Recently, there has been a transformation in the way businesses succeed. No longer is it all about focusing on a single main product. Instead, by building an empire around your product it is possible to diversify your business and so ensure a greater chance of profit and success.
The good news is that diversification isn't a difficult model to grasp. Indeed you can read all about how to diversify your business with multiple income streams below.
Main product
Now, there are two types of main products that businesses may work with. The first is something that a company produces such as a physical item or service. For example a stain remover spray, or a professional cleaning service. For these types of businesses, this is what the rest of their portfolio will be built around - a starting point for their diversification.
There is one other type of business model that is applicable here and that is where a person or persona online and on social media is the main product. Of course, we are talking about bloggers, vloggers, and other types of influencers here.
Indeed, the approach is very similar for both options, it’s just in the latter the content and persona the personality puts out can be treated as their product and be used as the foundation of their diversified empire.
For instance, an excellent of this model is Grav3yardGirl, Bunny Myer on Youtube. Her original product was her vlogs and videos, yet she has managed to monetize her business in a variety of clever ways such as creating her own makeup pallet, hairdryer, and straightener, as well as her own line of merch.
Blog/Vlog/ Social Media
However, it is also worth noting that the social media strategy for a business with a physical product at its core will be different from that of one that is based around a social media personality.
Indeed, with a physical product companies will need to take more time building up a relevant content and a community around their product. One that doesn't feel forced, and offers a good balance of useful information and entertainment. No small feat when it comes to more mundane products such as stain removal spray. However, you will note that with a little creativity, businesses like Flash have done a fine job of this.
Image by Esther Webgirl from Pixabay
When diversifying, the social media aspect of a business is important for two major reasons. The first of these is that it helps to build brand awareness and customer loyalty. While the second is that it can be used as a source of income with things like shoppable posts, or monetized promotions in the case of a business with a personality model.
Books
The great thing is that once you have your social media following established you can then use this as a platform on which to diversify. Indeed, there are several products that you can market and sell from this base.
One of the most popular of these is an eBook, one that can be bought via your website and downloaded instantly by your customers. The great thing about eBooks is that they are a passive course of income. That means once you have written and published them you will need to do little else to ensure the money comes rolling in from this stream.
Courses
Another great source of passive income is to create a video course, and then sell access to it. Again, this is such an effective model because once the initial work is completed it can make you money over and over again without you having to do anything.
However, when using the course diversification stream you must choose the right platform on which to release your content. After all, Youtube may be popular but you won't be able to charge people to access your material on this platform.
With that in mind, it's best to check out resources like online course platforms review, beforehand. The reason being that these can help you make the right decision both for your customers and economically for your business.
Merch
In addition to eBooks, and courses, merch must also be considered. Indeed, this is no longer only for those basing their business model on personality, but can be equally as successful for companies offering a product or a service as well.
For example, high-end vehicle merch such as Porsche and Harley Davidson clothing items remain popular. While online services such as TRPG site Roll20, and digital VoIP system Discord also have successful merch lines adding another stream of income to their business models.