3 Ways To Generate Recurring Revenue In Your Business
Wouldn’t it be great if all your customers paid you regularly, time and time again? Well, businesses that have recurring sales benefit from this process.
Subscription and recurring revenue are hot topics today, and for good reason. Businesses that generate recurring revenue have more value than businesses without, and the coveted Monthly Recurring Revenue (MRR) figure can boost your cash flow and profitability significantly.
Offering ongoing services that generate recurring revenue can add greater depth to your business. This can also unlock additional revenue from each customer. Doing this will help you offer a higher lifetime value for your customers and you’ll ultimately flatten your competition.
There are many examples of recurring revenue businesses. Whether you’re in the realm of consulting services, health and fitness, e-commerce, software, or offline sales, there are ways to fit the subscription component to your business.
Here are 3 ongoing services you can leverage to share your knowledge and generate recurring revenue.
If your business has got something people want and need, you may want to seriously consider adding other ways that will generate extra revenue for you. When you start a membership website it means that part of your website content is ‘gated’ where only members who subscribe to your service can access the content you’ve placed behind the gates.
A “gate” is simply a barrier you build into your website using a plugin. Once you’ve got that barrier in place, members can log in and access exclusive content, such as eBooks, webinars, online courses, and podcasts. You can also provide special offers, and create a community for your members to communicate and interact with other members and directly with you.
But before you start a membership website for your business, you need to decide which model will best serve your needs and goals. Here are 5 ideas for creating a website with membership and user login.
Spending time on researching prospects, generating high-quality leads, and getting a deep insight into their needs all lead to one thing – the close. In the world of sales, closing a deal is the main goal as well as the most difficult part of the sales process.
In fact, according to Hubspot’s research, 75% of companies say closing more deals is their top priority. What’s more, 28% of sales representatives say closing is the hardest part of their job, right after prospecting.
So, how can you close sales effectively?
There are different approaches to help you close more deals with your prospective customers. These are 12 of the best sales closing techniques that you can use to estimate any situation and close your sales faster.
At a glance: 12 Sales techniques every sales rep should be aware of
Starting a business is easy. But running a successful business is an entirely different story. For instance, in the United States alone about 9% of businesses both new and old close every year. The failure rate of new businesses is relatively high, with about 50% failing within the first five years.
You’ve built a solid website for your business. Fantastic! It’s easy to think you have everything under control. An article here and there, a few posts on your social media profiles and your online reputation will take care of itself.
Unfortunately, that’s not the case.
Have you ever Googled yourself or your business? Many of us have, for sure. When you search for yourself, you might find another version of yourself as a copywriter in Upwork. This is more common than you think. When you search for your business, the results could be shocking.
While you may have control of your website and social media profiles, there’s a lot of other information you have no control over and haven’t contributed to. Business reviews, listings, and images of your company can pop up from nowhere.
And the potential for damage is daunting. Your online reputation could be at stake and it’s easy to feel you have no control over what’s being said and shared.
If you’re running a business, it can be a long and difficult road to success. It takes a lot of muscle to build a sustainable company. Having said that, if you start with the right foundation, your journey will be easier.
To be as successful as possible, you need to find the right marketing approach in the early stages so that you start on the right track. It’s never too late to find the right marketing plan for your business. You just need to make sure you spend enough time to come up with the best possible marketing approach.
Here are 4 ways to boost your business visibility and bring more customers your way.
Marketing strategies are ever-changing. Some lose their effectiveness, others evolve into more complex ideas and new strategies come and go. With this ever-changing landscape of new marketing techniques, is blogging for your business still worth doing?
Well, it depends.
The question shouldn’t be if blogging is still relevant in general, but whether or not it’s still relevant to your business. Why? There are always new up and coming trends in blogging every other day and if you don’t keep up, you’ll be outdated.
If you’re selling a product or service, you probably have a sales funnel strategy. It’s the journey that you guide a prospect through as they first discover your product or service to the point of them buying and becoming a repeat customer.
