Are you looking for new ways to add money and profits to your business? Who isn’t, right? The key to doing so is to think outside the box to brainstorm for solid monetization ideas. Here are some examples:
#1 Mind Map It
A mind map is a great brainstorming and planning tool. The process entails you placing your central idea or goal in the center of a sheet or paper or even a whiteboard. From that central idea you will create branches (like spokes on a wheel) for each monetization idea. Each new branch or spoke extends to an idea or idea category. For example, you might create the following spokes: customer needs, affiliate income, information products and so on. You can then list specifics under each category. Mind maps are useful brainstorming tools. When you use a simple pen and paper, a mind map encourages creative, non-linear thinking.
#2 Ask Your Audience
Start paying attention to what your audience is talking about on social media. What do they talk about in their posts or even what posts do they most often comment on? What frequently asked questions do you receive on-line and what do people ask you about when you’re out in public? These questions are good fuel for brainstorming. When you can provide solutions and answers, you have yourself a new product or service you have a new way to make money.
#3 Complement and Supplement
Consider how you might create monetization strategies that complement existing strategies. For example, if you currently offer information products, you might complement those products with coaching or by becoming an affiliate for a few relevant and reputable companies. Along the same line, if you created a corresponding workbook or video series for each of your information products then you’d be supplementing your existing product line and adding more value.
#4 Face Your Fears
What have you always avoided in your business or what have you always been afraid to try? This may be an area to brainstorm new monetization ideas as well. For example, maybe you always avoided selling products on your site because you were afraid of the potential headaches involved, it may be time to put your fear aside and start investigating. Start with checking into one or two products you might offer and branch out from there.
#5 Consult Your Team
Finally, if you’re working with a partner, employees, or contractors, consider asking them what they think about new products, services, or monetization models you might embrace.
Remember, the goal is to increase profits and also to increase the value you’re offering to your audience. Brainstorm with mind maps, research, and taking a hard look at your existing products and services.
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