You’ve created an amazing small business that’s doing really well in your local community. People are always ranting and raving about your awesome products and services.
You’re even having some success online!
You’ve developed these incredible digital traffic streams and you’re even making a little money from your online efforts. You’ve even gone to the extent of experimenting your credit card processing supplier, to see if there isn’t a more user-friendly solution in that area.
But deep down inside, you know that there’s more ways to increase your online revenue while expanding your digital footprint.
Today, we’d like to share three ways to add your bottom line, boost revenue, and really put your small business on the digital map.
1. Affiliate Marketing
Small business owners are often stuck in their local ways. They fail to realize the power of selling affiliate products online to their existing audience.
Now we aren’t saying you should attempt to market every product under the sun. That’s the absolute wrong way to approach this revenue stream.
On the contrary, you need to find affiliate products that are complementary to your existing products and services.
If you can find these products – whether they are physical or digital – and market them to your existing audience, you’ll add additional revenue streams and more money to your bottom line without much difficulty at all.
Example: Car Dealership Owner
As the owner of a car dealership with an existing audience online, it’s easy to promote products and services created by other marketers to your current customer base.
You can become an Amazon affiliate very easily. And when you do, you can start marketing many wonderful products related to vehicle maintenance, vehicle upkeep, motor oil, tools, transmission fluid, etc.
There are also a wide range of products that help improve the appearance of the vehicle.
So if you prefer, you can focus on this angle or attempt to sell all vehicle related products and then slowly but surely eliminate the ones that do not resonate with your audience.
2. Strategic Partnerships
If you’re looking to increase your online footprint and also add additional revenue to your company’s bottom line, creating strategic partnerships with businesses in adjacent industries is a great way to pull this off.
Example: Car Dealership Partners with Local Auto Body Shop
In this example, our car dealership is going to leverage its digital traffic to help a local auto body shop get more customers.
On the flipside, the local body shop is going to use its digital traffic to help the car dealership increase its footprint and gain new customers.
By working together as a team, both local businesses have an opportunity to share their online customers with one another.
As they work together as part of a strategic partnership, they both will grow their presences in the local community by spreading the word about one another, and they will also expand their reach online as new customers opt-in to their respective online sales funnels.
Do not overlook the value of strategic partnerships. You have a unique opportunity to work with businesses similar to yours to expand your overall reach while helping them gain greater traction in the process.
3. Advertising Revenue
Most local businesses fail to consider adding advertisements to their website. But this is a simple way to add another revenue stream without doing any additional work.
If you have lots of content on your blog generating traffic, and a healthy amount of visitors visiting your site every day, you should place ads that pay on an RPM (revenue per mille, which is how much money you’ll make for every thousand visitors on your blog) by signing up with Google AdSense, Mediavine, and Adthrive to name a few.
Some ad networks pay higher than others.
As of this writing, Google AdSense only pays roughly $1(could be more or less based on a number of factors) per 1000 impressions.
Mediavine and Adthrive have much higher payouts.
On average, each network pays anywhere between $6 and $12 per 1000 impressions, depending on the time of the year. Ad payouts are a lot higher during the holidays.
Now don’t expect to become an overnight millionaire from this strategy. It’s just an easy way to make additional income from your existing traffic streams.
It’s our hope that you recognize the value of your existing digital traffic and do what’s necessary to leverage it to make more money in your business.
If you use these strategies, you’ll not only add to your bottom line, but you’ll also increase your digital and physical footprint as your business grows and expands in all areas.
Wendy is a super-connector with OutreachMama.com and Towering who helps businesses find their audience online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing customized blogger outreach plans depending on the industry and competition.