It’s January. You’re super busy dealing with the flood of new enquiries and already the year is looking like it’s going to be your best yet in terms of sales and profit… or maybe it’s cold, dark and the phone is deathly silent. However your January is looking, there are things you can do to boost your revenue. This blog article outlines five new things you can try in 2022 to boost your equestrian business revenue.
5 New Things to Try in 2022 to Boost Your Equestrian Business Income:
- Diversify – launch passive income streams
- Video marketing
- Paid Social Advertising
Passive Income Streams
This first point can feel like a daunting one, but it doesn’t have to be! Passive income refers to anything in your business that makes you money without you having to do much terms of servicing the customer. For example: my main revenue stream is through marketing my clients’ businesses. This takes a lot of time and client contact in order to work properly. It also means I can’t take on many clients at once. That’s fine, but what would I do if I lost some clients or just want to boost my income?
Cue my online shop: Purple Horse Planners is for me a source of passive income. I can easily handle a much higher volume of customers on this side of the business without having to service each one every single day. It’s much more scaleable than my marketing business and gives me that extra source of income to fall back on when times get tough.
Your passive income stream should ideally integrate or run alongside your main business. Examples of passive income streams are: selling merchandise (e.g. clothing, stationery, etc.), online courses, writing and selling books, or offering a subscription service.
Remember: Passive income streams are supposed to be easily serviceable, but you will still have to put effort into getting them up and running and marketing them. For me, this means managing an additional website and social media profiles, taking stock photos and organising packaging and delivery of goods.
When it comes to digital marketing, video is the way forward. Video is more engaging than photos or text, which means people are more likely to like, share, save and comment. Video is also more immersive – a combination of music and moving images creates a vibe that inspires your audience and makes them want to know more.
Video marketing doesn’t have to be complicated. You can create a full promotional video to showcase your business, or you can create quick and easy reels or TikTok videos.
If you’re someone who hates being in front of the camera (this is me!) or you don’t like the sound of your own voice (also me!) then it’s ok. I see a lot of people saying that you have to get in front of the camera, but some people just aren’t comfortable doing this and if you’re tense then it’s just not going to work. There are so many ways you can use video marketing without having to actually be in the video yourself. For example, you could use props, stock video, or show your business behind-the-scenes from behind the camera.
Maybe you’ve missed in-person networking over these past couple of years… or maybe you haven’t! Either way, networking is actually a really valuable tool for equestrian business owners. The horsey world is a small one, and you’ll be surprised at just how easy it is to make contacts in this industry. Whenever I’ve been to any kind of event or networking session I’ve bumped into people I already know as well as mutual contacts.
As someone who is rather introverted, networking can feel daunting. I’ve found that the best way of approaching these situations is to ask someone about their business and really show an interest in it. Don’t go in there thinking “I must give this impression” or “I must sell myself in this way” because you’ll only end up feeling tense and not really get anything out of the situation.
Networking comes in many forms – online networking events, in-person industry events and even making contacts through your day-to-day work all contribute to building your network. I can personally recommend BETA International, The Equestrian Index and the Equine Business Association for places to go if you want to make contacts.
If you’ve never made a serious attempt at setting your goals, then why not start now? Goal-setting, done properly, is an excellent way of boosting your revenue because it gives you that essential focus and motivation to get stuff done.
You can set yourself big goals for the whole year, or you can start out by setting goals to achieve in 90 days’ time. Just make sure they are SMART – Specific, Measurable, Achievable, Realistic and Time-Limited.
Paid Social Advertising
Many equestrian business owners I talk to have dismissed paid social advertising. The reason given for this is usually that they spent £50 on a campaign a while ago and got nothing from it. However, when a paid social campaign is planned and executed properly, it can reap big rewards for equestrian businesses.
When looking into carrying out a paid social campaign, you need to refer back to your business and marketing goals and choose the type of paid social campaign that will feed into that. Your budget is also important. It’s perfectly sensible to start with a small budget to begin with, but be prepared to increase the budget and keep the campaign going for a decent period of time to allow it to work properly.
RH Equine Promotions – Equine Business Marketing Specialist
If you’re looking for support with video marketing or paid social advertising, feel free to contact us. We create and manage successful paid social media campaigns for equine businesses on Facebook and Instagram, tailored to your individual business requirements. We also offer an equine video creation service for clients needing a new promotional video or shorter videos to use as part of their social media marketing strategies. Book your free marketing consultation today.