Would you like to double your revenue?
Better still, what if you could double your revenue simply by optimizing pre-existing customer behavior? Would that be of value to you and your business?
Canada Post recently released a promotional campaign called Picture Postage™. It’s so simple it’s scary. Picture Postage™ allows you to personalize your mail by creating customized stamps using your favorite digital photos. As their website says , “Picture Postage™ is a unique and creative way to capture special moments in your life – whether it’s to mark an occasion, celebrate a loved one or commemorate a pet – and share it with friends and family”.
What it really is, however, is an incredibly innovative business strategy for seriously increasing the revenue generated by the sale of stamps.
For example, it presently costs 57 cents to buy a Canadian stamp pretty much regardless of the quantity that you purchase. However, when you buy the sheets of stamps from the Picture Postage™ program, depending upon the package that you choose, the price comes out to anywhere between .89 cents and $1.39 per stamp. Now I don’t know about you but I’m thinking that growing your revenue by at least 63% per stamp is a pretty solid return on investment. Not to mention that fact that it definitely meets my 5 S’s of Successful Strategic Innovation.
Now it’s not often that I throw kudos in the direction of crown corporations but as an innovative revenue generating strategy, Canada Post’s Picture Postage™ Program is simply brilliant. It’s brilliant because individuals will buy these stamps to celebrate special occasions and because businesses will buy them to promote their brand. (I know they will because I’ve already purchased mine!) And the idea behind their idea – or the Flashpoint as I prefer to call it – can be summed up in three easy steps.
1) Identify a pre-existing customer buying behavior. (People buy stamps.)
2) Create a simple (making your own stamps on the website takes just a few minutes); cost effective (other than setting up the site, the only costs to Canada Post are some shipping costs and my guess is that they get a good deal on postage!); high value (unique gift or great marketing opportunity – both make it worth the investment which, although more than we would normally pay, is still quite low given the impact of the final product) way for your customers to personalize that purchase.
3) Charge a premium. (63% and up isn’t bad!)
How could this approach apply to you and your business?
How could you think differently about to drive revenue in your business?
What will you do this week to double your revenue?
Other thoughts and comments?
(Click here to check out this great innovative strategy Picture Postage )
Imagine the Possibilities!
Tags: Canada Post, ideas, innovation, innovation expert, innovative business strategies, revenu generation, strategic innovation
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