In the architectural marvel that is the Greek Parthenon, the weighty roof is held up by numerous pillars. Without these pillars, the structure would crumble. This concept, known as the Parthenon Principle, is a metaphor for business success, as coined by my mentor and friend, Jay Abraham. The principle suggests that businesses should rely on multiple revenue streams, akin to the many pillars of the Parthenon, to prevent collapse. In this article, we will explore twelve additional strategies to diversify your online business's income streams.
The Parthenon Principle is simple: the more "pillars" or revenue streams your business has, the larger the "roof" or revenue you can support. Many business owners risk everything on a single source of income, often becoming overly attached to one marketing strategy. They overlook the fact that there are numerous potential income streams available. In the previous article, we discussed 13 different strategies your online business could use to generate additional revenue. Now, let's delve into twelve more.
Many websites try to cater to everyone, which is a mistake. Instead, develop a USP that clearly defines who you are, what you uniquely offer, and why your website is the go-to choice. Your website should consistently convey this USP, emphasizing the benefits of doing business with you. Learn how to create a compelling USP on Jay Abraham's website.
Find websites complementary to yours and request reciprocal links. Maintain a page on your site for these links, but ensure your visitors don't leave your site too soon.
Participate in relevant discussion groups on platforms like Dejanews, adding value to the conversation and subtly marketing your services through your signature.
IRC allows real-time discussions with internet users worldwide. Participate in relevant channels, share your expertise, and gradually attract potential customers. Learn more about IRC on IRC.net.
Once your website is fully functional and fast, consider applying for awards. Winners often gain exposure through the award site's ezine and press releases. Consider programs like Award-It and Award Sites.
Join affiliate programs of like-minded websites. This allows you to offer relevant products to your audience, earn commissions, and align yourself with expert products. Check out Associate Programs and Associate-It.
Offer something free related to your services to attract potential customers. For example, 3Com offers a free networking benefits analysis CD/calculator to system administrators.
Join a web ring, a group of linked sites with similar subject matter, to drive targeted traffic to your site. The largest collection of web rings is managed by Yahoo! at WebRing.
Write and share tips, lessons, or secrets relevant to your industry. Submit your content to webmasters and ezine editors who publish related material. Simultaneously, solicit content from industry authors to build a resource library on your website.
Use log files from your web host to manage your traffic and improve results. Determine how to better direct traffic through your site to achieve your most-wanted-response (MWR).
Ensure your website is easy to navigate, search within, and logical in guiding visitor actions. Include your contact information on every page for easy access.
Treat your customers right and give them a reason to return. Companies that respect their customers and provide excellent service stand out in today's market of poor service.
By implementing these strategies, you can build a robust and resilient online business, supported by multiple revenue streams. Just like the Parthenon, your business will stand strong, capable of supporting a larger "roof" of revenue.
