Keep Innovating & Growing: Create New Revenue Streams
By thinking less like an incumbent and more like a start up, you can break the cycle of decreasing margins from an increasingly commoditized offering. It’s time to invest in some R&D – not only as a means of evolving your competencies, but for the purpose of developing your own intellectual property that can be sold or licensed to clients and prospects.
This session will explore the leading edge of alternative revenue streams for agencies, including:
- How and why agencies can be in the product development business themselves
- Forming labs or other product development units
- Leveraging past work for future monetization
- Inventive examples of how agencies are creating new revenue streams by developing their own IP
- Generating more income from the high-value services that most firms currently underprice or give away
Agencies can and must apply the same creativity to revenue generation as they do in solving client business problems.