How To Add Additional Revenue Streams In Hard Times
As a business owner, you can't really escape the fact the current business climate is not what it was a month ago, or even two weeks ago. Many of us are now on orders to stay at home, with construction and manufacturing coming to a halt in some areas which causes stress on the interior design industry. BUT, it's not over.
There is still money for people to spend, you just need to make your products easily accessible to their current state and appealing to their immediate needs. When in college immediately post The Great Recession our professor educated us on what is known as the Lipstick Index. Researchers found that while the rate of purchase went down drastically for many items as people struggled financially, the purchasing rate of lipstick and other cosmetics actually went up! Why? Because, while people may not have had a lot to spend, they could at least spend what little they had on sprucing themselves up which allowed them to feel a little better about themselves and their condition.
As home professionals, you are actually in an incredibly unique position being that people are stuck in their homes. That's right my friends, you have loads of potential clients dwelling in and probably relentlessly focusing on all the things that have been bugging them for years that they haven't had time to do anything about. Enter YOU! Yep, you could be the hero they did not know they needed. I have some suggestions on how to start putting yourself out there so you can claim your cape.
Affiliate Links!- Affiliate links can be kind of scary, but this as something you can implement SO easily. Start thinking of the products you have been using lately. Any home care products you love? Entertainment? One I have been planning to start myself is Audible. Admittedly, I haven't taken the leap yet, but here is why I plan to. I legitimately LOVE the service. Audible allows me access to content I would never have time to dive into typically. I've been able to read top marketing and business books, documentaries and books that are just plain entertaining. It makes me passionate and excited to share it with others. What does that for you? Make a list of some of the things that make you the most excited and see if they have an affiliate program. Also, at the end of the day, if it is something sold in a retail store, Amazon likely sells it as well, so if you are approved for their program, the possibilities are endless.
Start That Blog/podcast- You know how you have been thinking about starting that blog for what seems like forever? Wondering how you can make money from it? For starters, you can start weaving in those affiliate links mentioned above. Affiliate links don't work unless you put them out there. People aren't likely to click on your link unless your story compels them to do so. Don't write or talk about why you think they would like the item, but how it has impacted you and what benefits you have experienced personally. This is your chance to reach potential clients on a new level.
Sponsorships- Again, reach into your operations and think about the businesses and services you utilize. Do you share a target demographic? Perhaps your marketing and your audience and experience can help them reach a broader client base than they might on their own. Your local home furnishings retailer or tile store might be thinking about how they are going to re-invigorate business when this is all said and done. By sponsoring you to continuously produce content supported by them, they can help to ensure that they ( and you) stay at the forefront of people's minds.
Course- Blogging and podcasting not your style? Perhaps a course is a better fit. People love to consume educational content that helps them improve their state of mind. What is your specialty? If you do Eco-friendly design, how can your clients make sure they are living green. Provide some links to items they can start using (hello to another affiliate link opportunity...). Are you great about seeing the potential in everything? Maybe teach people how to style their spaces using their existing pieces. What do they need to identify in the item? How do they coordinate pieces. Courses can be created in Google Classroom, Thinkific and a number of other sources.
You are a creative person and I know you are going to find a creative way to make this work for you and your business. Stay healthy, stay safe, you've got this!