The Revenue Generator IQ Matrix explores key methods for generating more revenue in your business. The mind map breaks down 8 areas with the greatest revenue potential. These areas include generating leads, increasing conversions, introducing an integrated product suite, increasing your prices, increasing payment frequency, acquiring promotional partners, acquiring resellers, and acquiring complementary products. Taking the time to focus on each of these revenue generating areas will provide your business with the working capital it needs to thrive and grow.
Here is a quick breakdown of each branch of the Revenue Generator IQ Matrix:
- BEGIN: Increasing revenue begins with bringing in more leads and increasing your conversions. Turning leads into sales is one of the key drivers of any business. This first branch breaks down key ideas and questions to help you generate more leads and increase conversions in your business.
- CREATE: Once you’re generating leads while also maximizing your conversions, the next step is to create product tiers. Product tiers can come in the form of an integrated product suite that includes a hierarchy of offerings at varying price points. This second branch helps you brainstorm how to introduce product tiers into your business.
- INCREASE: Having introduced product tiers, it’s time now to look at increasing prices and payment frequency. These are two very effective methods for increasing revenue. This third branch looks at how to justify price increases, and how to build an ongoing membership platform for recurring payments.
- ACQUIRE: Your final step is to acquire promotional partners, sponsors, resellers and/or complementary products. Each of these areas will help you generate added revenue in your business.
Use this map as a reference guide and reminder tool to help you brainstorm various methods for generating more revenue in your business. This map, of course, won’t provide you with all the answers. It will, however, help you brainstorm ideas for increasing revenue in each of the above-mentioned areas.