Lets talk money: revenue model* Task Code: S303

REVENUE GENERATION

If you own a small business, you should always be on the lookout for ways to grow sales. Whether you’re focused on MARKETING a product, groups of related products, or services of any kind, here are 23 ideas to generate more revenue:MARKETING Sell a product one-by-one. Sell similar products packaged together. Sell a “license” to use your product for a defined time period. Sell a “subscription” to your product for a defined time period. Sell a flat weekly- or monthly-fee service. Sell relevant advertising space on your products, in your catalogs, or on your company vehicles. Sell digital information related to your industry or product for download. Sell products one-by-one, but on an automatic replenishment schedule. Sell some or all items on a minimum-purchase basis. Sell discounts to others’ products or services. Package your products or services with another company’s similar offerings. Sell someone else’s stuff. Sell refurbished or used versions of your products and services. Allow others to resell or co-market your products and services. Sell a disposable version of one of your products. Lease your product(s) for a defined time period. Sell time: bill by-the-hour for a service related to the products you sell. Sell your products in smaller packaged quantities (if typically 25/per…, sell 10/per at a higher profit margin). Sell your products in larger packaged quantities. Sell your products on your website. Sell your products on multiple, targeted websites focused on individual product groups and customer solutions. Sell access to a seminar where you educate customers about your industry and the solutions you provide. Sell training on your own or others’ products.

COMPETITION REVENUE MODEL

COMPETITIONS Business plan or no business plan, you need to have a revenue model. What is your product, how much are you going to charge, who are you going to charge, and why are they going to buy your product? These are just a few key questions to answer. Competition exists to fight for profits within a given market segment. If one company is making money in a given segment, there will be a lot of competitors soon to follow for those profits that are being made. A business model is what differentiates those firms who continue to extract profits from those market segments versus those who try, but cannot sustain their business for the long-term due to an inferior business model.

CUSTOMERS

Traction/attracting your first customers Following are the ways in which you can attract your first customers : 1. Through Publicity Stunts: Publicity helps win eyeballs for your startup - eyeballs from every corner; right from the media, to the public, to potential customers, to investors. 2. Through Portals. 3. By Partnering With The Biggies 4. Buying Google Ad Words : Buy low value Google key words and convert them through their shopping comparison engine into high value leads. 5. Through A Large Mailing List 6. Organizing A Demo At A Tech Show : Foursquare launched at South by Southwest (SXSW) - a set of film, interactive, and music festivals and conferences that takes place every year in March in Texas that kicked off their growth. They added around 4000 users that month. After that they began aggressively adding new cities. 7. Creating A Popular Event : Startup Lessons Learned conference, organized by Eric Ries, the Silicon Valley entrepreneur and author best recognized for pioneering the lean startup movement, served as a springboard for his brand. Closer home, Jabong's launch of the first ever India Online Fashion Week in New Delhi really helped cement the brand's position as a serious player in the fashion industry. 8. By Focusing On The Product : You cannot win traction if you do not have a good product. Build something that people want, something that genuinely solves everyone's problem. A good product will gain traction, no matter whether you use these hacks or not. After you have a killer product at hand, you can accelerate growth, using these hacks, or pioneering some of your own.

Customer Retention Customer retention is the activity that a selling organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship. I want to share three reasons, identified in research, your customers may leave you. 68% leave because they are unhappy with the service they receive. 14% are unhappy with the product or service. 9% decide to use a competitor. FOLLOWING ARE THINGS THAT NEEDS TO BE TAKEN CARE OF BY THE COMPANY : 1.Never Underestimate the Value of Retention 2.Implement an Effective Customer Retention Program 3.Avoid Misreading Your Customers 4.Engage Customers Through Social Media 5.Run Relevant Promotions

Conclusion  I think this will be enough to help the small scale as well as large companies to increase their revenue model.  Here you get to know about how to generate revenue, your competitions, how to attract your customer and retain them.  Now it’s time for you to focus on your product more, since products are key to your increment in your revenue.  Better the quality of product greater will be the increase in your revenue