8 Untapped Revenue Streams Your Company Can Leverage
Common sense dictates that you can achieve greater financial stability for your business by expanding its revenue streams.
The more sources of income you have, the more reliable that income is. Many businesses struggle to strategize effective ways to create additional income, though — and it can certainly be a challenge if you serve a niche market or specialize in business-to-business services.
Still, you can increase your company’s potential income with the following eight untapped revenue streams.
Top 8 Revenue Streams Your Company Can Leverage
1. Digital Marketing Budget
Business owners understand the necessity of digital marketing. In fact, according to experts, digital marketing is one of the most important tools a company has to attract customers. Most companies view digital marketing as an expenditure, and this isn’t without reason.
Your digital marketing budget likely eats up a good portion of your company’s existing revenue. You can turn it into a source of income, though, by reselling your digital products to other companies and offering consultations.
2. Dynamic SMS Functionality
Dynamic SMS functionality is another potential expenditure that you can turn into a source of revenue. If your company uses standard text messaging (SMS) for marketing and customer service purposes, you can develop its potential as a source of income by implementing a drip messaging strategy.
This works by sending out targeted text messages that are triggered by specific actions — for example, a search or social media engagement. Recipients of these texts will be incentivized to follow through on a sale and produce revenue.
3. Capitalize on Your Data
Leveraging rich communication services (RCS) can simplify this process by providing tools to reach more mobile customers and collect valuable data. In addition to generating a new source of income, this can improve client retention rates and offer more accessible service to customers. RCS also boosts the overall market size you can reach.
4. Offering Outsourced Services
Marketing expertise isn’t the only service that you can outsource to other businesses. There are an array of potential B2B services that you can provide to companies and generate meaningful revenue from.
Other valuable services that you can market include accounting, sales consulting, IT management, or customer service. If your company has achieved success in any of these areas, your expertise may be highly lucrative.
5. Expand Your Operations
If your current business model has proven successful, why not replicate it? You can increase your business’s revenue streams by expanding operations. If your business hosts brick-and-mortar storefronts, this may mean opening new locations. Conversely, if you specialize in remote or mobile services, you can expand operations by hiring new staff and developing a plan for expansion.
6. Lease Your Assets
If your business owns any valuable assets, you can produce a new source of income by leasing them to other businesses. This is one of the most popular B2B marketing models, and it’s a great option if you have assets available to lease.
Assets that you may lease out include computer equipment, heavy machinery, vehicles, or office space. It’s best to lease an asset that you already have an excess of and don’t rely on frequently.
7. Discover Affiliate Marketing
Business owners are primarily concerned with marketing their own brands and services. You can generate a substantial stream of income from marketing on behalf of other companies, too, though.
Affiliate marketing is one of the best ways to produce additional income for your company and network with other businesses in the process. You can integrate affiliate marketing links into your business’s website or use your social media platforms to develop this strategy.
8. Create a Subscription Model
Many businesses struggle to maintain a steady flow of income because revenue often depends on earning repeat customers. This can be especially challenging for B2B companies.
Rather than waiting for customers to continuously purchase your company’s services, though, you can create a new source of revenue by introducing a subscription model. By allowing your clients to subscribe to your services or products, you can achieve a greater degree of predictability and stability for your revenue.
Generating income should always be at the top of your business’s priority list, and if you aren’t using these eight ideas, you’re leaving money on the table. You can boost your profits substantially with new sources of income for your company.