Figuring Out New Paths Of Monetization
Most businesses are looking towards methods that can help them reduce their costs, while increasing profit. This, in turn, helps them become more competitive. But that’s not necessarily the be-all and end-all of good business management. Despite their illegality, a ponzi scheme could be considered to operate via the same principles. If you have any sense of rationality about you, it’s unlikely you’ll opt for this strategy.
That being said, finding new avenues of monetization must be a continual area of innovation if you’re to profit and develop your business as well as you can. For some, this can be defined by expanding your product library. We even see businesses that have been proven via the span of time do this. Think of the vintage, age-old Coca Cola taste we all know and love. There have been many variants of flavors over the years. They have produced named bottles, sponsored sporting events, and more.
So, how can we ourselves figure out new paths of monetization, but without artifice? Let’s broach this subject, together:
Online tenders can be tremendously useful in helping you find new avenues, secure new contracts, and work with new clients. Bidding on certain jobs can help you find potential new pipelines of work and orders to settle, particularly if you’re struggling to source work at the moment. Tenders help keep your production lines rolling, your orders coming in, and may even help you spread the word to other potential forms of monetization in the firm of related clients or B2B connections. If your business is capable of working in this manner, don’t throw out its potential. You never know the value of a good opportunity.
Premium subscriptions can also be thoroughly useful if wishing to have some of your features behind a paywall. For instance, journalistic outlets like the New York Times have a required number of free articles a week that can be accessed, as well as offering completely free Coronavirus coverage, but keep most of their other content under a paywall. You might not run a newspaper, but do you have an idea of the premium subscriptions you could offer, even if this is as simple as offering better, quicker delivery routes? That’s not a bad place to start, and if it’s worthwhile enough, people will surely subscribe to it.
Service charges can seem like an unnecessary means of adding monetization, but brands add them all the time, sometimes for justifiable reasons. Uber Eats have started charging service fees on top of delivery and food costs because it helps them process their orders and keep the orders coming. The charges are usually less than 1% per order, and help keep the business afloat. While offsetting costs onto your patrons isn’t a good idea for the most part, if they’re justified, and if you need to rescind your previous promotions (even if that means charging for your delivery services or hiding free delivery behind the paywall we discussed) then you have a chance to stay a little more profitable.
With this advice, we hope you can figure out new paths of monetization.
Categories: Outside Contributors