You’ve seen the rise of recurring revenue streams in your everyday life. Blockbuster fell victim to Netflix; cable TV fell victim to online streaming services like Amazon Prime.
Everywhere you turn, companies are focused on building multimillion dollar businesses on the recurring income platform.
Even brick and mortar businesses have jumped on the bandwagon by creating loyalty programs where people can pay for a certain amount of services a month (drink packages, spa treatments, car wash services, express mail delivery services, etc.)
In fact, virtually every business can benefit from adding a recurring revenue stream. There’s no doubt about it; now is the time to get in on the action.
To start, it’s important to come up with a primary benefit for your
recurring income stream.
• Why would people want to sign up for your program?
• What are the benefits?
• How is it different from others?
For example, with a spa package, someone could purchase a $100 package that gives them the ability to book 3 massage treatments, rather than the usual 2.
With an online business, you could offer access to advanced training or exclusive resources not available anywhere else. The key is to highlight the benefits upfront. Customers sign on for recurring programs because they are getting more bank for their buck, or they are being given access to something unique, special and exclusive.
Or, perhaps they are looking to save time or alleviate an otherwise steep learning curve.
In some businesses, the draw is that subscribers belong to a tribe or a community such as with fitness programs or yoga studios, but the same holds true with online programs that incorporate private groups and forums where people can network and encourage one another.
Regardless of the format you choose, you need to come up with a clear benefit that will persuade people to sign on and stay subscribed.
Marketing Online 