As we continue our journey of taking over the world, there are two more crucial components to success that must be addressed if you want to break through as a business leader. First, you need to develop strong relationships- with people you’ll work for, internal colleagues, external vendors, and even potential customers!
Second, you need to create an environment where employees feel comfortable bringing their A+ games every day. This doesn’t mean giving everyone a raise or letting them take all the credit when they do well (though those things can help!), it means creating a culture where individuals trust each other to deliver excellence and enjoy working together.
It is very common in entrepreneurial circles to hear stories about how some company X had such and such great quarterly results, and so and so at company Y got a big promotion because no one else could handle the responsibility. And while that may make for a nice story, it isn’t necessarily what kept people around longer than they should have.
What keeps people around is feeling like they are being heard, understood, and appreciated; that they matter to someone beyond just their own goals and ambitions.
That person might be your boss, but it can also be a colleague, or even a customer.
The second way to increase recurring revenue is by having more people interact with your business or service. This can be done through online shopping, subscribing to your services, giving away products, and/or creating a platform for others to use yours.
Online shopping is a great way to have more people interact with your business as it does not require any contact between you and them! By using websites such as Amazon, you are able to generate additional income without having to speak to anyone else.
By offering discounts of merchandise, free shipping, or both, you will attract new customers who would otherwise shop elsewhere. If possible, try to combine this tactic with targeted advertising so that you do not waste money when marketing yourself.
Subscription services are another way to gain recurring revenue. Services like Netflix, Spotify, or Hulu offer monthly plans that users can pay for directly in order to access their content. These sites also offer early bird specials and other discount opportunities which can add up quickly.
Even if you are the best at your field, without repeat business, you will not survive!
Running your own show can be tough. You have to deal with customers all day every day, and on top of that, you have to make sure they are happy with what you provide for them.
This is why it is so important to focus on customer service and satisfaction. If people are talking about how bad you are, then it’s time to rethink your strategy or find another line of work.
Your success as an entrepreneur depends heavily on how well you cater to others. This includes offering solutions that satisfy their needs, responding quickly to questions, and keeping conversations friendly and productive.
Thinking about ways to increase recurring revenue? Check out our list below.
An important thing to remember about recurring revenue is that it is not dependent on having the same source of income every month. Many great business models rely on this principle! For example, your best chance at success with a fitness studio depends on getting new members constantly.
The more members you have, the greater your income! The same goes for any type of professional services firm (medical, legal, etc.).
So how do you create an ongoing relationship where people are willing to pay to use your product or service? You provide them with something they want or need – and then you get paid for it over and over again.
That’s why I asked what makes you special two years ago and why it’s so important to ask yourself today. What sets you apart from everyone else in your field? What are your strengths?
Think about it: Is your expertise known throughout the world? Do you have a track record of successes? These things make you valuable, which is one reason most big companies can’t keep their top executives.
Your strengths can be hard to identify, but if you're ever unsure whether or not you're putting out less than your best effort, take a look around. Are there signs that others don't believe you deserve your place in the company anymore? If so, maybe it's time to consider giving up some equity or asking for a promotion.
A strong recurring revenue model comes down to one thing – offering your customers what they want, how to use your product or service efficiently, and then asking them to pay for it each time you offer it to them.
The word “loyalty” is used frequently in connection with this concept. But why?
It’s not that people feel obligated to stay loyal because of some false sense of obligation — instead, it’s due to the fact that most people like getting good deals, and being given special perks makes it easier to re-calibrate their spending habits to make room for these rewards.
In other words, giving away free stuff generates buzz, which creates more exposure for your business and helps you get new followers, watchers, and readers. This, in turn, brings in more income and revenues.
To keep this going, though, you have to ensure that what you're giving away is worth something to someone. If it's not, then you'll lose momentum and capitalize on the initial boost. - Daniel Boulton via Copyblogger.
A well marketed product or service will always reap rewards. If you are trying to increase recurring revenue, then investing in marketing is your best bet.
You can advertise online using advertisements, social media, sponsored posts, blogs, and more.
Running an advertisement for your services on a site that people visit frequently will be much more effective than placing an ad on a site that few people ever visit.
This will cost less money per click, but it will cost more to pay for ads each time someone visits the website. The better option is to spend up front on advertising so that you do not have to continually re-invest in marketing.
Online courses are great ways to promote your business while offering other products and services. You could offer a free ebook as part of your campaign to build their audience. Or you could offer paid members only content or additional services.
Starting your business does not have to mean starting from nothing or spending lots of money! Many successful entrepreneurs started with a simple site before expanding onto more advanced features, designing their sites, and eventually launching a mobile app.
It is totally acceptable to start small by creating an easily accessible web page where you can offer your services. This will give you the opportunity to build up your client base and income without investing in expensive software or tools.
There are many free websites that you can use to launch and grow your business. Most of these do not require you to pay monthly fees to use them, which is great since you don’t need to worry about how you will pay for internet access every month. Some of the best websites allow you to create an account using Google as a login, so you will not even need separate credentials – all you need is your computer and phone.
Having a strong online presence is one of the most important things you can do as an entrepreneur or business owner. With the explosion of digital technology, having a vibrant social media profile is a must for almost any type of business.
Most large companies will spend anywhere from $500-$2,000 per month to run advertisements on Facebook, Twitter, and other sites where their audience congregates. This is expensive if you don’t have that kind of income!
By creating free profiles in sites like Facebook and YouTube, your business gets free advertising while also giving you the opportunity to connect with potential customers. By adding content to your site and establishing yourself as an expert in your field, you increase your followers and therefore exposure for your business.
This article will talk more about the different types of businesses that can reap benefits from investing in recurring revenue, how to pick which ones are best for you, and what platforms make the most sense to use.
Even if you are already providing great services, you can still add new revenue streams by offering additional products or services that your current customers will enjoy.
This is what I call “distributing” Your Business!
By offering related goods or services, you create new opportunities for income. Many successful businesses begin with this simple concept.