Donâ€™t Lose Sleep Over Money Worries
Competition is fierce and companies fail; even great ones. All your eggs in one basket is a high-risk strategy. By diversifying, your revenues increase, your business is more stable, and you are in charge of your business destiny.
You can quickly build tremendous streams of income resulting in a continuous money machine you can rely on, if you follow a prudent approach.
Just develop and implement multiple marketing concepts – have them all happen at once so that one efficiently feeds the other. Test and compare one strategy with another; improve what is working; and throw out what does not work and then move on to another technique.
Far too many business owners are unwilling to try different marketing and advertising approaches. They get attached to one thing; let’s say email marketing, and overlook the fact that there are several other income streams they could use.
What about endorsements? You can use a series of influential consumer blogs to promote awareness by the bloggers to their audience.
You can easily present shoppers with multiple opportunities to buy more at your store or website by using add-on sale techniques. Once the sale has been made what, is the harm in seeing if the client would like something complimentary to their purchase?
Realistically, not every visitor who lands on your website or enters your store will be interested in your primary offering. Never let customers or prospects leave without profiting from them.
After all, you worked very hard and spent a lot of money building your customer and prospect lists, right? Form joint venture partnerships that have products and services that may be more suited to the needs of these prospects.
How about a referral system? Turning your customers into a life long sales force for your business. How about bartering? What about up-selling? Exposing the customer to other options he or she may not have considered previously, resulting in a more profitable sale.
You are cheating yourself if you focus on only one or two streams of business. More importantly your business could collapse if you don’t try to open up other channels.
The key is to never be dependent on any one-income source. Markets change.
Competition is fierce and companies fail; even great ones. All your eggs in one basket is a high-risk strategy. By diversifying, your revenues increase, your business is more stable, and you are in charge of your business destiny. No longer does a single marketing strategy income offer the security it once did. The concept of multiple streams of income, build a more secure financial base for you.
The fundamental role of multiple sources of revenues is to create value for businesses. The additional value is created through a synergetic integration of new revenues into the existing one thereby increasing its competitive advantage.
Sustainable competitive advantage should be the focal point of your overall business strategy. It allows the protection and improvement of your enterprise’s competitive position in the market. It is an advantage that will enable your business to survive against its competition over a long period of time.
Mr. Clarke is a business strategist with the Versitile Group. He can be reach at (800) 790-4743 or Anthony@versitilegroup.com for advice or with any business related questions. For more information you can visit versitilegroup.com
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