Running a successful business as a freelance social media manager means you need to consider more than just offering one product or service at a fixed price.
Adopting a business model that minimizes risk and provides diverse income streams is crucial to ensure you can increase your profit and avoid major revenue dips.
We help freelance social media managers to build a profitable business using The Offer Triangle® Framework, and in this blog, we're helping you understand how this simple yet effective business model can help you create a stable and thriving business too.
The Offer Triangle: Reduce Your Business Risk
The Offer Triangle is a strategic approach that revolves around three distinct types of offers. By spreading your business across these three points, you can minimize risk and ensure a steady flow of revenue, even during uncertain times.
1. Long-term Recurring Revenue
For social media managers, long-term recurring revenue would typically be social media management services, but it could also be a membership or subscription model.
This stable and consistent income forms the foundation of your business and provides you with a steady cash flow, with your long-term clients paying you month after month.
2. One-to-One Offers
The second stage in the Offer Triangle involves providing one-time, personalized services to individual clients.
These offers can include social media audits, standalone social media strategy sessions, consultations, or bespoke training tailored to specific client needs. By offering personalized solutions, you can cater to clients with varying budgets and requirements, expanding your client base and building strong relationships.
These offers also ensure you can top up your monthly income, even when you cannot accommodate additional long-term, time-consuming management clients.
3. Group Offers
The third point of the Offer Triangle® focuses on offering services to multiple clients simultaneously. Group offers can include workshops, masterclasses, digital products or online programmes.
You can maximize your time and effort by serving multiple clients at once, creating additional income streams while providing value to a broader audience.
Group offers like this are a fantastic way to scale your business and income.
Benefits of the Offer Triangle® Framework
1. The Offer Triangle® reduces your risk:
Relying solely on long-term contracts or single product offerings can be risky. Losing one client means losing a big chunk of income, and no one wants that!
By diversifying your income streams across the three points of the Offer Triangle®, you can minimize the impact of losing a client or experiencing market fluctuations.
2. Increased Revenue Opportunities:
The Offer Triangle® allows you to cater to clients with different needs and budgets by offering various services. This means you can attract a wider range of clients and create more opportunities for revenue generation and no longer have to turn away businesses who cannot afford your long-term fees.
3. Flexibility and Adaptability:
This framework also allows you to adapt your business to changing market demands. If one stream of income experiences a downturn, you can focus on other areas to maintain a stable cash flow.
4. Client Retention and Upselling:
By providing a variety of offers with different levels of commitment and at different price points, you can build trust with clients at different stages of their business journey.
Starting with one-to-one or group offers, you can demonstrate your expertise, which may lead to long-term relationships and opportunities for upselling your core services in the future. Many of our long-term clients started out as 1:1 customers by taking a power hour or attending a workshop.
Remember, creating multiple income streams reduces risk and opens up new possibilities for growth and success in your freelance business journey.
We can help you add the Offer Triangle to your business
Join The Inner Hub, our exclusive membership for freelance social media marketers, to gain access to valuable resources, networking opportunities, and expert guidance to help you build your Offer Triangle and take your social media management business to new heights.