As visitors move along your funnels – from knowing more about your brand, to deciding if they need what you’re offering, to comparing with similar competitors, to making the final or even repeat purchase, you need to know how to respond to their needs and doubts.
Therefore, you need to regularly analyze, improve and develop sales funnels to keep the pipeline flowing. Here’s how to optimize your funnels for better conversions in 4 key steps.
The difference between success and failure online is being able to write sales copy that actually makes people want to buy your products and services.
Well-written copy can make or break your marketing efforts. While copywriting comes naturally to some people, it’s a foreign landscape to many and they don’t know how to explore it. And the few who have mastered it are usually the proverbial cream of the crop.
Well-crafted and effective sales writing doesn’t beat customers over the head, nor does it need to have bold typeface and capitalization. The message should be able to stand on its own without too much over-exaggeration and fussy design elements.
If you want to increase your online sales, you’re on the right track. Increasing sales is the primary goal of any successful business. However, the quick spike in profitability isn’t the only benefit you’ll get, as growing sales have long term value.
Increasing sales often looks a lot easier than it is. Having said that, there are many ways you can generate more online sales, many of which are easy to implement. Here are five ways that can help you to increase your online sales while improving revenue at the same time.
To run a successful business today you need a strategic digital marketing plan to make sure your branding and marketing will reach as many existing and potential customers as possible.
There are 3 types of digital media:
Owned Media: Any online asset that you control like your website or social media channels
Paid Media: Promoting your online content to improve traffic to your owned media assets
Earned Media: Customers recommending you by word of mouth or through social media
These 3 types of digital media marketing will boost your audience reach. Of course, it will vary the way your target audience encounters your brand. If you want to boost brand awareness and increase sales, you want a combination of all 3 to blend them into new marketing strategies. Continue reading →
Change is the only constant thing in life. If you want to build a successful business, you must embrace change.
Embracing change in business isn’t always easy but there’s no choice. You have to buckle up and be ready to adapt to new trends and ever-evolving customer expectations. Because how you handle changes can either set you on the path for success or failure.
To manage change, you have to deal directly with customers, employees, processes, and technology that can help you create sustainable ways to eliminate the scary aspects of change.
A change to virtually anything within a business, such as internal or external processes, is likely to require the need to address the effects. Here are 4 steps to embrace change and manage it effectively.
Over 70% of potential customers choose whether to consider buying from a business depending on the information they find online. So, your website is your biggest first-impression maker.
The first thing you need is a secure, catchy URL that makes sense for your brand. And once your domain is ready, it’s time to build your website and make some big decisions.
However, if you already have a website, remember that change is a constant in the digital world. Because of the ever-changing technology, increasing demands, the ever-evolving customer expectations, and the ongoing competitive environment, you need to update your website regularly.
Here are 7 ‘must-haves’ a brand website needs if it is going to be effective and help your business grow.
How To Analyze Your Business For Growth And Profit
A business is like a car. It must work all the time. To run a successful business that works for you and your customers, it needs to be well-cleaned, well-oiled and finely tuned. Having said that, inefficiency is very common.
It’s important to take the time to analyze your business on a regular basis so that your business can grow and succeed. Things like using social media for marketing, monitoring your cash flow regularly, and identifying your strengths while asking for help in your weaker areas can help you focus on improving areas of your company that offer the biggest gain.
Competition is fierce in the business world, both in terms of sales and efficiency. This is where business process automation comes in handy. If you want to remain competitive, you need to automate or someone else will automate you out of business.
By automating you can put routine, redundant processes on autopilot and shift your focus to more important tasks that make or break new ventures. There’s no shortage of efficient and effective solutions to business automation on the market today. You can automate and streamline everything from customer service to marketing to payroll. However, just because you can automate a process doesn’t mean you should.
Automation in the right way gives your company legs to scale upwards and grow, because it helps you engage with customers in a way that makes them more likely to buy. Here are 4 business automation strategies that can help you grow your business the smart way.
