Learn how to leverage your assets, customers, and capabilities to create new revenue streams with innovation. Discover how to balance your innovation portfolio and strategy.

1. Subscription Models: Introduce recurring revenue through subscription-based services. 2. Digital Products or Courses: Create and sell digital resources like ebooks or online courses. 3. Collaborations and Partnerships: Partner with businesses or influencers for mutual revenue benefits. 4. Freemium Models: Offer basic services for free and charge for premium features. 5. Licensing and Franchising: Explore licensing your intellectual property or franchising for expansion.

What are some innovative ways to create new revenue streams?

Creating new revenue streams is a key challenge for any business that wants to grow and stay competitive. But how can you find and exploit new opportunities in a crowded and changing market? In this article, we will explore some innovative ways to create new revenue streams based on your existing assets, customers, and capabilities. We will also discuss how to balance your innovation portfolio and strategy to maximize your return on investment and minimize your risk.

1 Asset-based innovation

One way to create new revenue streams is to leverage your existing assets, such as products, services, data, or intellectual property. You can do this by finding innovative ways to use, package, or monetize them. For instance, you can create complementary products or services that enhance the value of your core offerings, or you could sell or license your data, insights, or expertise to other businesses or organizations. Additionally, you could repurpose or recycle your materials, equipment, or waste into new products or services that address a different need or market. All of these strategies can help you generate additional revenue and expand your reach.

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pouya abbaspour kanzaq , ENTR

Founder,CEO @ SAMEBORN | Top 12 crypto startup in Dubai UAE | Startup | Blockchain | Web 3.0 | metaverse | NFTs | entrepreneur | Gaming startup
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I agree with above statements. I think You can also sync your product with the market’s trend like new designs or get innovative inspiration from new industries.

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2 Customer-based innovation

Tapping into your existing customers to create new revenue streams is an effective strategy. You can do this by finding ways to serve, engage, or delight them. For instance, you can offer personalized or customized products or services tailored to their needs and tastes. Additionally, loyalty or referral programs that reward customers for repeat purchases, referrals, or feedback can be implemented. Finally, community or social platforms that connect customers with each other and with your brand can be created, such as forums, groups, or events.

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3 Capability-based innovation

Harnessing existing capabilities, such as skills, knowledge, or technology, is another way to generate new revenue streams. You can apply, improve, or combine them to create new products or services that solve a problem in a different industry, sector, or niche. Additionally, you can create new processes or systems to improve efficiency, quality, or sustainability of your operations. Finally, you can form partnerships or collaborations with other businesses or organizations that share your vision, values, or goals. All of these strategies can help you create new revenue streams.

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4 Innovation portfolio and strategy

Creating new revenue streams is a creative and innovative process that requires curiosity, courage, and collaboration. To do this effectively, a clear innovation portfolio and strategy should be established that aligns with your business objectives and resources. You should evaluate the potential and feasibility of each idea based on its market size, customer value, competitive advantage, and cost-benefit analysis. Prioritizing the ideas based on their strategic fit, risk level, and expected return on investment is also essential. Additionally, the appropriate resources, time, and budget should be allocated to each idea in order to monitor its progress and performance. Experimenting and testing each idea with customers, stakeholders, and partners while collecting feedback and data is also necessary. Iterating and improving each idea based on this feedback and data as well as scaling or pivoting as needed will help you discover and exploit new opportunities that will help your business grow and thrive.

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Javier García-Plata

Global B2B SaaS and Marketing
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Pricing is the uttermost marketing tool. There is nothing as complex as a good pricing policy (mainly in B2B), and nothing that should look so fair and straightforward in customers' eyes. Look carefully at how you price things. What can be bundled and what can be unbundled. It is needed a holistic view of the P&L and the total customer lifecycle value to do the right pricing and leverage the maximum value (with the right invoice line at the right time)

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Aaron LePoidevin

Managing Director Griffith Hack | Entrepreneurial leader with a passion for growth, ventures and property
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I really like the Strategyzer approach where you look to manage your organisation on the basis of an exploit vs explore portfolio. The exploit portfolio is the core business and the explore portfolio is the collection of innovative new ideas that are being explore. The explore portfolio contains projects at various stages of the innovation cycle, from very early stage ideas to those that have had the benefit of experimentation and validation to progress them. For a good size organization, they might want to have an explore portfolio of say 20 to give them the best shot at scaling a material sized new revenue stream.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Suresh Rao S.

CEO/Founder | Futurist Visionary | Design Strategist | Innovative Product Designer | UX/UI Architect | VR/AR Interface Specialist | Freelance Expert | Designing Future Solutions
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1. Subscription Models: Introduce recurring revenue through subscription-based services. 2. Digital Products or Courses: Create and sell digital resources like ebooks or online courses. 3. Collaborations and Partnerships: Partner with businesses or influencers for mutual revenue benefits. 4. Freemium Models: Offer basic services for free and charge for premium features. 5. Licensing and Franchising: Explore licensing your intellectual property or franchising for expansion.

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Sridurga S.

UX/UI Designer | User Research | Prototyping | Figma | Sketch | Analyst | Digital/Social Media Marketing | AI Enthusiast: Crafting AI-driven solutions to shape the future
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1. Affiliate Marketing: Implement affiliate programs to leverage others for product promotion. 2. E-commerce Expansion: Broaden product offerings through e-commerce to reach new customers. 3. Membership Programs: Establish exclusive membership programs for recurring revenue and community building. 4. Adaptation of Existing Products: Modify existing products for new markets or applications. 5. Consulting or Coaching Services: Offer consulting or coaching based on expertise for personalized guidance.

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What are some innovative ways to create new revenue streams?

1

2

3

4

5

1 Asset-based innovation

2 Customer-based innovation

3 Capability-based innovation

4 Innovation portfolio and strategy

5 Here’s what else to consider

Creativity Skills

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What are some innovative ways to create new revenue streams?

1

2

3

4

5

1 Asset-based innovation

2 Customer-based innovation

3 Capability-based innovation

4 Innovation portfolio and strategy

5 Here’s what else to consider

Creativity Skills

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