When starting up a business, the entrepreneur usually has a couple of monetization options in mind. A consultant might offer one-on-one coaching OR team-participation workshops, for example. In my business, I offer written content for businesses to use in their marketing and sales efforts, plus I sell my content in other ways as well (i.e., books and ebooks).
And as a business grows, it should seek out additional opportunities to make more money. These opportunities should be related to the core business in some way; I don’t mean that a barber shop should start selling used cars. So the consultant I mentioned above might add a book and seminars and some affiliate marketing to their business.
These additional monetization opportunities have two benefits:
- They offer additional ways for existing customers to spend more in the business
- They offer new ways to attract new customers into the business
A LESSON IN CREATIVE MONETIZATION
Recently, while searching for bookstores online, we stumbled across a bookstore in England that we will definitely visit next time we’re in the UK. And this bookstore, in my opinion, has mastered the art of monetization.
When you think of a bookstore, what monetization possibilities do you have in mind? There are the books, obviously, plus a lot of bookstores are adding coffee. Those are the two top-of-mind monetization possibilities.
But Mr. B’s Emporium of Reading Delights (which should win an award for awesomest bookstore name ever) rocks in the monetization department.
Along with books (and perhaps food; I couldn’t tell from their site), they offer:
- Two “reading spa” packages where booklovers chat about reading with a member of the staff, they read in a “Bibliotherapy room”, they eat cakes and cookies, they get a bag of treats, and they get a voucher to buy books.
- A year-long reading plan package where you pay some money to the Emporium and they send you books that they think you’ll like.
- They also have an impressive array of literary events that might not be monetized themselves but are a great way to bring customers into the shop.
Non-book-lovers might look at this list and wonder why anyone would ever want to spend money on this stuff. But my wife and I are pretty avid book collectors and we both remarked about how much we would love living near a place like this.
And you don’t have to be a book-lover to admire the creative ways that Mr. B’s Emporium of Reading Delights has branched into creative monetization.
HOW CAN YOU CREATE MORE MONETIZATION OPPORTUNITIES?
When I set up businesses for myself or for my clients, monetization is usually part of the early conversation. And quite often I find myself relying on some of the most common forms of monetization. But there’s a lesson we can learn from Mr. B’s: Get creative about your monetization!
How can you get creative about your monetization? What can you do that will get people experiencing your business in new ways? What are some new and unexpected ways that you can repackage your products and services that would attract new customers or get existing customers to buy more from you?
Here are a couple of places to start:
- Check out my list of 5 levels of content monetization and see if there are opportunities you are missing in your business.
- Use this product development, pricing, and sales funnel tool to help you find additional monetization opportunities to fit into your sales funnel.
I’d like to hear from you: In the comments, why not tell us about the creative monetization ideas have you seen or that you’ve developed in your business…