Are You Using Recurring Revenue Streams?

Are You Using Recurring Revenue Streams?

In this article we’re going to talk about what recurring revenue streams is all about and why you should work towards incorporating one into your business. Passive income is a goal that all business owners should aspire to bring into their business.

To start, recurring revenue will help you catapult your business in terms of outreach and income.

Better yet, you’ll be able to predict your monthly income in advance so you can better budget and manage your business.

Whether your business is a brick & mortar store, or you run your business entirely online, you can still benefit from implementing a form of recurring income into your sales system.

Even businesses like spas, car washes and laundromats often employ a membership program of some kind to build customer loyalty and keep people coming back again and again.

Think about the different ways that you could implement a recurring revenue stream into your business. Chances are, there’s a way to do it

that will not only add tremendous value to your business but will demonstrate your desire to provide exceptional value and savings to your existing customer base.

Here are a few ideas to help you get started:

Membership Model

You could create a series of content in various formats and place it behind a paywall.

Then, when someone wants to gain access to your material, they would pay a monthly subscription for direct access to your content.

Create A Service Plan

Much like brick-and-mortar businesses have done with customer loyalty programs and pay-in-advance for added savings cards, you could create a service plan based on your customers’ needs.

They would commit in advance to a set time frame, or a set amount of service time/hours/uses and in turn, they would save money.

Content Cycle

Much like a course or membership website where you are providing access to training and high-value content on a subscription basis, you could create a content cycle that distributes information products in a variety of ways including through a podcast, private YouTube videos or Webinars.

These are just 3 quick and easy ways you could begin to incorporate recurring revenue streams into your business.

How many other ways can you think of?

Next, let’s look at how you can take advantage of one powerful online community that puts you in direct contact with an ever-growing fan base.  This could be the fastest way of setting up a recurring income stream, even if you’ve never done it before.

The Profitability Of Patreon

Have you ever heard of Patreon? It’s a platform that allows fans to support their favourite creators through monthly sponsorships and donations.

Creators assign value to each membership level which typically provides added bonuses and access based on the higher price point.

Patreon has been responsible for launching countless businesses and increasing overall exposure and engagement for entrepreneurs from all walks of life.

From bloggers & vloggers to video game streamers, people are generating thousands of dollars a month from this one powerful platform.

In fact, Easy Allies, a team that primarily focuses on creating video game content (streams, tutorials, and walk-throughs) has over 9,000 subscribed patrons, earning them over $50,000 every single month!

It’s time to start thinking about how Patreon could work with your business!

Do you have written material, audio, or video content available? If so, all of this can be easily monetized with Patreon and instantly turned into a recurring income stream via their platform.

Further, donations aren’t the only way of monetizing Patreon. You can also set up a subscription-based service and charge a monthly membership fee for access to it, much like a traditional membership site.

So, head on over and take some time to explore the different options available.

Here’s the link:

Next, let’s look at a clever way of positioning a subscription site so that

you’re able to skyrocket signups quickly, all by using the power of psychology.

The Power Of Exclusivity

If you’re thinking about launching a subscription website or opening the doors to a new course to build your first recurring revenue stream, you’ll want to take a step back and analyze your sales copy.

Because one simple change could skyrocket your income and flood your subscription site with more members than you ever thought possible.

It starts with the power of exclusivity.

People want what they can’t have, right? They also want what other people have.

This is why so many copywriters use a combination of scarcity tactics and highlighting that access is exclusive and available only to paying members.

Like supply and demand, the scarcity principle indicates that the more unattainable a product is, the more valuable it becomes. 

Not only will this strategy help you maximize sales, but it will add immediate value to your subscription service.

Consider the different ways you can incorporate exclusivity into your recurring revenue streams.

* Can you “open the doors” to an offer for only a limited amount of time to maximize conversion rates?

You can always re-open later as long as you don’t offer a lower price.

* Are you able to present your service as a premium subscription program while highlighting the benefits of joining?

* Can you model your service after the Prime model? This is where you give away goodies and perks in exchange for being a member.

Think about it.

Anyway, next let’s take a look at sequential revenue.  This is a recurring

revenue model that has been responsible for adding thousands of dollars a month to many online businesses and it’s easy to set up.

Sequential Revenue Streams

OK, let’s look at the power of sequential revenue.

In case you aren’t sure what this means, it’s simply creating recurring income by encouraging existing customers and subscribers to consistently upgrade to new products and services to maximize your income while providing your customer base with additional options.

Sequential revenue streams are used by many of top corporations online, including Microsoft and Oracle, where their customers can upgrade their software products to unlock additional features.

With sequential revenue streams, you are keeping your customers moving through your funnel.

Each time they upgrade they are given access to new options and features which expands their opportunities.

You’ve also seen this in action when it comes to mailing list and autoresponder providers.

You begin by subscribing to a smaller plan that allows for a specific number of subscribers. Once you’ve exceeded that allowance, you must upgrade your account to allow for more subscribers to join.

With a service like that, you are always upgrading as your business grows.

Think about how you could incorporate sequential revenue into your existing or new business.  Are there ways you could provide upgrade options to customers?

Nearly every business can benefit from implementing sequential revenue streams into their business, and regardless of your niche or industry, there is likely a way to take advantage of this powerful income model.

The key is to highlight the additional benefits your customers receive when they upgrade. You want to be clear about what you are offering and how they’ll be given additional options that aren’t unavailable in their current plan.

Courses are a great product to put into your membership platform and if you want to know more about creating a profitable online course, check out the featured resource below for a free report; download, read it and take action 😊

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