5 recurring revenue products and services
In this blog post under share with you 5 recurring revenue opportunities, that any marketing funnel business could start creating.
Grow your funnel business
If you just focus on one-off projects, you will never grow your business. Your funnel agency will never grow unless you are able to generate recurring revenue.
The trick is being able to see the opportunities where the recurring revenue lives.
Many businesses believe that creating recurring revenue, within their service business, is difficult.
Only want to pay once
There’s a misconception that customers will only want to pay once, for a particular service.
This has proven to be untrue over and over again.
- CRM and autoresponder subscriptions
- Amazon prime
Businesses are used to spreading out the cost, of repeat benefits and deliverables, every single month. If you can continually offer value to a customer, every single month, you have the basis for a recurring revenue product.
Creating recurring revenue in your marketing funnel business
Analytics, reporting and consulting
For some reason many customers believe that analytics, reporting and insight on those numbers comes standard with every new funnel. It’s as if they think that once the funnel is launched, will have nothing else to do other than report to them about their traffic and conversions.
If it’s made clear that analytics will be installed, but not reported on, you have an opportunity to position reporting and analytics as a monthly subscription.
Don’t offer weekly reporting and analytics for free. You can easily create a recurring revenue products by measuring two or three key metrics within their business and more importantly reporting back to them and offering insight.
Don’t just offer data and charts. Don’t even just offer comparisons to last month on last year. Instead, offer your customers a few bullet points of insight about what they could do, to increase certain conversions.
If you can see via their analytics, that a certain landing page converts at 10%. Ask them what a 12% conversion would mean. Or, work out the results for yourself.
Would this mean 20 new leads a day? 2 new sales a day?
Offer them the analytics and reporting, and then use that to position funnel projects for their business.
As Jeff Sauer from Jeffalytics says:
“Analytics isn’t just data. It removes the guesswork from increasing conversions across your funnel”
Updates, security and support
Websites break which means your funnels will break.
As new versions of WordPress and plug-ins become available, your customers need to continue to update their website. However randomly updating plug-ins just because there has been a new release, does not equal a secure website.
In fact, we all know that updating the site without caution, can actually break your site.
In order to keep your customers funnels running smoothly, first work out what it would cost them per hour and per day for the funnel to be down. How much business would they lose? How many sales would they lose? How many email subscribers would they lose?
When we know what they are risking, when they don’t have a security and update plan, easier to position a monthly update, security and support package.
Some businesses call these maintenance plans. Some businesses call this care plans.Troy Dean from WP Elevation has a fantastic article on selling WordPress maintenance plans here.
Customers don’t like paying for insurance, which is why we heavily recommend staying away from that terminology. But they do like the idea that their website/funnel will continue to work and be secure an updated. If they have customer data and purchasing software on their funnel, then they have even more of an obligation to keep it safe.
You can easily move people over to an outsourced care and maintenance plan such as GoWP, who can take care of all your maintenance, without you getting involved.
Opt ins and email automation
Many funnel businesses believe that if they install opt in forms, then the customer should benefit from those opt in forms forever, without continuing to pay.
I believe this isn’t the case. I believe, that if a customer continues to benefit from a strategy or tactic you’ve implemented, then they should continue to pay for it.
If you are using opt in software such as OptinMonster, then you are perfectly entitled to charge monthly the services.
Think of all the parts of the process, which have to work seamlessly, in order to add data to an email list.
- The opt in form has to display correctly on all devices
- The opt in form has to redirect the user to a thank you page
- The opt in form has to send the right data to the right fields in their CRM
- The CRM has to store the data and sink it across various lists
- User has to go through an email automation process
If this is happening 20, 100 or 1000 times a day, it’s important to keep working correctly.
Email automation in itself is very complex. In order to send the right emails to the right people, completely automation, requires attention to detail and a consistent auto responder subscription.
Use a service such as ActiveCampaign to build automation sequences for customers. Talk to them about selling to their customers on automation, nurturing customers on automation and weekly newsletters for audience growth.
ActiveCampaign is a subscription product, so you should charge a percentage on top.
Content creation and promotion
Blog posts, sales emails, sales pages, sales letters, social media content, the list goes on. The amount of content required to drive a successful funnel, is often more than a single business can create.
If you can continually offer a method to increase traffic, increase conversions and increase sales. Customers will gladly pay for it.
There’s no need for you to write the content, you could even use Beaver Funnels’s content engine. Or you could outsource regular blog posts to a content writer.
If you can create a system or process writing a blog post, creating the social content, posting and promoting via social channels and then sending via an email to their list, customers will gladly pay for that to be completely automated.
Well written content is worth it’s weight in gold. It can continually generate interest and traffic, months or years after it’s been initially posted.
Talk to your customers about a post a week content plan. Offer to have a new blog post written every week, promoted and shared online, completely on automation stop
you could even run a workshop with them, in order to generate a load of block topic ideas, before moving them onto a monthly plan.
One new funnel every month
One of the fastest methods of creating recurring revenue, within your funnel business, is to offer a new funnel every month.
Most businesses have multiple products and services. If you were to start with a new product sales letter, sales page and product page every month, they would have all of their products optimised very shortly.
The funnels don’t need to be long or complicated, you can keep them to 3 or 4 pages. Focused on their most popular, highest converting products 1st.
You could even start to move them into more unfamiliar funnel territory, launch funnels, webinar funnels and content funnels.
If you had a process to set up their traffic process, conversions via a funnel and then email automation follow-up, many businesses would be ecstatic about their sales been driven automation.
Or you could go deeper into a funnel, by offering the next logical stage, before or after a previous funnel stop
for example, let’s say you started with 3 sales funnels for a customer. You could then offer to build them a webinar funnel, to sell their products to their current audience. Before moving on to a squeeze funnel to attract and drive more email subscribers in Leeds.
Essentially, you’d be building out a very large complex multiple funnel system, but splitting up per month. Making it more affordable for the customer, and easier work for you.
But what of my customers can’t afford a monthly fee?
I understand what you’re saying, and a lot of funnel builders originally thought the same thing. But what we found is that if we focus on finding customers that caps can recurring revenue, or monthly fees, then our business grows as a result.
Customers that you already have, or refuse to move on to a monthly service, are obviously not getting the value that you can offer.
This doesn’t necessarily reflect on your skills, some businesses are just beyond working with.
For example a business that has no traffic, no sales and no email subscribers, almost be impossible to move over to a recurring revenue plan, unless they have funding from elsewhere.
This isn’t to say that you are a bad funnel builder, or that you can’t deliver results, it’s just some customers can’t increase what they don’t have.
5 recurring revenue opportunities in any marketing funnel business
Look for parts of the process where you can continually increase conversions. By offering analytics and reporting, you can gain insight into a customers funnel, and offer them clarity on what to do next.
In order to keep their funnel is running smoothly, they’ll need to update and maintain their funnels. The easiest way to do this is in fact protect themselves by getting you to do it.you can even outsource the service to give you more margin.
Offer regular content services, in order to drive more traffic and sales. As well as a CRM auto responder service to increase their email subscribers.
Finally you could start offer more funnels, built every single month, to help them optimise their entire sales process.