One form of residual income is repeat business. Your customer returns to purchase a product or service you offer. In reality they are validating you for a previous good job. A really cool way to do this is to offer a subscription product. Let's say you have a website that normally sells an ebook for $97. What you would do is give the eBook away. Then you contact them to make sure they are happy with the eBook and then offer them a subscription to something that relates to the eBook you just gave them. Do this enough and you will create a residual income stream that you can't shut off. Another way to create residual income is to offer a subscription to your information eNewsletter for $9.95 a month. Instead of your newsletter it could be monthly updated information or report for the ebook. You could do this for virtually any type of product or service and not just eBooks. Here are 5 more ideas for subscriptions you could offer: - A monthly how to training call for members only - a private web site for members only - an offline newsletter or magazine you publish - updates to the product they just received - insurance for their product or service The back end subscription should be related to the product or service you're selling. You could charge a weekly, monthly, or yearly subscription for the backend subscription. Another thing is you could sell your main product and upsell product as a total subscription package deal. You wouldn't charge the one-time price for your main product; you would just charge the basic subscription price of the upsell product. The major benefits are that you don't have to keep creating new upsell and back end products. Subscription products are a great way to create a residual income stream because once you have a enough subscribers you do not have to promote your up front offer anymore. You just have to take care of the subscribers you have and occasionally replace the ones you lose. The downside to this approach is you have to constantly come up with something of value to justify the subscription. Monthly newsletters need to be published every month with new information and ideas. Your members only website needs to be updated with fresh content to make it sticky and help keep your subscribers from cancelling. If you do a monthly training call you may have to bring in a guest speaker. You get the idea. If you are dealing with a product or service that you have a passion for this will be really easy to do. You are going to be keeping yourself up to date on what is going on around you as it relates to your product or service and all you do is share what you are seeing on an regular basis. |
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