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What factors should you consider when selecting new revenue streams?

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Selecting new revenue streams is a crucial decision for any business that wants to grow and diversify its income sources. However, not all revenue streams are equally profitable, sustainable, or compatible with your existing operations and goals. Therefore, you need to consider several factors before adding a new revenue stream to your portfolio. Here are some of the most important ones.

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Clint Engler

CEO/Principal: CERAC Inc. FL USA..... ?? ????????Consortium…

1 Customer needs and preferences

The first factor to consider is whether your new revenue stream meets the needs and preferences of your target customers. You should conduct market research to identify the problems, desires, and expectations of your potential buyers, and how your new product or service can solve them. You should also analyze the competition and the demand for your new offering, and how you can differentiate yourself from others. By aligning your new revenue stream with your customer needs and preferences, you can increase your chances of generating sales and loyalty.

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Clint Engler

CEO/Principal: CERAC Inc. FL USA..... ?? ????????Consortium for Empowered Research, Analysis & Communication
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Choosing a new revenue stream requires balance: Align with customer needs and trends, avoiding saturated or declining markets. Profitability: Analyze costs, competition, and potential returns to ensure viability. Resources and skills: Leverage existing strengths and resources while considering feasibility and implementation effort. Synergy and risk: Assess how it complements existing offerings and mitigates overall risk profile. Innovation and future-proofing: Prioritize adaptability and sustainability in a changing market. Remember, the ideal choice aligns with your existing business, serves customer needs, and promises healthy growth.

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Naldo Alberto Campos West

Gerente Administrativo Financiero en el Fondo de Cesantía del Magisterio Ecuatoriano
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Soy un apasionado de la mecánica automotriz. He descubierto con estupor la diferencia de las preferencias de Latino América del resto del mundo. La hipótesis es de que acá, el dise?o es mucho mas importante que la calidad y la seguridad. Ello explicaría la caída de marcas tradicionales y el alza de algunas pocas conocidas y de origen chino.

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2 Cost and profitability

The second factor to consider is the cost and profitability of your new revenue stream. You should estimate the expenses involved in creating, delivering, and marketing your new product or service, and compare them with the expected revenue and margins. You should also consider the breakeven point, the payback period, and the return on investment of your new revenue stream, and how they fit with your financial goals and projections. By evaluating the cost and profitability of your new revenue stream, you can ensure that it is feasible and worthwhile.

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Naldo Alberto Campos West

Gerente Administrativo Financiero en el Fondo de Cesantía del Magisterio Ecuatoriano
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Siguiendo en la línea del sector automotriz, la diferencia del precio en la misma Latino América entre un país y otro es alta. Un sub de una marca tradicional en Chile y Perú es un 60% a 70% del precio de venta en Ecuador. Pero hay una serie de variables que afectan en mas y menos estos valores. La logística, los impuestos, localidad de la planta. Es un mercado muy complejo en el que la oferta incluso no puede ser genérica ya que depende mucho de estas variables para que dicha oferta sea rentable. Hay modelos que no llegan y otros que se sobre ofertan y, en esa dinámica, las marcas tradicionales deben hacer los esfuerzos necesarios porque evidentemente están perdiendo mercado.

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3 Risk and uncertainty

The third factor to consider is the risk and uncertainty associated with your new revenue stream. You should assess the potential threats and challenges that could affect your new product or service, such as market changes, customer feedback, legal issues, technological disruptions, or competitive reactions. You should also estimate the likelihood and impact of these risks, and how you can mitigate or manage them. By analyzing the risk and uncertainty of your new revenue stream, you can prepare for contingencies and reduce the negative consequences.

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Naldo Alberto Campos West

Gerente Administrativo Financiero en el Fondo de Cesantía del Magisterio Ecuatoriano
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En los últimos a?os, la oferta automotriz de marcas tradicionales, parece moverse contra corriente o que reaccionan con cierto atraso. Hoy mas que nunca se ha evidenciado la oferta de vehículos que no solo que no cumplen presupuestos de venta, si no que además adolecen de claridad en sus estrategias de marketing. Ello solo denota una planificación que entre otras debilidades revelan la falta de análisis de sus riesgos. He visto con sorpresa el lanzamiento de nuevos modelos en algunos países como en México y Ecuador, con un precio establecido y que, luego de seis meses, se han visto en la necesidad de bajar dicho precio ofertado por falta de ventas. Es claro que no hay una lectura completa de la realidad del sector automotriz.

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4 Synergy and alignment

The fourth factor to consider is the synergy and alignment of your new revenue stream with your existing ones. You should examine how your new product or service complements or enhances your current offerings, and how you can leverage your existing resources, capabilities, and customer base. You should also consider how your new revenue stream aligns with your mission, vision, and values, and how it contributes to your long-term strategic objectives. By ensuring the synergy and alignment of your new revenue stream, you can create value and coherence for your business.

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5 Innovation and differentiation

The fifth factor to consider is the innovation and differentiation of your new revenue stream. You should explore how your new product or service offers something new, unique, or superior to your customers, and how it creates a competitive advantage for your business. You should also consider how you can communicate and demonstrate the benefits and features of your new offering, and how you can position yourself in the market. By fostering the innovation and differentiation of your new revenue stream, you can attract and retain customers and stand out from the crowd.

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Gopinath Meghashyam
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product / service differentiation and ability to keep up the lead / not give it up to fast followers (or Copy Cats), is key. IP plays a key role. Barriers of Entry being another key one - which can usually be translated to lead time;

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6 Scalability and sustainability

The sixth factor to consider is the scalability and sustainability of your new revenue stream. You should evaluate how your new product or service can grow and adapt to changing customer needs, market conditions, and technological trends, and how you can optimize your processes and systems to support your growth. You should also consider how your new revenue stream affects your environmental, social, and ethical responsibilities, and how you can balance your economic, ecological, and social impacts. By enhancing the scalability and sustainability of your new revenue stream, you can ensure your long-term viability and success.

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7 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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What factors should you consider when selecting new revenue streams?

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1 Customer needs and preferences

2 Cost and profitability

3 Risk and uncertainty

4 Synergy and alignment

5 Innovation and differentiation

6 Scalability and sustainability

7 Here’s what else to consider

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