residual income, #MnMInsights

Tips For Boosting Your Residual Income

Hopefully if you are in network marketing, internet marketing or MLM you have residual income opportunities.

Residual income is a consumable monthly product or subscription that you continue to earn commission on month after month long after you've done the work or acquired the customer.

There are many different ways to earn residual income, i.e. artists, writers, and insurance agents are examples.

Fortunately, network marketing is a great way for the average person to earn residual income.   If your network marketing business provides products/services that your customers love, they will continue purchasing it as long as they continue to see the value.

Residual income is the key to retiring early, being able to take numerous vacations each year, or living a life on your terms.  Residual income means the ability to continuously have money roll in every month, whether you're actively working that business or not.

But I want to stress:

Although residual income can be a long-term income solution, for most people it is fluid.   It's not something we should count on for any significant length of time.  For example, in our affiliate business the average length of time someone continues to pay for our services is 3 months.  However, that time can be dramatically extended based on how engaged our customers are with our service/product.

Obviously our goal is to keep customers and team members engaged so they continue to pay for the monthly product or subscription.  So how do we do that?

#1 Best Way to Keep Residual Income on the Rise

The best way to keep your customer engaged month after month is by consistently providing value.

We like to say that if you have a $50/month product or subscription, you should be providing value that’s equal to or more than $100, $200 or even $300/month.

You want to provide more value than your customer expects every month.  If they feel like they are getting more value for their money, they will continue their customer relationship.

Here are a couple of examples.

Example 1:

If you had a weight loss product, you could give your customers a monthly newsletter full of excellent tips you have found either from personal experience, other customers' experience, or even on the internet that helped increase weight loss.  Your monthly newsletter could be full of yummy, nutritious weight loss recipes.  It can also feature a specific exercise or fruit/vegetable each month.

Example 2:

If you had a makeup product, you could give tons of tips through videos showing your customers how to recreate popular looks, how to minimize the size of their nose, how to maximize their cheek bones, and even how to care for their skin before and after makeup application.

Example 3:

If you had a monthly subscription to an educational site that provided different marketing training, you could hold weekly hangouts with your customers ensuring they understand and are applying the training correctly.  You could also provide examples in addition to the training they already have access to through that site.

I hope your brain impulses are firing and you're realizing the possibilities for keeping your customers engaged by providing value are truly endless.

So how do you provide that value?

We are huge proponents of blogging.  Check out the blogs from major companies like Wal-Mart or Sprint as examples.  Blogs are a great way to connect and stay connected with your customers.

Your blog post can be training on the best practices, a video training, a video on mindset, a motivational video or videos, the best books to read, the best articles/blog posts on the internet, and even the best tools you have found for your business.  You can feature recipes and supplements or fruit of the month and exercise of the month articles.

If you want to learn how to start a blog to continuously keep your customer engaged, check out this article:  The Ultimate Guide - How to Quickly And Easily Start A Blog And Grow Your Authority

Unfortunately, I know some of you are not willing to blog.  Another great way to provide value is through email.  Collect your customers' email addresses and send weekly or, at the very least, monthly newsletters packed full of valuable information.

Keep your customers and their goals in mind when finding value to provide.  You want to make sure the information is relevant to your customers and NOT an advertisement to sell them more products.

Other ways to provide the valuable information to your customers:

  • A private Facebook group
  • A Facebook page
  • Videos

Below is a video on how to keep your residual income on the rise instead of always declining.

#2 Best Way to Keep Residual Income on the Rise

Another great way to keep them connected and engaged is by holding weekly “hangouts” or webinars with your team.

If you do not like blogging or video, providing this value through the weekly hangouts are a great way to connect and engage. Not only that, but your team members can also connect and engage with each other. It becomes a team environment or like a pseudo family.

residual income, #MnMInsights

The best part of doing this as a team is you do not have to be the one always providing the training. Team members can trade off giving the value. Our team consistently has over 100 attendees every week. Every one of those attendees are connected and engaged and are getting results because of these weekly hangouts.

You could send this webinar out to your team/customers via email for those who could not attend to keep the engagement alive as well.  When they see how much fun and interesting it is to be there live, it will encourage them to show up next time.

Holding weekly hangouts along with blogging/video is best to continuously giving your customer/team value.

#3 Best Way to Keep Residual Income on the Rise

This has to be my favorite way to keep customers engaged: Call them weekly.

There's nothing like staying connected to your customers on a one-on-one basis.   Be sure to ask them how they're doing personally AND with the product/service, if they have any questions, and if they have any concerns.

I personally had purchased nutritional and weight loss products from a network marketing business.  The network marketer I ordered the products from called me every few days in the beginning to see if I was having any issue with the products and to answer any questions I had.

As the weeks and months went on, she called me regularly every week to stay connected, keep answering my questions or issues, and celebrating my wins every step of the way.  Honestly, they were VERY expensive, but I stayed on the products way longer than I would have had I not had the personal one-on-one care she showed me.

 

There are many other ways to keep your customers engaged.  Start with these three best ways to keep your residual income on the rise and see what happens.

Here is an article from Entrepreneur Magazine for more on this topic.  10 Ways to Keep Making Your Clients Happier and Happier

We appreciate you taking the time to read our post.  Don't forget to grab one of our Free Resources before you go.

Was this post valuable?  If YES, I’d love for you to comment and let me know and be sure to share it with your friends!

Mark ‘n Michelle Eaves, 
Blogging Experts and Marketing Business Coaches
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