The Power Of Subscription Marketing: Recurring Income Vs. One Off Buyers
More often than not, it's a fact, once you have done the arduous work of making a sale it may only be a one-time sale
. Your customer may never return again. This one-time purchase is probably related to the remarkable aspect of consumer psychology and not as much a result of your business or product. Unless they were utterly stunned with your product are highly unlikely to buy a second time around. The thinking of online marketers is most often to sell the consumer one product to as many people as possible.While it is often profitable to target consumers with just one product, the puzzle is most people do not shop this way. You should consider other massively winning methods to approach an online business. The ultimate online business model you should consider is a subscription based website or service. This business model has several chief advantages over the hit-and-run sales method.
The top advantage for building a subscription service is you create access to a recurring customer base. No longer will you waste time and money chasing after new customers but you will build up a sizable group of repeat customers. You'll offer them more and more content through a recurring service. The subscription fees charged for your service will multiply over time to a significant amount of recurring monthly income. The best part is these payments will just keep rolling in every month. In order to keep attrition rates to a minimum you must continually provide your membership with up-to-the-minute content. This will keep them glued to your site. This is the top method to get your customers buying from you for life.
The second advantage you have for creating a membership site is the cross-marketing opportunities you open up with a large customer base. Seth Godin, a renowned marketing expert, refers to these groups as "permission asset."
You may ask, what is a permission asset? The answer is clear-cut. It's a group of people who gave you authorization to contact them in the future because of a prior purchase. This is the most powerful form of marketing and beats any advertisement, SEO, or email list. When your customers made their first purchase they trusted you to deliver a product as advertised. Half the battle is accomplished once they see your product fulfills their expectations. The other half of the equation is about keeping your customers happy by providing additional content, exclusive offers, and a continuous stream of membership value. Just treat your customers well and wanting more, you will acquire a massive marketing asset that can be used for any future, related projects.
Beware; there is a flip side to this. If you underestimate your customers needs or desires, you'll soon alienate them. It will become increasingly unlikely to hold on to them as customers for long. The good news is this scenario isn't likely to happen. Today, it is feasible to run a subscription based forum or website service by outsourcing the content. The cost of custom content creation is within the resources of even cash-poor Internet marketers. If the theme of your subscription service is one of your passions then you may not need to outsource content creation. In this case, creating content for your site will come as easy as riding a bicycle. In fact, the real beauty of creating a service like this is because there's an infinite selection of audiences out there waiting for you and some share your same passions in life. So, why outsource content creation on a topic you are passionate about?
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