The 3 Marketing Assets

In order to move your business to the next level, make sure that you leverage all three of your marketing assets.

Assets, by definition, generate revenue.

There are three marketing assets: product, service and brand.

If your business does not generate revenue from all three assets, it's time to create another revenue stream.

Service: if you primarily sell a service, find complimentary products to sell along with your service. They certainly don't have to be your own but you should find ones you feel comfortable recommending. Look around for a good wholesaler or distributor. You might find a very profitable situation.

Product: if you primarily sell a product, develop an accompanying service. Maintenance, warranties or insurance plans are popular among the big retailers. Info products are an excellent option for smaller businesses. Seminars and presentations add value and can also generate leads.

Brand: if you have both a product and service, think about how to create revenue from your brand. Licensing your product or service is the best way to do this. If licensing is out of the question, get creative. Small businesses might leverage their brand in exchange for leads or goodwill as opposed to revenue. This may not help the bottom line immediately, but a warm lead can turn into revenue.

It certainly takes some hard work to leverage all three marketing assets. Your Marketing DNA will be tested.

Nevertheless, move your business to the next level only when all three marketing assets are producing the highest return.