How to Reevaluate Your Business Model to Generate More Revenue

By Stephanie Diamond

If you understand your business model, you should be able to generate more revenue each year. However, you should also consider adding more than one model if your growth is stagnant. Here are some ways to add more business models:

  • Actively look for new niches. People’s interests continue to change, and your knowledge of the marketplace is only as good as your last research project or customer survey. Think about other niches you might serve, and conduct some online research to determine whether demand is growing for something new.

  • Create new bundles: One of the most overlooked ways to generate more revenue is to create product bundles, and an easy way to create a new bundle is to look at your customers’ purchasing habits. Do they always purchase certain products at the same time? What products are purchased by your best customers, and do you see any patterns?

  • Create a premium version. After you have established a baseline product for beginners, consider which content you can develop to create a more advanced product. You can both help your customers expand their knowledge while also generating more revenue by adding advanced content.

  • Look at opening up international markets: The Internet lets you easily communicate with customers from all over the world. Are you focusing on a too-narrow audience? Look at your analytics and see whether you can locate clusters of buyers in other countries who might be hungry for a more localized product.

  • Increase the price of your product: You should review your pricing structure on a regular basis to determine whether an increase is warranted. Don’t be afraid to raise your prices. The customers who understand your value are the ones on whom you want to focus.