No matter how much your core brand’s magazine, website, or event is thriving, building in back up revenue streams and maxing your brand’s recurring revenue is your safety net when things get rough. (And if things are going great, it’s that much more money for growth!)
We asked Kelsey Scott, Brief Media and Charles Warner, Innovative Properties Worldwide, to share their thoughts on leading your team into different revenue channels, where the big opportunities are, and why you should get started now!
Revenue diversification is easy to say, but can be hard to do. Is there a magic formula for success?
Charles: Lots and lots of diverse inventory and some great sales people! (also easy to say, but the sales team is key!)
Kelsey: There is no magic formula for revenue diversification. It is different for all companies and may look different for a single company at different stages of its growth. There are no easy aspects to diversifying your revenue and it is a strategic task that has to be constantly reviewed. This can be a fun exercise, believe it or not!
What are the low-hanging fruits to expand revenue outside of core niche brands?
Kelsey: Figure out what you do well and how you can monetize it. The goal of low-hanging fruits to expand is high-margin revenue with little effort to make it happen.
Charles: Custom publishing and agency services are high demand/easy entry.
What is the best way to roll out diversified revenue channels vs your staff’s bandwidth and company culture?
Charles: Try and make it all synergistic, and focus on what is authentic to your staff.
Kelsey: Creating a culture of improvement is helpful to get the staff onboard. Getting your staff involved with the execution of your strategy is key to them accepting new opportunities to expand your revenue offerings. It is also important to review your current offerings and say no to some products that may not bring you an acceptable margin. By doing these things, you may be able to diversify and expand your revenue without maxing out your staff’s time or increasing your staff to accommodate.
Key question: What Tex Mex food are you eating first at Super Niche in San Antonio?
Kelsey: In my best Lebron James holler: “TACOOOO TUESDAYYY”
Charles: Fajitas or a chimichanga!
About Kelsey: Kelsey Scott is the Director of Finance for Brief Media in Tulsa, OK. Brief Media is a trusted leader in veterinary medical publishing, providing small animal veterinary teams with innovative digital medical tools they need to develop successful practices, build lasting client relationships, and deliver gold-standard patient care. In 2018, Kelsey was an integral member in negotiating a high priority acquisition that further expanded Brief Media’s market leading portfolio, resulting in 2019 being the most successful and profitable year the company has had since its conception in 2002.
About Charles: Charles Warner is the CEO of Innovative Properties Worldwide, a marketing agency and publishing company based out of Denver, Colorado. He is also currently the Editor-in-Chief of the award-winning publications Innovation & Tech Today, Residential Tech Today and Cannabis & Tech Today, which allows him to work directly with the most innovative brands and products in the world. Charles has over 20 years experience in the media industry including high end publications, event marketing and creating branded content. His strong credentials in cross-platform branding and marketing communications have helped fuel the growth of Innovative Properties Worldwide and its partners.
Niche Media has the best events, education, and training in media! Our super niched-out events & content give target-audience publishers in the B2C, hobbyist, B2B, city & regional, and association markets the tools they need to build revenue, audience, and more.