Written by: Vickie Sullivan | December 29, 2020
How to Expand Your Revenue
Have some of your revenue streams changed this year? If so, you’re not alone.
One common place to look for new revenue is what our industry calls the “river of nickels.” It’s a business model that focuses on small purchases on a big scale. Earlier this year, Fast Company published an article about organizing guru Marie Kondo and how she is successfully taking advantage of this revenue strategy.
Several celebrities have used this business model to monetize their communities. It’s tempting to join them, but we warned: The “river of nickels” isn’t for everyone. For it to succeed, you must have these two things:
• A clear identity in the market. What makes this revenue stream so easy for celebrities like Kondo is that they don’t have to educate the marketplace on what they offer. With Kondo, a lot of people already buy into her philosophy, so the focus is on implementation. That means you must have a clear philosophy. So, during this holiday season, think about turning your methods into mantras.
Listen: Two Things Every Great Mantra Has
• A good gateway. The initial offering must be able to stand alone to create enough value but also pave the way to buy more. Many of us offer multiple options. Look at those and ask yourself: Is there good crossover potential? Do folks see the need for the next step? Again, Kondo hits a home run here. Idea: When you create anything online, have at least three other “options” waiting in the wings (aka leverage).
Often, we see someone else’s success and think, “If they can do it, I can, too.” Yes, success on a smaller level is possible. But before jumping into a whole new strategy, the better question to ask is this: “Do I have the same tools to make this effort profitable?” Exploring questions like that first can lower the risk and set you up for success.
Now Read This:
- A Revenue Stream Thought Leaders Miss
- Turbocharged Business Model Toolkit: How to Pick the Game You Can Always Win