In this video, I’m going to show you how to build a recurring revenue model and do it even if you’re not an expert.
Hi, my name is Doug Barra and I help businesses grow. One of the best ways to make sure your business stays afloat in these tough economic times is by building a recurring revenue model. But don’t worry. This doesn’t take any special skills or expertise.
Just follow me through these easy steps and we’ll be well on our way!
It’s important to determine what we’re going to sell. The best way to do this is to determine who the people you want to sell to, want to buy. Now, you might be thinking, how do I determine that? Well, you’ll look at who they are.
You create an avatar.
This is to define a mythical person that is your ideal customer. You can do this by using the traits from actual customers that you have, or you can research the people that you want to sell to online, in social media. Just join the groups they’re in and listen to their conversations.
Next you’ll want to determine the pricing model. Since we’re talking about recurring revenue. We will be creating a model of regular billing. This can be daily, weekly, monthly, quarterly, or annually.
Monthly is the most popular, so let’s assume this is the model you choose. You then determine the monthly amount that you will charge. This will depend on a lot of factors. It’s best to do a lot of research about what your competitors are doing and charging.
This gets us into marketing and selling your product. For marketing, you have already done a good portion of what you need to determine your marketing. And because you already know who you want to sell to, you’ve already determined, at least some of where you can find them.
You created the product as what they want to buy. So now you need to define why they should buy it from you and how to get the word out to them.
There is another piece to this puzzle. You have to make sure that your offering is going to be sustainable and profitable. I’ve included a link in the description of this video or in a comment to get more information about doing this for your business. Click that link now to start building your recurring revenue business today, I’m committed to bringing you quality videos on a regular basis that provide massive value.
Leave me a comment to tell me what value you got. I’m excited to read what you have to say. Also, please like this video so that others know you got value. Subscribe to our YouTube channel and click the bell. So you don’t miss a single one of our videos. Feel free to share this with others.
Again, I’m Doug Barra. And now it’s your turn. Follow the link. Make a difference in your business and I’ll see you in our next video.