Finding new customers for any business is a tough game. There is a lot of competition out there, and loyalty is not the guaranteed commodity it once was. In any industry, today’s customer is informed, empowered, and connected. A digital agency should always be on the lookout for new clients, but it should also give a second look to how to inspire existing customers to spend again.
5 Simple (But Exciting) Ways to Generate Recurring Revenue for Your Digital Marketing Agency
Recurring revenue, monetization, whatever you want to call it, the fact is, most professional agencies have more to offer than they know. When all the attention is given over to a primary product, those other moneymaking opportunities fall by the wayside as far as it is well known ever by a number of people .
But make no mistake. Even though today’s customer is informed and highly mobile, they too are likely to stick around if they like what they see, and if it proves to be less effort than shopping around for a new supplier. An existing client can easily be turned into a source of recurring revenue with just a little bit of proactive messaging. Their lifetime customer value becomes a golden-egg-laying goose.
For example, a subscription makes more money for a publisher than does a one-off sale. A membership makes more money for a health club than a drop-in fee does. These might be obvious. But other, larger organizations are also discovering the benefits of recurring revenue. A photocopier manufacturer can make more money by offering subscription services like maintenance, training and toner/paper supply than they would from the outright sale of the copier itself. Even utilities are learning how to integrate consulting services like energy efficiency and leak detection to their primary product.
Recurring revenue for digital marketing is security. It guarantees an income level that you can use to make investments, or simply run the cash flow. The internet and social media have made it easier than ever to create, publicize and collect on recurring revenue vehicles.
How many ways can your agency generate recurring revenue?
- Convert fee-per-service into a subscription. Think about Netflix. Do you watch it every night? No, but you pay for it to be there when you need it. Think about Microsoft Office, Adobe, or your accounting software. You are likely paying them monthly for the use of their office software. No more buying a boxed product from Staples. Call it a retainer or a subscription, many customers are willing to pay a monthly fee to have access to you.
- Reselling. Your credibility speaks loudly for the products that you use or recommend. As the middleman, you can provide the products that would otherwise have been purchased directly from your customer and a third-party supplier. (Check out how you can resell wifi marketing and earn recurring revenue for your digital marketing agency with white label wifi marketing)
- Referral and Affiliate marketing. Get others to spread the word for you. Referrals are much easier to track through dedicated links, and affiliate marketing companies are there to help. Word-of-mouth is still the most powerful way to generate business. There are a great many people out there who already know what an excellent job you do. Why should they stay silent when they themselves can earn a small amount while generating new business for you? Services such as webhosting which you likely are already using can bring you in additional recurring revenue for your digital marketing agency.
- Third-party out-of-the-box monetization. What about those third parties you never thought of working with? A car manufacturer can easily hook up with a chain of coffee shops to encourage drivers to use their GPS to locate the nearest affiliated drive through. These types of “unconventional” extensions to your brand all come with a revenue opportunity attached.
- Analytics-based email and social media campaigns. Be sure to serve those customers who are already with you through customized, targeted campaigns. No one likes receiving generic spam, but most clients enjoy receiving tailored experiences that offer exclusive value adds. Targeted email campaign, drip campaigns, and special membership categories all inspire ongoing loyalty and purchases on a more regular basis.
Some agencies might dismiss these types of activities, thinking they belong to the retail world. But a key fact of doing business in the mobile age is that clients of professional firms, even buyers on an industrial scale, are starting to expect the same level of personalized attention in their business as they experience as private customers on their own time.
Your firm has the potential to expand every customer you have many times over by embracing an organized platform of recurring revenue generation.
Does your digital marketing agency work with brick and mortar businesses such as restaurants, coffee shops, movie theaters, or retail stores? Are you looking for a unique solution to help your agency stand out in front of the crowd? Are you looking for recurring revenue solutions? Find out how to do all of this with white label wifi marketing. You too can start your very own wifi marketing business in just hours.