1. “The main objective [of
partnerships] is the true
synergy of one plus one
equals five instead of two."
Scott Schnurr, owner of DRF
Total Property Solutions
How to Create Additional Revenue Streams Through Key Strategic
Partnerships and Effective Product Integration
A common problem in many companies is
how to generate additional revenue streams
to enhance the business. This is of particular
challenge to companies in a limited market
that is fully saturated with available
solutions, making it critical to identify and capitalize on these additional revenue
streams to maximize opportunities for the company.
Enabled annual revenue of $4+ million via $430+ million of gross
transaction volume and more than 2.2 million online transactions
annually by leading all aspects of project in coordination with
stakeholders to develop electronic fulfillment of tickets
Situation
This was a challenge at one particular company where the market was saturated
with product solutions, so opportunities to attract new clients were difficult as the
vast majority of non-clients were already being serviced by competitors.
Solution
To increase the competitive edge and develop additional revenue streams, we
sought potential partners in the secondary ticketing market for integration
opportunities. In conjunction with a mutual partner, a strategic partnership was
formed to create an integration between products for real-time ticket fulfillment.
My team was tasked with all aspects of the integration project, and I worked in
conjunction with the third-party partner, internal stakeholders, and key strategic
clients to develop an integration solution that would not only support real-time
ticket fulfillment but also allow simplifying of the ticket posting process with the
third party through integrated inventory management.
Result
After integration was completed, the product was launched with 3 MLB clients and
generated hundreds of thousands in revenue the first couple of years. The solution
was considered an overwhelming success and expanded to offer to all clients,
resulting in use by 40+ clients and generating $4M+ in annual revenue and growing.
Both companies increased customer and client satisfaction, generated millions in
additional revenue, and gained a significant marketplace competitive advantage.
Tom DeStasio,
Director of
Product
Development
strategy ♦ innovation ♦ execution | Tom DeStasio | (949) 892-3638 | tomdestasio@gmail.com | www.linkedin.com/in/tomdestasio
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2006 2007 2014
Revenue (millions)
Revenue
(millions)
Identify revenue
expansion
opportunities
Assess potential
integration
partners
Implement
partner
integration
Pursue Clients
Offering New
Capabilities