Utilising Every Possible Income Stream

Published, 10 months ago

Many resources tell you to focus on just one thing rather than having too many monetisation strategies. While I agree with that, if you can utilise other monetisation strategies that don’t take up too much of your time and can be added into your business organically then why not?!

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Some of you might want to work specifically with clients who are willing to pay high amounts for your products/services and that’s fine, or you might be looking for a way to appeal to those who can’t afford you but wish they could. You don’t have to drop your rates, but instead create something that will appeal to them and their budget.

As an example Fashion Rider offers brand campaigns and sponsored posts which are my high-end advertorial packages, but not everyone in our audience is interested in these. This is why we also offer the opportunity to sponsor our newsletter or post on our social media where they can promote their company to our entire audience as a one-off or discounted membership rate.

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https://fashionrider.com/product/social-media-posts/

Alternatively there is our brand directory where brands can advertise on a month-to-month basis for an extremely low price. Every business is different but how can you bridge the gap and offer a new kind of service in your industry?

A stylist for example could offer basic online styling services at affordable prices. A person who spends £10 on an outfit might still want/need styling advice, just like somebody who spends thousands on an outfit, but the first person isn’t going to pay high-end styling advice rates when they shop in budget stores. Plus, this fits nicely with the ethos of trying to prevent textile waste by showing people how to understand what suits them and how to style what they already own.

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Have a think about how you can do this in your business and if you’re stuck, ask your followers!

Typically, there are 4 types of buying behaviours:

  1. Impulse buys = products that are often so cheap people don’t need to think too much about investing in them, so they buy them. But beware: selling your products/services too cheaply can also make you look unprofessional, as though you don’t know what you’re doing.
  2. Fear of missing out = Limited edition offers/products/services. People buy because they don’t want to miss out.
  3. Emotional = people are drawn to the brand/product because of how they make them feel. Think of brands such as Apple for example!
  4. Aspirational = People want to be like the person they buy from or the person that is advertising the product – that’s why trending celebrities endorse certain products and brands because the companies know that it will encourage people to buy. Although just remember, this has to be authentic!

And lastly, get some exposure on your business. Pitch to newspapers, blogs, websites, the local radio and other forms of media to share opinions, your business story or your expert knowledge.

To help you with this we have a gift for you. Follow the link for a tried and tested PR template which has helped Luisa Kearney, a professional fashion stylist and editor, to get featured in The Telegraph, Eluxe Magazine, The Huffington Post, Retail Me Not, and many more places. Press Release Template

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