The coronavirus has forever changed our lives & influenced a shift in customer needs, demands, & behavior.
The timing has never been better to reassess your business model & explore new income sources.
The new world sees many people isolated, working from home or simply spending more online & less in-store. Our previous needs have disappeared whilst new ones have developed.
We have collated a few hints & tips to help you to discover how to start creating more revenue streams in these uncertain times.
“In the middle of difficulty lies opportunity”
- Albert Einstein
Define your customer’s needs.
Firstly, you need to figure out:
- Have your customer’s needs changed? Or are they the same?
- If their needs have changed, what is the reason why?
- Have their needs permanently changed or temporarily?
To answer these questions, you can create a simple persona or a proposition. This enables you to understand what they need, what they care about & most importantly a solution that brings you those extra pennies & company growth.
Don’t be afraid to ask customers (or potential customers) about your product. Ask your top 3 customers what they love about your product, see what they need & their pain points. Without knowing what they want or need, there is no way you can validate if your product is solving a problem.
Consider your current customers (or potential target audience).
Take a look at your current customers, your target audience, or even your social connections. What are they interested in? Could you cross-sell your new product to them?
Consider what you currently offer as an inventory of products. Are they related? Will it enhance your product offering? Can you offer it as a package? If you have a complementary stream, then it becomes a whole lot easier to tailor your new product to your current audience.
If you already have an audience that are aware of your offerings & ready to buy, you can simply offer them even more.
Review your passion & experience.
If you are passionate about something, or you have skills in a certain area, it becomes so much easier to sell your product. If you believe in your product, it’s much more likely that your customers will believe in the mission.
Remember, people buy from people. If you have passion & emotion about your product, this will shine through. Your customers will not only believe in YOU but they will also believe in YOUR PRODUCT.
Understand that user experience is the key to success.
You are NOT selling to stakeholders; you ARE selling to your customers. It is so important to take a user-centric approach to selling your products.
This is the UX cycle you should follow for customer success: Research, Design, Validate, Build, Test, Repeat.
- Research: What do your customers need? Use qualitative, quantitative, observational & attitudinal data to try & understand the problem you are trying to solve for them.
- Design: In this stage, you should design the solution to your customer's problems. It could be a simple prototype, with no bells or whistles.
- Validate: You should validate with your customers that their problem has been solved before you go to the expense of building it.
- Build: This is a costly process, but if the research, design, & validation is done correctly, it should avoid unnecessary costs.
- Test: Try & break the product. Does it work? Are there issues that need resolving before it’s launched?
- Repeat: The cycle never ends. What can you improve for your customers? Is there anything else they need?
The cycle ensures you have continuous deployment ensuring your product is better than your competitors.
Consider viability vs. desirability vs. feasibility.
When making the big decision to add a new income stream you should use this technique.
Think of this technique as a triangle: Viability vs. Desirability vs. Feasibility. Simply put, viability is the money available, desirability is the customer’s needs & feasibility is the resources available.
Do you have the budget needed? Do your customers desire it & need it to solve a problem? Do you have the resources available e.g., enough time or staff?
If you have the three things boxed off, you are already onto a winner. If not, then a reseller program might be better for your current situation. Or if you simply need to enhance your product, an author partnership might be more suited to your needs.
Let a partner do all the hard work for you.
Developing a new income stream is great, but ONLY if you have the resources.
If you want to remove the hard work & time needed to set up your new revenue stream, you can simply resell a pre-built product. Reselling another product can be safer, whilst also creating a long-term recurring revenue stream year-on-year. There are some fantastic partner programs out there, waiting to be taken advantage of.
Most partners offer proven sales techniques, marketing content & support guides. In fact, some even have their own partner portals to access all this information, allowing you to take full control of your sales, marketing, & customer success.
Some partner programs go the extra mile by allowing you to white label their products, meaning you can take ALL the credit. This is perfect if you already have a product that you are looking to enhance.
Some of the best reseller programs even offer free training & onboarding for yourself & your staff.
It really is a no-brainer.
Take advantage of the market for e-Invoice Capture, Online Buying, Punchout, AP, Payment Automation, or full P2P solutions.
If you’re new to reselling accounting software or simply want to strengthen your position as a current accounting software provider, there is without a doubt a growing demand for Invoice Automation, Online Buying, Purchase to Pay, & Digital Procurement solutions.
At Compleat, our mission is to simplify the way everyone buys & pays. We believe this can only be achieved with the power of a full automation journey. This saves time by removing tedious manual processes & makes savings big enough to make your eyes water!
We believe in our product, but we know we are stronger together. That’s why we offer the ultimate strategic Partner Program that puts you in total control of your reselling program.
Here are a few of the amazing benefits offer to our partners:
- Top-line revenue
- Online partner portal
- Co-branded & white-labeled content
- Free onboarding & training
- Free internal use
- Free trials
- Endless integrations
- Knowledge center
- A supportive team across 3 regions
- Help center & ticket creation
Could you be the next success story at Compleat?