Recurring revenue allows you to secure a client once and bill them for value-added services over a specified amount of time. It’s an ideal model for creating reliable and sustainable income while you focus on securing new customers. Plus, when your company has profit centers that generate income in a number of different ways, the risk that your revenue is negatively affected by an economic downturn or market change is significantly reduced.
The idea of creating recurring revenue streams is not new at all. As an example, think about your last mobile phone purchase. Most likely you signed on for about 2 years of service in exchange for paying a lower price for your phone. That’s just one example of how to incorporate a recurring revenue stream into your business model.
So while recurring revenue is not new, what is particularly exciting today is the ability to use technology to automate and deliver a number of recurring revenue programs in a digital format using your website, QR codes, smart phone, mobile apps, in-app purchases, or through an eLearning platform. Technology gives even the tiniest of companies an opportunity to automatically deliver quality services and make money while you sleep.
Today’s most nimble businesses are re-thinking how they make their money and how they structure and automate their company’s profit centers using technology to control things like:
° Automating everything from your Lead Generation and Sales to Content and Product Fulfillment
° Service, Maintenance and Customer Support
° Booking & Direct Payment
° Subscriptions to Members Only Website
° Product Training and Certification
The sooner you get started building recurring revenue streams, the better. Build them once and capitalize on repeat sales which grow exponentially over time.
Now go out there and get paid for your knowledge and your content!