Posted by Alex Jackson on May 11, 2018
It’s pretty common for sellers to get a bit too comfortable with a single revenue stream. In most cases what happens is that you carve out a successful niche for your business and you start to crush it! Great sales and healthy margins but all too commonly some variable outside your control can rapidly change your sales. Online resellers know this fact all too well! Small changes in your preferred selling platform can cause your sales to plateau or shrink, if you’re not carefully monitoring every small change to the marketplace, be it changes to commission fees or tweaks to a sites search engine. Ultimately your goal should be to have a diverse group of revenue streams instead of a single river of income. How do you accomplish this? Start making some new streams. Let’s look at a few pointers on making new streams and then nurturing those trickles of income into a steady flow of sales and profits.
Expand your footprint- Too many online resellers get started selling on either Amazon or eBay but do not branch out from there. Granted both are dominant marketplaces, and you should consider both as viable channels but don’t stop there. There are literally hundreds of other avenues you should consider, some of which may be ideal for your particular niche business. Want a few options? Consider some of these: Walmart, Facebook, Pinterest, Poshmark, Craigslist, Tradesy, Letgo, eCrater and Bonanza to name a few. Have you ever considered creating your own site? It’s easier than ever to do, plus you can have complete control, set your own rules and pricing and there’s no go-between now looking for their cut of the profits. The more platforms you appear on, the more impressions and ultimately more sales. Don’t get stuck treading water in a single location, otherwise you may miss out on that sea of other opportunities.
Expand your brand's awareness- now that you’re on multiple platforms get the word out! Promote the heck out of your business and get people going to wherever your goods are available to buy. Get some buzz going on social media sites like Facebook, Pinterest, Instagram and Twitter. The great thing about this is you can drive those shoppers to your preferred venue like your own site where you can pocket all of those profits.
Expand into other categories- Once you have mastered multiple platform selling start expanding out into other categories that best complement your core business. Say for example you specialize in women’s clothing, why not also try out accessories as well? Sell your client the perfect belt or scarf to complete that outfit. Breadth of offerings is key to keeping your customers coming back for more in the future.
There is a world of opportunity out there for the enterprising entrepreneur, don’t be afraid to get out there and explore them all.
Want some more info on expanding your sales? check out our video which covers some helpful tips on improving your online sales.