#2 Add A New Business Model
Another strategy for scaling your income is to add a new business model to your existing Digital Marketing business. This could include offering coaching services or creating digital products, such as online courses or eBooks, to supplement your client work. By diversifying your revenue streams, you can increase your overall income and reduce your reliance on any one client or project.
If you have worked to create success with a specific business model, expanding into other business models is a great way to expand your status as a niche leader while increasing your income.
Example: Weight Loss and Fitness Niche
If you began your career as an Affiliate Marketer, you could add more business models, one at a time, until you have a well-rounded grasp on the niche audience.
As an affiliate, you’ve been operating as the middleman between the vendor and the consumer. You may have promoted a mix of tangible and digital products, like treadmills and weight loss courses.
You can continue with your current marketing activities, while adding the vendor role to your own resume. You will have gathered feedback and knowledge while working as an affiliate that can be applied to your efforts in creating your own digital product.
Begin by focusing on gaps in the marketplace that you can fill with an eBook or video course. Once created, make sure you go big by having a major launch and recruit top affiliates in the niche to promote for you.
That means building a stellar JV page, networking with others, providing advanced review copies and even hosting a cash prize contest to make it super competitive. The very people you were competing against for revenue will now be promoting for you and sending traffic and sales your way.
The reverse can be done, too. If you started out as a vendor creating digital products, you can add Affiliate Marketing and begin earning by promoting others who previously competed with you.
There are times when, as a product vendor, you can add income by offering Private Label Rights to your products. These allow other niche leaders to put their name on the product and sell it to their audience as their own or use it as web content.
You can really become an expert in your niche. For example, you could become certified as a nutritionist and begin offering big coaching packages that allow you to have a high ticket product to offer your audience.
You can even conduct webinars or live events, online or in person and be one of many speakers whose presentations are transcribed and then packaged as a product.
Before you stay stagnant in one business model, think of all the ways you can make money in the niche and test it to determine how much it increases your income.