consulting, or informational content, for, e.g. Can Help build a bespoke client base for your business.
In the UK, Brits spend over £2 billion per year on subscriptions. The USA comes in at $28 billion in 2020, up 66% on 2019 pre-pandemic figures.
If you offer high ticket items, webinars provide a popular platform to showcase your products & services. As the host of the webinar presentation, you have the opportunity to create engagement and show off your presentation skills & knowledge.
It is vital to create curiosity among your audience. whet their appetite ready for your dangling carrot offer. You can choose to have a small or unlimited amount available to the ones who act quickly. Significant revenues are generated daily in this way by many business types.
Affiliate marketing is where one business rewards another or a person for helping to sell their products. Generally, on a commission-only basis, affiliates promote their links across various locations, including social media channels, blog posts, podcasts etc. In return, they receive a percentage of the sale price.
Services, software & high-value items are a great way to use affiliate marketing to increase your revenues. Suppose you are a business that doesn't have products and services to offer. You can add additional income to your bottom line by promoting other companies in your industry that do have. It's a great way to supplement your income.
They say the money is in your list. Businesses that have websites should be promoting added value on their site. In return, provide a call to action that asks for prospects to sign up for your list. It can be a monthly newsletter or update. Encourage prospects to sign up for your list. Communicate with them daily, weekly or monthly; you can decide which.
When you create your email campaigns, don't direct sell all the time. Provide information, expertise & knowledge. Once a week, ask prospects to jump on a call to discuss how you can help them. Alternatively, present an offer that creates engagement. This will encourage prospects to buy. Be mindful of the rule of SEVEN, as it can take prospects to see something up to 7 times before they become customers.
Making a digital product or course can be the holy grail of revenue building for you and or your business. The positive thing about creating a digital product revenue stream is, you don't need to buy any inventory. You don't need expensive premises with high overheads either. It can be done in house or outsourced before being market-ready.
The most popular digital products people purchase is podcast subscription, e-books, recipes, courses, training programs, photography, music, web themes /elements and research & data.
There are many more; check out the best 77 digital product ideas you can sell online here.
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