What does Recurring Revenue Actually Look Like
- Subscription Boxes
- Subscription Services
- Retainer packages. Graphic Designers can use these easily!
- Membership sites. Membership sites does not have to mean you have to continuously be creating content or putting out product to keep members. Want to know more or get ideas for your business? Meet you in the Catalyst Workrooms to create a signature plan that works for you.
- Extended service plans (This can be really great if you’re a service provider who initially sells a package and the client wants regular implementation checkups or audits. Think about how you can sell a quarterly audit and implementation to past clients before the initial package is up)
- Booking re-occurring events or photoshoots. You did a launch for a client and they know they will be launching a year from now, they put down a deposit to book you for the next 4 launch cycles. Photographers: You offer a big photo shoot once a year with quarterly mini sessions.
Basically how can you keep engaging your current clients to keep spending with you on a regular basis. I used to sell loose leaf tea and one of the best things I could ask when someone bought from me for the first time was if they wanted to be on my one month, three month or six month refill reminder email list. This isn’t exactly recurring revenue because it still prompted them to buy but I could also have put them on an auto-ship if I had the technology back then as I do now. It did lead to a tea membership where they got two tea bags sent to them once a month to stock up their supply.
Recurring revenue is not future payments on a package deal. It is the ongoing customer relationship where your client keeps paying you for ongoing product or services rendered.
Take it a Step Further
Before launching down the path of recurring revenue, think about a communication plan or onboarding plan that you will put in place to not only help people keep using your product or service but to help them recommend you to others. Especially if you have an affiliate plan in place to compensate the folks who talk about you the most. With the Catalyst we have 30 emails over the course of six months that gives members ideas on how they can use the Catalyst to grow and scale their business. We have the nourishment business owners love – so why not tell them about it so they can get all they need?