Diversify - to make diverse, give variety, to balance, to divide securities in different industries, to produce variety, to engage in varied operations.
Diversification is a wealth building strategy; it is also an excellent method for becoming more profitable. By working on your business instead of in it you can remain focused on big picture and clearly see best options for creating multiple revenue streams.
If you sell products you can offer them in different sizes, combine them with other products of yours or with complimentary products and sell value added package at a higher price point. If you have a service business you can offer different services and programs at different price points.
By developing multiple revenue streams you spread out your risk and costs of marketing and customer or client acquirement and boost your profits. Itís also an excellent way to offer your customers ideas for repeat sales, which are more profitable than first time sales.
In a service business you could offer a booklet about a program you have developed for $15.00, a mini workshop on same program for $49.00, a series of teleclasses on same program for $69.00, a full day seminar on same program for $125.00Ö
This allows clients to choose product that is right price point for their current interest level. It allows you to develop a strong program, and by leveraging that program with slight variations and packaging you can create several different revenue streams. It's also an effective strategy for encouraging clients to try your service and then continue to buy once they understand quality and value of your offering.