The Problem with Multiple Revenue Streams (And How to Fix It)

Interview with Donald Miller, J.J. Peterson, and Nigel Green

Episode Description

Our podcast “minisodes” help you tackle a common problem in your business. We take quick but deep dives and give you a quick win in your week.

Today’s issue is one that nearly every established business has.

Your business has grown, and different divisions have developed over time. That means different revenue streams have taken off. That’s wonderful.

The downside of that success?

Multiple Revenue Streams Can Create Confusion for Your Customer.

When we don’t clarify this, here’s what happens. Your customer comes in and associates you with just one of those revenue streams. They never find out that you’ve got a host of other products or services that could help them.

But if you can bring all your multiple revenue sources together — and present that big idea to your customer in a quick and helpful format — you can turn a single purchase into a lifetime of value.

Of course, now here’s the obvious question.

How Can We Bring Multiple Revenue Streams Together in One Place?

It’s far easier and less expensive to sell more to a customer you already have than to go get a new one.

But most companies haven’t formalized a process to let existing customers know about the other services that they offer.

As a result, you’re leaving serious revenue on the table. We talk more in detail about this in the podcast, but the company that inspired this idea only had twenty customers who’d bought multiple products. Not twenty percent. Just twenty — out of tens of thousands.

A Practical Solution that Makes Cross-Selling Simple

Here’s a simple, affordable idea to address this.

You make a checklist that features ALL the ways you help your customers.

Here’s how:

  • Write down every one of your revenue streams or products that you can associate together under one theme or umbrella (more on that theme in step 4).
  • Identify the major pain point for each of those products.
  • Next, you’re basically creating a Cheesecake Factory menu. Do you have this pain? We have this product. Do you have this pain? We offer this service. Do you have this pain? Try this.
  • Give your checklist a title that shows what all your services have in common. For a clinic, it might be the Healthy You Checklist. If you’re a web design agency, you might call it Optimize Your Website.
  • Get the checklist in front of your customers — on your website, in your emails,in a lobby, at a personal consultation — wherever they are.

What’s the potential upside of this idea for your business? It’s a relatively small investment of time and perhaps some cost of materials, but it could be a massive shortcut to more repeat business and lower customer acquisition cost.

In the podcast, we talk more about the specific company we talked to who’s experiencing this problem and go into detail about the solution we proposed for them. Listen now!

The StoryBrand Framework, Tailored Just For Your Business

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CEO, Becoming Your Best


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