written by
Justin Theng

How To Innovate With Your Revenue

2 min read

Recently I was talking to a client who was looking to leverage her material to create additional streams of income.

We have already worked together to create her marketing automation so she is a gun in that regard.

It's the types of services she could offer that was the issue. I shared with her the same techniques for generating new ideas that I'm sharing with you here.

Innovation isn't only what people buy, it's also how they buy it.

Imagine you own a bakery and you're selling muffins. Every other bakery in the city also sells very similar muffins. Yes, you might have a unique ingredient that you put in. Let's say your hero item is a banana bread type muffin that you're going to add cardamom to and that's your secret stuff. But do you know that even your revenue base can still be innovated?

What would a bakery look like as a subscription?

Perhaps you're selling to office buildings. Maybe you're selling to people who are just coming out of the gym or just heading into the gym and need a healthy muffin, and they don't want to carry money with them. So they pay you a subscription and just pick up a healthy wholemeal muffin every day on their way out of a workout. Same time same place, on the way in or out of the gym. 

To stretch your thinking about your own product or service, try to imagine what your business would look like if your core offering :

  1. Brought an offline behavior online
  2. Is sold as a subscription
  3. Was a rental to the market at lower cost
  4. Was free or very cheap
  5. Was an online marketplace of its own
  6. Is a discovery driven experience
  7. Produced original and exclusive content (videos, images, articles)
  8. As a streamline a process through technology
  9. As purely a messaging interaction. A conversation.
  10. An audio/voice interaction object (like Echo, Google Home etc.)
  11. Took a new consumption or creation format
  12. Enabled easier creation of something
  13. As a mobile-app
  14. As a blockchain technology
  15. Removed features to launch a simpler/better version
  16. Used AI to create a unique kind of value
  17. Targeted a crazily specific segment of the market
  18. Had a technology layer
  19. As an "On demand' offer
  20. As an online community
  21. As a Peer-to-Peer sharing model
  22. As a service (if it is a product)
  23. As a product (if it is a service)

I hope this helps you get out of the box.

Whenever you’re ready… here are 4 ways I can help you grow your business:

1. Join our private Facebook Group with other entrepreneurs who are scaling their business. Click here to join

2. Schedule a one-on-one intro session with me by clicking here. Together we’ll look at what’s holding you back from marketing success and create a 3 step action plan to attract, convert and delight. Most importantly, you’re going to get clear, confident and excited about what’s possible in your business within the next 12 months. 

3. Enrol in a FREE course on the 3 Kinds of Leads that your business can tap into right now, without needing an overhaul. Click Here

4. Join my Marketing Bootcamp program. If you’d like to work with me on your marketing click here