Marketing
The Future Of Business – Means Multiple Revenue Streams
In an early post I shared that everyone will be an affiliate of something, but that won’t be enough. The day of a single revenue source are behind us, we will need more than one revenue stream in order to survive in the new business landscape. Just selling real estate won’t be enough, or providing one consulting service, you will need to provide value added services, provide other products that are useful to your clients.
Most entrepreneurs are always looking for that next thing to sell, that next problem to solve, because they know that if they don’t keep solving problems, consumers will use the first person or business they find. The bigger issue would be, how do I stay top of mind, how do I ensure that I am found, and how do I know I’m being heard. You’ve read it here many times, make more than you consume. make more of whatever you are selling or whatever solution you are providing.
Now, it’s not enough to just slap some ads on your site, or sell more stuff than you used to, and call it multiple revenue streams. You need to think long and hard how these value added services or products will be incorporated into your business, into your marketing, and how you will handle orders….there is much to consider. You can’t willy nilly it for the sake of making a buck. Although there will be many who do just that, unfortunately I don’t have the power to make those individuals stop.
There many ways to go about finding multiple revenue streams, some simple, and some, not so simple. I like simple to be honest, here on owengreaves.com you don’t see too much complication here. I promote Headway Themes, why? I think it’s the best, if not the best theme for WordPress. So I can’t recommend the product enough. I even have a page dedicated to it, with a list of over 400 sites using the theme, I list them so you can see what others are doing with it.
What you may not know about owengreaves.com is, I also have my own webhosting company, I use it for clients and friends mostly, why? That’s another blog post, but, there are another 3 Billion people coming, many will need webhosting, I just want to be able to provide that service, and….solve that problem.
I spend the majority of my time studying trends, tons of data, and look for interesting things in human behaviour, why? So I can share with you my findings on the future of business, much is changing and most people in this space aren’t really paying attention to it. You would think, if that’s true, why do I spend so much time there? Simple, most aren’t, and I can help business owners and entrepreneurs create new ideas to adopt that future I’m talking about.
I do consulting work in many areas of my studies, think-tanks sessions, workshops, and I do alot of public speaking to ensure my message is heard. All are different kinds of revenue streams, all have a slightly different way of generating income. One or two will be your primary money shakers but, you will need a handful of ways to fill the bucket with coin.
If you haven’t given this much thought, if you haven’t sat down and looked at your business from this perspective, if you haven’t considered different products and services around your single revenue stream, you will have a difficult time surviving in coming years. The next 3 -5 years, not 10 or 20, the business landscape is changing faster than you think, and people aren’t going to tolerate you dictating, they won’t come to you, you will have to go to them. How, through a mobile device’s and virtual reality.
What ideas do you have to enhance your one revenue stream, have you considered having multiple revenue streams, 5 or 10 different revenue streams. And will these products and services be yours, most likely not, you will be an affiliate of most of them, but you will have your own. That’s where the profit margins will be greater, in your own products and services.
How do you see the landscape of business in the next 3 – 5 years from this perspective? Thoughts?
Stop It Real Estate Agents! – Scott Stratten
Back on October 15th, 2009 I wrote a bitty called, ” Are Real Estate Agents Obsolete?“. I have taken a lot of heat for it, but those who attacked couldn’t see past the anger. My point was simple, change or be ignored, the role is changing, but many have chosen to continue as they always have, That’s OK.
Another challenge, is getting Agents to learn a better way to use Social Media Networks to, well….do business better. You will find I’m not alone on this, some agents are actually doing a good job, but most I’m sorry to report, are thinking old school. I could go on and on about this, but there’s no need, I will however let marketing man share with you, his name is Scott Stratten. Please take this as an opportunity to make some subtle changes in how you the Real Estate Agent uses Social Media & QR Codes.
Here’s Scott:
What do you think? has Scott nailed you, or better yet, did he give you some good ideas? Is he right, is wrong, or are we barking up the wrong tree? Be honest with yourself if you are in Real Estate, look in the mirror, are you that agent, or are you different?
Businesses Need To Grow Up!
I don’t get all in a flap very often but, while driving into Vancouver one morning I was listening to CBC Radio, I’m not sure who the host was but it was during Rick Cluff’s time slot. The interview was with the Executive Director of the Coquitlam Chamber of Commerce, the discussion was about all the construction parallel to United Blvd. How the new Port Mann Bridge and the freeway construction was hurting business on the boulevard. Now I’m not sure what prompted the host of the show to suggest this but it got me, he asked the Executive Director of the Chamber if the government was going to bail these businesses out or help them out in some way. Say WHAT!
Why is it that everyone believes the government should give people money when most of the businesses could have done something to at least minimize the damage. Hell, I’m certain these businesses in question knew for months if not years this construction was coming, that it was going to happen. The perception now is that they did nothing to prepare, they figured we’ll wait and see how it goes, and if it doesn’t go well, we will put pressure on the government to give us money. I can with all certainty tell you that the future of business will not tolerate this model, in fact, this entitlement thinking will keep our country broke and even bankrupt if allowed to continue.
