How to create a new revenue stream for your business

How do you create a new revenue stream for your business? It’s easy if you know how. And now you can learn how in this blog post.

However, it’s still not so easy to do, even if you know the path and destination—simply because of the sheer volume of information and tasks you have to complete and get right while trying to stay on top of your existing workload.

This isn’t something you can learn overnight. For this, you need a plan, and you need help. And it isn’t just any plan; it has repeatedly proven successful. Read our article on creating new revenue streams for businesses.

What is a digital product?

A digital product is a downloadable file you can access over the internet. Examples of products you can download include templates, video courses, membership websites, workshops, and more. Digital products are often delivered as PDFs or Word documents. They’re convenient because they don’t require shipping and handling costs like physical products.

Digital products are also called “products” or “digital goods.” When you sell them online, they are considered a service. You can sell digital products for any price. A digital product is an intellectual property that has value in the marketplace.

Survey your existing audience

If you have a small audience or are looking to reach a broad audience with a single product, surveys may be the best way to get a feel for what you could help them with. Surveys are better than open-ended questions, allowing you to learn more about who you’re trying to help. Survey your friends and family, but consider expanding beyond that sphere (but make sure they can’t see your survey). Surveys are also great for gauging interest in an idea. If people aren’t interested in something you thought was good, it’s best to know how to save time. If there is an area that needs improvement, it’s essential to know which advice will help the most people to maximize your results.

Decide on a product.

This is an essential part of the process. The business owner has to create a product that solves a problem for their target market. This can be physical or digital, but it has to help people solve a problem.

Now it’s time for the business owner to choose a product and sketch out its idea. This is a different stage for creating the product, but they need to have an outline idea. Again, it’s critical that the product helps its target audience solve a problem they’re struggling with. Someone can purchase their product, follow through with any required steps or learning, and achieve a result that improves their life or business.

Pre-sell first

Pre-selling a product is a fantastic idea. Presales are a great way to get initial revenue and ensure enough interest in the product. With presales, you can even offer a generous discount that gets people excited and interested in your product while securing the project’s viability and providing a list of early-bird customers who can provide feedback and testimonials.

An excellent way to think about pre-selling is to imagine it as a presale. You’re not just selling a book to one person – you’re selling them to hundreds or thousands of people all at once. By offering such a large discount, you can check if there’s enough interest in the product and whether people would buy it when the price goes up for the final sale. This will help ensure your book becomes profitable rather than leaving it in an uncertain financial position where you might sell only a few copies and then be left with unsold inventory. The more copies sold during presales, the better chance of having your book make money!

Create the product

As we’ve discussed, the next step in creating your course is creating the content. This might mean writing it yourself or outsourcing it to someone else. If you’re going to write it yourself, then this section is helpful for you to walk through how you can create a beautiful and easy-to-read document. If you’re going to outsource it, this section helps walk through the steps of finding someone and what kind of agreement or contract you might need with them first.

Set up delivery and automation

After the initial product has been created, it’s time to get it out into the world. If the product is a physical good, they’ll need to ensure they can get it from their office or warehouse to the end consumer. It may be enough to have an online store on eBay or Amazon.com, or they may decide that investing in e-commerce software like Shopify or BigCommerce is worthwhile. Suppose their product is an information product, such as an eBook or video course. In that case, they’ll need to find a way for people to download their product after buying it. This could be through a password-protected PDF file delivered through email, an interactive membership platform like Skillshare or Udemy, or a sales page on their website.

Feedback and testimonials

Collecting feedback involves more than just asking people for their opinions, so it’s best to plan. The first batch of customers will already be familiar with your product. Still, you want to reach out to the second group before they begin using it. By presenting them with a brief survey, you can collect feedback on how they found out about the product, why they decided to buy, and what they hope to get out of the experience. You can use this information to tailor your marketing messages and advertisements later on. It’s also a good idea to collect testimonials from this group of customers. Suppose people are willing to put their name behind your product. In that case, it will boost credibility in your sales pitch and social proof that you should use on your sales page and in your marketing messages.

Enhance your sales page and launch

The sales page is the last piece of your launch process. At this point, you’ve already started getting testimonials from your early customers, and you’ve already begun to push out content and get feedback on your sales page. Now, it’s time to make the sales page final. Some things you should do:

The launch price should be updated on the sales page. You may have had a lower launch price and slowly increased it over time as you improved the product and added new features. Remember that the customer reading your sales page is looking at it right now and seeing what you have to offer at this moment in time. If the launch price has changed, they need to know they can still get a deal if they buy now.

Be a game-changer!

What can we learn from this? It’s a challenge but well worth it. Streamlining your business is often a matter of simple planning. Suppose you spend the time to try out new things like your product ideas, keep track of what works and doesn’t work, and have an open mind regarding your potential revenue streams. In that case, you’re sure to be successful in your endeavors. Contact us to know more about it!