Creating great and valuable content attracts visitors to your website. This, in turn, creates a loyal audience that likes and trusts you. However, what if you never attract the attention of that audience?
What if your website visitors take one look at your valuable content and they leave because your website looks boring, bland, and substandard? You’ll lose your target audience before they even start reading, and your content won’t take root.
So, design is crucial. A flawless design creates a welcoming first impression. It engages and draws in your visitors so they engage with your content. Do you want to create an appetite for your content? Here are six tips for creating the perfect website.
With everything in life, you’re either moving forward or backward. If you’re standing still, other people pass you, so technically you’re moving backward.
And businesses go through cycles of growth, inertia, decline and repeat. During the launch stage, start-ups often face many challenges and thrills, but they are usually expected at this stage. However, when established businesses go through a stagnant period or crippling decline in performance, the loss of business momentum can be insurmountable.
For the long-term success of a business, many things are needed, but maintaining momentum in business is crucial. Momentum is the force that keeps a business moving and growing in the right direction.
A sales funnel is a tool guideline that helps you visualize where your prospects may make a purchasing decision.
Visually, a sales funnel is a graphic that is wide at the top because prospects with all level of engagement enter there, leading to the most engaged ones channeled through the various levels of the funnel, onto the bottom of the funnel where they have been turned into sales and repeat customers.
Sales funnels are an integral part of any business. They are used to attract interested parties to your products and services and turn them into paying customers. That’s why you should make them an essential part of your marketing plan or business strategy.
Sales funnels aren’t just used for physical products. If your business is a service-based industry it will need a sales funnel since it’s harder to let the product do the talking when your product is a service.
Did You Know That Penicillin Was Created By Mistake?
Many of society’s most well-known inventions were simply created by mistake. Over the years inventors and scientists have made famous mistakes whilst seeking solutions to problems unrelated to the products they ended up creating.
In fact, this has happened more times than most people realize.
Knowing this makes you wonder just how certain products were eventually conceived and created. For instance, how in the world did someone think of the slinky, or silly putty, or potato chips?
If you’re like so many other entrepreneurs who are contemplating creating your own product or service that you can promote and sell freely in the marketplace, take heart. Don’t stop experimenting or using your imagination because as you will discover, often the best products are created by mistake.
10 Elements That You Must Have On Your eCommerce Website
A customer walks into the store, browses through products and shelves, picks up items, inspects, considers the prices, chooses a product and takes it to the cash register to pay.
When you build an eCommerce site for selling your products online, there are some things that you need to ensure are on it.
If you want to make sales from your eCommerce website, it’s imperative that you build a site that attracts your audience, loads quickly, and presents your products in a way that makes your audience feel they really want and need them.
Today, we’re conditioned to believe that we should be busier, get more done and work harder. We’ve all heard motivational speakers giving well-meant advice that makes you believe that you aren’t doing enough, and that’s why you aren’t successful.
But the belief that “doing more = accomplishing more” isn’t as effective as it sounds. Doing less actually helps you get more done. This can take some time to realize, though, as many of us are conditioned to believe that we should do more.
As an entrepreneur or business owner, you most likely juggle many tasks at once. So, productivity is crucial. However, you may not realize how minor changes can improve your workflow efficiency significantly.
Here are 7 top strategies to grow your business faster. All these strategies are easy to implement. They don’t require a lot of effort if you’re a busy business person and already feeling overwhelmed. Try these strategies today to boost your productivity and improve your workflow.
Blogging is an effective way to expand your business, attract more clients, maintain relationships with your current customers and get traffic to your website free. So if you can make your blog work harder, you’ll get better results.
The truth is, many popular blogs are about persuasive writing. When you engage in persuasive writing, you need to sometimes challenge your audience’s beliefs without offending them but to make them think. When you make them think differently about something, you may also be able to persuade them to take the action you want them to take.