How small businesses are making money is changing in 2023 and is likely to continue in 2024. The drive to stand out from the crowd is garnering innovation that gives clients better choices, especially since the recession. Don’t get left behind. Consider adding these or improving upon these 4 up-and-coming ideas to your arsenal of money-making strategies for the new year.
Subscription Fatigue. Subscriptions as recurring revenue have become all the rage but are clients shying away from the concept? In the post-recession era, clients are taking a hard look at their expenses and eliminating waste. Under scrutiny are monthly subscriptions to services that are underused. For that reason, subscriptions may not be dying but they are definitely coughing -hard. On the rise is what is being dubbed “micropayments” where clients can opt to pay as they use the service, rather than monthly whether they use the service or not. It’s just a repackaged “on-demand” servicing.
A.I. Value Adds. Artificial Intelligence (A.I.) is literally taking over and coming to the forefront as an important tool for small businesses. While a lot of people are focused on the jobs it seems to eliminate, others are seeing the potential beyond tasks. Thousands of dollars are being made off of A.I. created products. With current times demanding diversification from high-ticket offers, tiny offers and bonuses that outvalue the main offer are raking in the big bucks. Using A.I. to provide instructional services as a DIY (do it yourself) option to your high-ticket DFY (done for you) OR having it to create massive support materials as bonuses to your service is a value you cannot ignore; potential clients will not want to miss the opportunity to get more for their money.
Data-driven Expectations. Not only are clients trying to save money, they are also trying to get more bang for their buck. The promise of transformation from services is no longer enough; they’ve been burned too many times. We are entering a more data-driven world and clients have expectations of being able to macro-manage the services they receive. In a word, they want you to report on how the service is going during the process rather than wait to see if they got the desired result at the end. More clients are asking for data points and KPIs (key performance indicators) to measure how things are going. Create client dashboards to answer the demand and stand out from the competition.
IRL – In Real Life Experiences. 2023 saw a pushback on high-ticket networking and educational events that led to high-ticket offers. People seem less than pleased to be taught a little for a lot and then upsold on more. The antidote is to create an event that “gives what it’s supposed to give” or that fulfills a need in and of itself before selling more. Networking and education are no longer enough. What experience can be curated that gives a vibe of value all its own? In walks IRL (in real life) experiences. Exotic retreats instead of city-centric conferences is a great example.
Needs support infusing these new strategies into your business planning, let’s talk. It’s FREE. ShaCannon.info/talk