Making money is a lot easier when there are multiple streams of revenue coming into your business. However, getting those revenue streams can prove tricky if you aren’t a hundred percent sure how to monitor, maintain and grow them.
If you diversify too much, then it can quickly lead to problems with spreading your resources too thinly, and before you know it, you’ll be struggling to try and manage those multiple streams of revenue.
However, with some clever planning and a bit of strategic thinking, you can integrate several different types of technology into your business in order to promote multiple revenue streams. For instance, one of the most popular ways of drawing in more customers is to add an eCommerce module on your website.
By integrating online payments, you can take orders from people online using internet wallets such as PayPal, cryptocurrencies such as BitCoin, or even traditional bank cards. But that’s just a simple methods of integrating technology into your business to expand your revenue streams.
To give you some more ideas to play with, here are a few suggestions that could drastically improve your business model.
Letting Users Customize
One of the best ways to improve your customer relations is to let users customize their orders from you. For instance, if you sell custom-made toys or gifts, then letting users customize their order with a variety of colors, designs and messages is a fantastic way to get more exposure.
This is usually achieved with the help of a software developer that understands how to create web applications. It’s a simple use of cloud software that can be monitored on the business’s end and utilized by the user’s end. There are many other similar uses, but this is just a single example that can be expanded on.
Another method of improving and optimizing your business model is to monitor how your users are using your website and services. With cloud monitoring, it’s easy to keep track of what your users are doing and how they are doing it.
For instance, if you find they’re spending a lot of time reading product descriptions, then you may want to cut down the length of those descriptions in order to make your website more streamlined. If you find that your users are having a hard time accessing technical specifications of your products, then you’ll need to edit your website in order to remedy the problem.
Another fantastic way to integrate cloud applications and software into your business is to monetize your API, also known as an application programming interface. In basic terms, this is something used by your programmers and developers that help them interact with other applications or services in your business model. This is typically something that can only be done when you have a lot of useful or informative data to offer.
For example, a cloud application they use could collect data from your orders, or if you host a service such as a social media alternative then the API communicates with your data in order to produce specific results. You could use an API to show how many people are currently on your website or what the most popular products in your business currently are.
Keep in mind that monetizing something that gives away anonymous information must be stated in terms and conditions in order to keep consumers happy and informed.