RESIDUAL INCOME MEANS
REPEAT BUSINESS
Communication is the underlying key to success There is a greater focus on the concept of residual income than ever before in the history of business. People are sick of sitting in cubicles for paltry payouts that still leave them living paycheck to paycheck. For those of us in the network marketing industry, we already know this. This is what attracted us to the direct selling industry in the first place! With the advent of the Internet and all the residual income, also called passive income, opportunities it creates, the world is more open than ever for you to explore entrepreneurship and work-from-home opportunities.
So, what exactly is residual income? Residual income is derived from people responding to an opportunity offered by a business or business owner; typically the sale of a product or a service. It is an income stream that comes in consistently without you having to put in hours for each sale to earn it. This doesn’t mean you don’t have to work for it, however, it does mean the work you do each day could make you money for many years into the future. Prior to the Internet revolution, this was challenging but has consistently become more attractive as new technologies and tools become available. The Internet offers a new type of lifestyle where you don’t have to work yourself to the bone each week, working for someone else, waiting for Friday to arrive.
What better way to acquire residual income than through repeat business? Residual income and repeat business are mutually complementary. The most successful business owners who do it, know this and know it well, which is exactly what makes them successful. Repeat business merely requires influencing someone once to earn their business, loyalty and money time and again. All repeat business means is a customer returning to you to buy again. They have already been there once, liked what they purchased and came back again. Hopefully, in the process, they also told some friends or family about their experience.
The Internet revolution has created a new form of building relationships with the advent of Social Networking. Social Networking combines traditional networking with the power of the Internet. Today, it is easier than ever before to build mutually rewarding, win-win relationships that can literally result in residual income.
DubLi Network | 2016.07.19
3|8
Naturally, referrals are a big business builder People are more likely to shop somewhere if they were referred by a trusted friend or family member than simply in response to advertising. Repeat business is more than it seems. It shows the business owner they are doing something right and that they have favorable product or service. The business owner who earns repeat business is going to be successful because he is building up a customer base of loyal customers who believe and trust in him. When customers become loyal, retention is built as these customers typically become customers for life.
Communicate with your customers There is simply no other concept in a residual income business that means more. A business owner searching for the secret to success can stop looking when they discover the importance of repeat business. To truly capitalize on this concept, an owner must understand its importance. They must treat customers with the same loyal attitude by which the customer has treated them. Many businesses have offered discounts and benefits to loyal customers as a means of retaining their business to show the customer they are appreciated and that, as a business, they recognize the customer’s importance. Losing a customer is painful and not only translates into a loss of revenue but also the squandering of trust and credibility within their industry. It’s also cheaper from a marketing standpoint to keep a customer happy once you have them than it is to win a new one. It’s estimated that it costs five times more to win 4|8
DubLi Network | 2016.07.19
DubLi Network | 2016.07.19
a new customer than to retain an existing customer. Probably the greatest suggestion we can give you towards creating repeat business and, thus, residual income, is to communicate with your customers… frequently, repeatedly, thoughtfully and continually. The more you interact with your customer, the more “top of mind” both you and your product will become.
5|8
Critical to repeat business is creating an outstanding and personalized experience for your customers Branding does not stop with your product or service but rather, the key to remaining at the forefront of your customer’s mind, is the entire experience the customer makes along their purchasing journey. Regardless of your type of business – product or service – increasing communication with
your customer can and will benefit your business to a large extent. Why? Because people bond with other people. They show their appreciation through repeat business (i.e. repeat buying) and by talking about their experience with others, i.e. recommending your product or service to their
friends, and family or even outside their sphere of influence, since testimonials on social media or elsewhere on the Web will reach thousands of other people who then also become your potential customers. The
virility of the Internet should never be minimized. It must also be repeated that happy customers become “extensions” of your marketing efforts as they are likely talking about their positive experience with others.
Overlooking repeat business and its impact is a fatal mistake
Owners need it to have a residual income stream to make them successful. Every major corporation earns a large percentage of their profits from repeat business, which just goes to show its importance. If the big guys are using it and benefiting from it, then it obviously is an important factor in business success.
© 2016 DUBLI NETWORK All rights reserved worldwide.