Alchemy is transformation. In this case, it’s about transforming thoughts or existing concepts into something new that provides value in your business through creativity and innovation.
Writers do this all the time by transforming a blank screen into a meaningful narrative.
Developers do this daily by transforming 0’s and 1’s into software.
You may be surrounded at this very moment by opportunities that just aren’t yet recognizable to you. See how many of the following concepts might become viable products or services for your business.
Seven Proven Ideas for Budding Business Alchemists
- Take what you know and package it into a membership and/or training program.
Here is the result I got: every $1 I spent developing such a program yielded about $6 in sales.
For years, I worked with entrepreneurs to build their businesses. One of the hot topics with my audience was how to become a thought leader. At the time, there was not much available in terms of ‘how-to’ resources. So I packaged how-to’s, checklists, samples, templates, and information into seven modules that taught my clients how to become thought leaders. Beyond the revenues, my clients got what they needed and I was positioned as a subject matter expert with my audience.
- Take what your clients, colleagues and friends know and package it into a membership and/or training program.
Joint venturing is a collaboration where two parties come together and share resources to meet the needs of their audience. For example, it might be that one person has a mailing list but has nothing to sell while the other person may have a great product but needs people to see it.
In this case, taking what others in your circle know and packaging it as a program is a joint venture that works, because your connections either don’t know how to package their expertise or lack the time or resources to do so. When you do it for them, your clients and customers get value and both you and your source get paid for existing knowledge.
Bonus: if you structure this through a royalties arrangement where you get paid a percentage for every sale over time (vs. an upfront or flat payment), you could get paid for quite a while from this kind of joint ventureship.
- Re-purpose your training program for different audiences.
By re-niching, you transform your program’s reach into new audiences. Think ‘The 7 Habits of…’ or ‘Chicken Soup for the ___ Soul’ as the concept, then think about who else could benefit from your program. One of my clients did this when she took her skills and training as an elementary school teacher, who had to hold her students’ attention, to teach professionals how to be captivating presenters.
By understanding your customer audiences and modifying your program, you can help more people in fresh markets. What’s more, you can create new revenue streams with minimal effort by modifying existing content.
Sidebar: Once you have the content sorted, here is how you would use Kartra to help deliver it:
- Create a product so you have a payment link.
- Create a landing page so you can promote the course (and include the payment link).
- Create a thank you page for the customer’s registration.
- Use the Membership portal to manage the customer’s experience (including recurring billing, content available at different levels, ‘dripping’ content, etc.).
- Use the Video Hosting to share valuable training.
- Use the Helpdesk to handle any customer questions.
- Use the Affiliate system to invite affiliates to promote your program.
You get the idea, right? Everything you need to handle this type of business alchemy is within Kartra.
Bonus: You can see feature demos and tutorials at our Youtube channel here.
- Generate leads for other business owners.
This is the basis of affiliate marketing, where the affiliate promotes a product or service of another business owner and receives a commission for sales made from their referral. If you have a good list, you can collaborate with another business owner for a specific promotion which takes your existing asset (your list) and generates new cash flow from it.
Kartra makes it easy to write and send a nurturing, educational email sequence to your list members. Be sure to include the affiliate link of the other business owner or use an agreed-upon identifier so the business owner knows you referred the sale (such as a coupon code).
Note: You could also build a list specifically for that product or service by creating a Kartra optin form, landing page and email sequence. Even if the offer is not yet ready, you can prime your audience by offering this valuable content in advance so when the offer IS ready for purchase, your list is ready to buy it.
- Let others sell your products and services.
Whether you want to reach new audiences or simply want to extend your ability to market effectively, you can let others sell your offers by making them an affiliate for your business.
Kartra has a full-featured Affiliate Management system that tracks affiliate activity and commissions. Use Kartra to:
- Set up the rules for affiliate commissions on specific products.
- Create a page for new affiliates to opt in to your affiliate program.
- Create a redirect page to let your new affiliates know the next step to become an affiliate (You can review affiliates for approval or they can become affiliates right away).
- Send an email with their affiliate identifier and affiliate resources (like email templates, graphics, etc.).
- Let the system trigger payout dates. It can even make the payments automatically if you use Paypal, although you’ll want to make sure there are no returns before paying the commissions.
- Re-activating leads and customers for your clients.
A client is the most prized asset of any business. If a client relationship has gone stale over time, it is often easier to reactivate that relationship than to attract a new client who does not yet know the value of that business. A business alchemist could help clients take out their old customer files, dust off their lists and help them go digital for a percentage of the results.
As a way to maximize this opportunity, you might want to become an affiliate for Kartra to help your clients get started with an all-in-one platform. Once they become a Kartra customer, you can help them import their customer list, set up a product offer (which could be a service) and build their email nurturing sequence(s).
- Help others with concierge services.
If you happen to be good at customer service, you may want to build a business around helpdesk or digital concierge services. This takes something that business owners often overlook or do not have the time to handle and ensures their customers are happy.
To do this, it is ideal if your customer has a WordPress site because you can build a page with a Helpdesk in Kartra and embed that into a Kartra page into their WordPress site. When their customer clicks on the Helpdesk icon on that page, you will get the support ticket, call or chat from that customer. The customer gets great service, your client has a happy customer and you have a monthly, per-customer or per-incident retainer.
Altogether, being a business alchemist is transforming existing assets into new forms of revenue. Kartra helps streamline the process for faster, easier results.