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BFG Technologies, in business since 2002, built a gold-plated reputation for outstanding 3-D graphics cards, power supplies and motherboards for the gaming industry. The company further burnished its reputation by offering clients 24/7 tech support and other perks that appealed to the high-end of the market.
After stabilizing the core business, the company started kicking around ways to diversify. It hit on a computer for gamers in their 20s and 30s because "it became clear that we were a hop and a skip away from providing a high-performance gaming experience," says John Malley, senior director of marketing.
Phobos, launched in January, made sense because overhead was low, talent to develop it was already in-house, and perks like concierge tech service fit with the brand's high-end focus. "By differentiating the Phobos line enough by making it super high-end, we have not alienated our customers," he says. "We still provide value to them with hard-to-find graphics cards."
Given the economic downturn, every company is fighting to keep its toehold with customers and staff. Finding new revenue streams not only motivates and retains employees, it helps weather the economic downturn. Here are nine tips on how to find new areas of income:
Leverage your core business: Too often, you're caught up with issues of daily survival. Take a step back and call a meeting of your top team, especially the sales and marketing people. Ask if the company is focused enough on the right moneymaking products or services. How big a share of the market do you own and what is the potential? How can you further monetize what you're already doing?