3 Ways to Make Money In A Residual Income Business That Your Competition Doesn’t Know

There are three ways to grow a successful residual income business and they are, first of all sell to more customers, second of all increase the transaction value, third increase the number of times a customer buys. That’s written very clearly in Jay Abraham’s book "Getting Everything You Can Out Of Everything You’ve Got" and I agree with him and so should you. The interesting thing is most people focus their efforts on the first one and yet the second and third ways are by far the easiest.



Will you follow the crowd and direct most of your efforts on building new business without taking advantage of increasing transaction size and capitalizing on your sales opportunities with existing customers?



Small businesses all too often rely too heavily on just one or two marketing techniques that work and don’t continue to implement more and more marketing strategies, which in turn stagnates growth and stops the business from developing and moving forward. Typically with internet businesses it’s pay-per-click or search engine optimization or affiliate marketing or email marketing and that’s about it.



The scary thought is that if one of them dries up it’s going to have a catastrophic impact on new business.



Make more money in your residual income business - using multiple streams to generate traffic is easier, more successful and safer in the long run.

Here are a few methods that ought to be used



1. Social media marketing.

2. Search engine traffic (free and paid)

3. Press releases (online)

4. Direct mail (renting lists)

5. Classified ads (online)

6. Affiliate marketing

7. Joint venture referrals

8. Online media (banners)

9. Customer referrals

10. Offline marketing



All of these marketing techniques will get your potential customer in front of your message and if you use all of them more potential customers will turn up. Once you have got them in front of your message it then comes down to your selling ability (good sales copy) to get them to take the action you want them to take, whether that is opt-in or buy.



Build a residual income business by increasing the transaction value is a simple and free way to grow your sales revenue quickly. Once you have generated your lead and your sales copy has compelled them to buy your product you now have at your disposal the opportunity to upsell or cross- sell. An upsell is; would you like to super-size your order and a cross-sell is; would you like fries with that. Amazon is expert at cross-selling. A great way of increasing the transaction value is at the point of order by adding a one-time only offer that is seen to provide exceptional value at the point when the customer has got his or her credit card in their hand and are offered a fantastic one off offer at that moment never to be repeated again. Most businesses don’t do it and they are missing the opportunity to increase their takings right there and then.



The third way to grow your residual income business is by increasing the number of times your customer buys from you. The greater the value of the product, service or support is the more inclined your customer will be to want to buy from you again and again.



Another factor in this process is how aggressive you are in your repeat marketing to your existing customers. They already have a relationship with you so if you can continue to provide exceptional offers they will be more likely to buy from you that someone else. So remember if you don’t keep offering them great deals how do you expect them to keep buying from you?



Selling over and over again can be achieved by introducing a continuity program or membership site that bills every month.



Apply each of these three methods and you will quickly see growth in your income.



Don’t just follow the crowd and just concentrate on new business with only one or two lead generation tools. Get more industrious about implementing all these methods.



Find out what you need to consider when choosing a web hosting company and give your online residual income business the best chance to grow.