Dear Professor, recently one of my advisers asked me to explore additional revenue streams for my startup. I think she is afraid our primary source of revenue may taper off. So my question is: How can I make more money off my product?
Leslie from Montreal
The best way to do this is to do some double dipping.
Double dipping this is where you make once and sell twice. Some companies do this though both charging for their product and then for servicing their product but other ways to do this is to find new avenues for your product to be sold or your expertise to be sold. A typical example of double dipping is the music industry. Singers create songs and sell their CD's or digital CD's to the general population. Then they go on tour and sell tickets and while you are at their concert they sell you merchandise, thus double dipping of just one CD or just one song. Lady Gaga is the Duchess of Double Dipping, she never misses an opportunity to expand her sources of revenue.
A good way to find new avenues for your products is to find out what other people have done or just think outside the box. You can write a book, advertise on your website, create a new product out of one aspect of your product, sell to a new segment. There are many ways to use your product for something else or your expertise for something else. By finding those new ways you can breath new life into your product and make more money and find new market segments to sell to.
Hope that helps!
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