GNT #030: You're missing potential revenue

Read time: 3 minutes

Too many small businesses and solo-entrepreneurs get tangled up with the same problem.

They love what they're doing, but they struggle to expand revenue or are seeing a decline.

Why?

Often it's because they rely too heavily on conventional and overly competitive tactics.

Most businesses chase the same old strategies.

But YOU'RE not most businesses.

You're not afraid to examine paths where your competitors might not be looking - and where your future customers might be waiting.

This week, we're exploring often overlooked ways to expand your business.

Today, we'll break down 3 frequently hidden ways to increase your business revenue.

Here we go.
 

Engage the 'Unaware'

Unaware = group of people who are unaware of the problem your product or service solves.

Unaware doesn't mean uninterested, they just haven't realized they're experiencing the problem yet.

Example: Headspace App

Believe it or not, the popular Headspace meditation app actually began as a small meditation event company. They realized many people were unaware of the benefits of mindfulness.

Through educational content, they engaged an audience that didn't realize they needed mindfulness practices.

How to engage the 'unaware':

Education is the key here.

Create content that highlights the pain points and challenges these individuals face. You're helping them recognize their problem.

This, of course, should be done subtly. No one likes being told they have a problem. Use empathetic storytelling and examples that make them think, "That sounds like me."

Subscriptions or Recurring Revenue Models

Recurring revenue = regular, repeated payments (monthly or annually) for access to a product or service. 

Companies with recurring revenue are generally far more valuable and attractive to investors.

Why?

Because they bring predictable revenue, improved customer retention, and tighter customer relationships.

Example: Dollar Shave Club

Starting with a simple idea and a viral video, Dollar Shave Club started offering affordable razors through a subscription model.

Many people didn't realize they wanted this service until it was presented in an epic and hilarious way.

The recurring revenue model provided stability, growth, and led to a $1 billion acquisition by Unilever.

How to envision for your business:

Look at your existing products or services. How could they be transformed into a subscription or membership model?

Explore add on services, tiers, or valuable access. For this to work, the experience must be exceptional. 
 

Double Down on Existing Customers

It's often easier to cultivate deeper relationships with existing customers vs. finding new ones.

Example: Death Wish Coffee

Death Wish Coffee started as a small roastery in Sarasota Springs, NY. They asked and listened to customer feedback early on, heavily engaged with customers on social media, used customer-generated content, involved customers in product development, and rewarded loyal customers with offers and discounts.

Death Wish Coffee's existing customers helped them grow from a small local roastery to an internationally recognized brand -- and won a commercial spot during the Super Bowl in 2016.

Ideas to explore:

• Upsell & cross-sell: Look at your current customer journey and purchasing behaviors. For advanced needs, could you offer other products that align well or premium services? If you're unsure, create a focus group or ask these questions in customer surveys and your advisory board.
• Customer loyalty programs: How could you create incentives for customers to continue doing business with you? (ex: discounts, reward points, or early access) How could you design this in a way that feels exclusive and rewarding? 
• Customer service: Never underestimate the power of great service. Personalized and timely support turns customers into advocates, spreading valuable word-of-mouth recommendations.
  
  

Takeaway & Action steps

Identifying hidden revenue streams isn't just about adding more $$$ to your bottom line.

It's about creating resilient, adaptable, and forward-thinking business models that can withstand change.

Your challenge for this week - how can you apply these strategies to uncover your hidden revenue?

Schedule one-hour next week (add this article in the description of your calendar appt) and examine your business against these 3 often overlooked ways to increase revenue.

(Have a team? Send them this article, include them in your brainstorming session, and ask them to come prepared with one new idea each.)

- Engage the 'Unaware'
- Subscription or recurring revenue
- Double down on existing customers

Can't wait to hear about your progress.

See you next week.

Whenever you're ready, there are 3 ways I can help you:


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