RESIDUAL INCOME MEANS REPEAT BUSINESS

Communication is theunderlying 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 at-tracted 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.

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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 con-sistently 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 fu-ture. 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 Fri-day to arrive.

The Internet revolution has created a new form of building relationships with the ad-vent of Social Networking. Social Network-ing combines traditional networking with the power of the Internet. Today, it is easier than ever before to build mutually reward-ing, win-win relationships that can literally result in residual income.

So, what exactly is residual income?

What better way to acquire residual income than through repeat business? Residual in-come and repeat business are mutually com-plementary. The most successful business owners who do it, know this and know it well, which is exactly what makes them suc-cessful. Repeat business merely requires in-fluencing someone once to earn their busi-ness, loyalty and money time and again. All repeat business means is a customer returning to you to buy again. They have al-ready been there once, liked what they pur-chased and came back again. Hopefully, in the process, they also told some friends or family about their experience.

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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 busi-ness 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 own-er who earns repeat business is going to be success-ful because he is building up a customer base of loyal customers who believe and trust in him. When cus-tomers become loyal, retention is built as these cus-tomers typically become customers for life.

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Communicate with your customersThere is simply no other concept in a re-sidual income business that means more. A business owner searching for the secret to success can stop looking when they dis-cover the importance of repeat business. To truly capitalize on this concept, an own-er must understand its importance. They must treat customers with the same loyal attitude by which the customer has treat-ed 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 custom-er 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 esti-mated that it costs five times more to win

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 communi-cate with your customers… frequently, re-peatedly, thoughtfully and continually. The more you interact with your customer, the more “top of mind” both you and your prod-uct will become.

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. Regard-less of your type of business – product or service – increasing communication with

Critical to repeat business is creating an outstanding and personalized experience for your customers

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. recom-mending your product or service to their

Owners need it to have a residual income stream to make them successful. Every major corporation earns a large percent-age 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.

Overlooking repeat business and its impact is a fatal mistake

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 mini-mized. 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.

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