Today we’ve got another Million Dollar Idea for you from our most recent CEO Summit in Denver. Kevin VanGundy shared his tips for focusing your revenue growth strategy no matter the size of your publication.
- Publisher: Kevin VanGundy, Publisher
- Magazines: Beacon Senior News
- Big Revenue Idea: Focus your revenue goals around three distinct strategies
Money. Everyone wants it. Everyone has ideas to make it. And that means there’s thousands of revenue driving tactics to sift through. How do you know which avenues to go after? Kevin shares how he keeps his team focused by dividing up all those tactics into three specific strategies.
Why It Works
Strategy 1 – Find New Customers
The first way to get more money? Get more customers. What are all the ways that you can identify new clients? See which businesses aren’t on your current prospect list. Consider starting to prospect outside your typical community. Publish a specialized insert that will resonate with new customers.
Strategy 2 – Increase Average Sale
But how can you make more money from the people you already work with? The simple answer here is to raise your rates. Make sure you are pricing your packages correctly. If you’re easily selling out all your spots, you’re likely charging too little. Like the waiter in the restaurant that pushes dessert, push your upsell opportunities. On top of all that, consider a new specialized insert.
Strategy 3 – Increase Frequency
If you’ve got an abundance of customers and your sales are priced accurately – you need to give yourself more inventory to sell. Change up the frequency of your publication. Instead of once a month, what about twice? Instead of weekly, try daily. Consider what else you can offer. Is it time to start an event or add a new one? Lastly, if you’re creating specialized inserts, can you add more?
Don’t let yourself get buried in so many revenue ideas that you can’t make progress towards your overall goals. Instead, bucket them into these three areas and make goals around each one.
P.S. Don’t miss out on the next Million Dollar Mania at the Niche Consumer CEO Summit, November 12-13 in Charleston at the Wild Dunes Resort. Share your best “million dollar” idea and get at least 25 awesome revenue ideas in return!
More about Megan: Megan Black is the Content Maven for Niche Media. She also directs the content efforts of the Second Street Lab. When she’s not passionately defending the Oxford comma, Megan passes the time with the latest Netflix marathon.
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