AFFILIATE MARKETING
Diversifying Revenue Streams & The Pivotal Role of Websites for Small Business Owners | by Site Dominion | ILLUMINATION | May, 2023
The power of a website lies in its ability to act as a catalyst, spurring the development of various income streams. From e-commerce and advertising to affiliate marketing and subscription services, the possibilities are almost endless. Diversified revenue streams not only increase overall income but also ensure a consistent cash flow, which is critical for the survival and growth of any business, particularly small and medium-sized enterprises.
For instance, a well-designed e-commerce page on your website can directly drive sales, providing an immediate source of revenue. Alternatively, you could offer advertising space to other businesses that share your target audience. This strategy not only brings in additional income but also enhances your site’s value to your customers.
Affiliate marketing is another lucrative option. By promoting related products or services on your website, you can earn a commission on any sales made through your referral links. This method provides a win-win situation for all parties involved — your customers find value in the recommended products or services, the businesses get increased sales, and you earn additional income.
Subscription services, such as memberships or premium content, can provide a steady, recurring income. By offering exclusive benefits to subscribers, you can foster customer loyalty and ensure a consistent revenue stream.
Furthermore, you could explore selling digital products or online courses. If you have expertise in a particular field, why not package that knowledge into an ebook or an online course? These products can be created once and sold repeatedly, providing a cost-effective source of income.
Of course, creating a website and diversifying income streams isn’t without challenges. It’s essential to ensure that your website is user-friendly, mobile-responsive, and search engine optimized. You also need to maintain the quality and relevance of your content, ensuring it provides value to your audience.
In terms of income diversification, it’s crucial to select income streams that align with your brand and audience. For instance, the products or services you promote through affiliate marketing should be relevant to your audience’s interests. Similarly, if you’re offering subscription services, you need to ensure the exclusive content or benefits justify the subscription fee.
AFFILIATE MARKETING
23andMe Board Resigns: ‘Differences’ With CEO Anne Wojcicki
Days after proposing to settle a data breach lawsuit for $30 million, 18-year-old genetic testing company 23andMe now faces another public hurdle: Seven independent directors of its board resigned on Tuesday through a pointed letter addressed to CEO Anne Wojcicki, who is now the only remaining member of the board.
The resigning directors, among whom were YouTube CEO Neal Mohan and Sequoia VC Roelof Botha, called out Wojcicki for not submitting a “fully financed, fully diligenced, actionable proposal” to take the company private over the past five months. They wrote that their strategic direction for 23andMe was different from Wojcicki’s.
“Because of that difference and because of your concentrated voting power, we believe that it is in the best interests of the Company’s shareholders that we resign from the Board rather than have a protracted and distracting difference of view with you as to the direction of the Company,” they stated.
Related: 23andMe DNA Technology Helps Family Find Kidnapped Daughter After 51 Years
Wojcicki, who co-founded the company in 2006, controls 49% of 23andMe votes. In July, she submitted a proposal to buy all the shares she didn’t already own at $0.40 per share and take the company private. A special committee created by the company rejected her proposal, stating that it wasn’t in the best interests of shareholders.
Anne Wojcicki. Credit: Kyle Grillot/Bloomberg via Getty Images
Wojcicki told employees in a memo on Tuesday that she was “surprised and disappointed” by the resignations and would immediately begin finding replacement directors. She stated that “taking 23andMe private will be the best opportunity for long-term success.”
23andMe, which was valued at $6 billion in 2021 shortly after going public, is now a penny stock worth 34 cents per share at the time of writing. The company has until November 4 to bring its stock price up to at least $1 per share or risk being delisted.
23andMe has faced a number of public setbacks, including a data breach in October that impacted nearly 7 million accounts and appeared to target people with Chinese or Ashkenazi Jewish ancestry. Customers filed a class action lawsuit in January and 23andMe proposed a $30 million settlement earlier this month.
23andMe’s core product is a $99 ancestry kit that requires a customer to submit their spit in exchange for genetic insights. A $199 kit advertises health predisposition reports. The company is also developing drugs in-house and testing them.
Related: 23andMe Hackers Selling Stolen User Data, Including DNA Profiles of ‘Celebrities,’ on Dark Web
AFFILIATE MARKETING
How to Grow a Business: Yum! Brands Co-Founder David Novak
As the co-founder and former CEO of Yum! Brands, one of the world’s largest restaurant companies with a portfolio including franchises like KFC and Pizza Hut, David Novak drove tangible results.
In the 17 years he was CEO, from 1999 to 2016, Novak helped scale the company to eight times its original size, from a market capitalization of $4 billion to $32 billion. However, Novak credits the numbers to a more qualitative than quantitative aspect of leadership — creating the right work culture.
In a conversation with Masters of Scale host Jeff Berman that aired earlier this month, Novak explained how he steered Yum! Brands from the beginning.
“I made my number one priority to really create a powerful culture where everyone counts,” Novak said. “That became job number one for me as a CEO, because if I can create that right work environment, people will innovate and people will go further.”
Novak explained that early on, he tried to learn from companies that were winning or consistently delivered good results. He went out and visited companies including Walmart, Home Depot, and General Electric.
“We met with them,” Novak said. “Then we came back and we codified what’s really driving the success of these companies that allow them to get to great results year after year.”
Novak, who oversaw 1.5 million employees globally, began emphasizing recognition and encoding it into Yum!’s culture. In previous interviews, he talked about how he would use recognition to motivate employees. In one case, at KFC, Novak gave away rubber chickens and $100 as an award for a job well done.
Today, Yum!’s culture remains one of recognition and collaboration, per its public-facing culture page.
AFFILIATE MARKETING
Amazon CEO Mandates Employees Return to Office 5 Days a Week
Amazon CEO Andy Jassy made a case — and a mandate — for in-office work on Monday.
In a publicly available message, Jassy said that Amazon’s 1.5 million-plus employees must return to the office five days per week starting January 2. Amazon is also bringing back desk assignments to the offices that had that structure pre-pandemic.
Jassy positioned the move as a better way to work and a return to life before Covid.
“We’ve observed that it’s easier for our teammates to learn, model, practice, and strengthen our culture; collaborating, brainstorming, and inventing are simpler and more effective; teaching and learning from one another are more seamless; and, teams tend to be better connected to one another,” Jassy stated.
Amazon CEO Andy Jassy. Photo by Michael M. Santiago/Getty Images
Jassy also said that situations that require remote work like sickness, an emergency, or being on the road are still acceptable.
However, these examples of remote work are the exception to the new rule, not the norm.
Amazon employees have been back in the office at least three days per week as of February 2023. A July report from Bamboo HR showed that one in four executives secretly hoped employees would quit over stricter return-to-office policies.
“Strengthening our culture remains a top priority for the s-team [senior leadership team] and me. And, I think about it all the time,” he wrote. “We want to operate like the world’s largest startup.”
Under the new policy, working from home two days per week is no more. The office culture is returning to how it was before the pandemic, to strengthen work culture and drive better results, Jassy explained.
Related: Dell Reportedly Told Remote Employees to Come Back to the Office or Forgo the Chance to Be Promoted
Amazon joins companies like Salesforce and Walmart that have implemented stricter return-to-work policies.
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