I would love to know what crazy ideas came to the table behind the closed doors of these businesses, to help get through the next 12 weeks, how many ideas were shutdown and squashed due to fear. There is a huge Casino on this boulevard, the Red Robinson Theatre too. There is much that could be done to partner all these businesses with their hands out, they could work together, now there’s a concept. I’m willing to bet my lunch money The Red Robinson Theatre & The Casino will do just fine, why, people will do anything, go anywhere to feed the need of entertainment and gambling. If that’s the case, then these businesses on United Boulevard should work together to strategize how to work through the next 12 weeks, the big anchors could lead the way.
As you can see, my perception of this dilemma, this was a marketing agencies wet dream, the opportunity is/was huge, but did anyone approach this group of businesses. I suspect not, to my knowledge there has been absolutely no marketing to my neighbourhood, I haven’t seen, heard a Radio or TV ad, not a Tweet about anything to entice me to shop United Boulevard. With all that is availabe to these businesses to market themselves during this construction, I have yet to find any ads in traditional media let alone digital, no crazy awesome deals to make me venture into the construction soup. Maybe I’m not looking in the right place, maybe I don’t care, or maybe they haven’t reached out to make me care.
I shared this story with a group of marketers, the look on their faces was enough for me. So is construction an excuse, is it really the root problem. Or is being prepared the real issue at hand, if you have read this blog regularly, you would know that the future of business has the upper hand. The problem isn’t construction, it isn’t the business, it is however, the owners of those businesses, how they think, and it possibly reveals a lack of foresight. I would like to give the business owners the benefit of the doubt, but, in times like this, businesses need to grow up!
I know, I’m ranting a bit, but this is a great case study don’t you think? So how could these business help themselves, what would you do if you had the opportunity to help these businesses? What crazy marketing ideas would you bring to the table? Would you let road construction be the reason the doors closed your business?
Build The Next Kaiser Chiefs Album
The future of business is in such a state, the music industry is loosing money at a clip never seen before, will the record labels finally see the light, probably not. The labels are fighting tooth and nail to control what you and I can do when it comes to acquiring music, and producing it. For whatever reason the industry shrunk by 71% in 1 year, they are trying to be so protected, to the point nobody is paying attention. You to will be ignored if you continue down the path of control, forcing people to pay.
Nine Inch Nails found a way to survive and make money without a record label controlling them, and many others are finding creative way to get they’re music into our hands. The Kaiser Chiefs are doing something interesting, they want you to build an album, buy it, then sell it, and they will share the revenues with you.
Now it will help if you like their music, you get to select from 20 cuts, you pick 10 songs for your album, design your cover, pay for it and download the album. Once you’ve gotten that far, they will provide a site for you to sell your album and you share in the profits, sell many albums, make many bucks.
This is one of many creative ideas on getting your music in the hands of your fans and a great way to get new fans. Check out the site, make sure you read the instructions well before diving in, but have fun creating an album you like.
Another example of how the future of business and the music industry is adopting a more open & free business model, one that you the consumer has a little more say, one where you are being trusted just a little bit more.
The Annual Tourism Abbotsford Christmas Breakfast
I took in the Annual Tourism Abbotsford Christmas Breakfast Wednesday Dec 8th at the TRADEX, it’s located at the Abbotsford International Airport. I have to admit I was extremely surprised at how this event was presented, I walked in expecting the typical bare bones type of breakfast, but my hat goes off to the organizers for what I thought was a posh event. It was top drawer. I had the privilege of sitting with some very special people in our community, I am providing a few pics for you, they were taken by Rick Rake (known as THE UNGURU) and now the new media called TNN (Twitter News Network), he is everywhere. You can find Rick on Twitter by the handle: @rickrake
As I mentioned, I was fortunate enough to sit with these two beautiful roses, Wendy Schultz (General Manager) & Michelle Lalonde (Marketing Director) of Seven Oaks Mall . Seven Oaks Mall Twitter handle is: @shopsevenoaks
Also seated at my table was Rick & Kathleen Rake of Click Media Works, Gary Dickinson Owner of Abbotsford DUTY FREE, Ronald A. Kelly of Baker Newby.
A number of dignitaries were on hand and I was caught hobnobbing:
Here I am with Deb Lowell (Public Relations Director for The Salvation Army) & Mayor of Abbotsford George Peary : )
One of the key people who make Tourism Abbotsford run smoothly is Yvonne Hayden, she is the Visitor Services Manager, and the Head Tweeter on Twitter. Gotta love The Twitter. I’m flanked by Jodie Jacobsen & Yvonne in this picture:
This next picture was unexpected but what fun it was to meet Dan Stefanson, he happens to be the Executive Director of Tourism Abbotsford, and next to him is the honorable JohnVan Dongen, MLA for Abbotsford South. Thanks to TNN (Rick Rake) for this great photo.
A good time was had by all and frankly I was very impressed with this event and highly recommend attending next year, well done!