Residual income is earning money even when the work is done or your presence is not needed. For instance, a landlord can earn from their assets such as houses or rentals, or authors from their books. These types of owners continue earning from their assets, unlike an employee who needs to work to earn a living. For small businesses, you can increase your residual income through digital marketing.
Here are ways to do it:
- Affiliate Advertising Nowadays, businesses have their own website as part of their digital marketing campaigns. If you don’t have a site, then it’s time to create your business’ website. Aside from having the chance to promote your business products or services, you can also earn residual income by advertising other people’s or business’ products or services. To learn more about digital marketing or creating a profitable website, click here. Together with your blog, you can run advertisements on your site or what is commonly known as affiliate advertising. Especially when you’re an expert about a particular niche, you can reach out to companies in line with that same niche. So every time some one clicks your link or ads then purchase products from it, you can get a commission from every sale. The more clicks you get, the more likely are you to gain a buying customer.
You can monetize your blog by registering on affiliate programs or networks such as: ● Shopify Affiliate Program ● eBay Partner Network ● Amazon Associates ● Associate Programs ● Commission Junction Moreover, when you’re choosing an affiliate advertising program, consider the following factors: ● Understand the affiliate program and its details, including the terms and conditions, pay, and mechanics. ● Only choose the affiliate ads relevant to your site or content so that you can avoid an increase of bounce rate or visitors leaving your website.
Limit ads on your blog to avoid making your site look suspicious or spammy. If Google tags your blog as spam, you’d rank low in search engine rankings, thereby, decreasing your traffic.
2. Social Media Advertising
Boosting your social media posts—whether on Facebook, Instagram, or other social media platforms—can grow your business while earning residual income. Although it’s not free, when done the right way, you can earn residual income. For instance, when you’re promoting your product or an affiliate product, boost it using the social media paid ads to reach more audience. And since it targets an audience interested with your product, you can earn a commission every time they click and purchase from your ads.
Here are tips to earn money from social media:
● Promote affiliate products. Aside from affiliate advertising on your site, you can also earn from affiliate products through social media advertising. For instance, you can write reviews on Twitter about products you find helpful for your followers. But don’t forget to disclose that you’re an affiliate. ● Sell your expertise. Aside from your business, you can promote or create a video course, audio program, or ebook about your knowledge. Every time someone purchases your ebook, the more sales you get from your courses, which can translate to residual income. ● Be a YouTuber. Create valuable or intriguing topics in line with your business so you can promote your products. Then earn money by monetizing your YouTube channel wherein ads will run on your videos. Every time a user clicks on the ads, you’ll also earn a commission.
3. Create a Sales Funnel
A sales funnel describes the customer’s journey before a purchase. The wide opening of the funnel symbolizes the large number of potential customers. As they go into the end of the funnel, only few people will actually buy. Therefore, it’s important that every phase your potential customer goes through should be well-structured to entice them into buying your product. When you have built an effective sales funnel, you can drive more sales in the form of a residual income. To do this, follow these tips: ● Create a great landing page so that your visitors will be encouraged to read through your content. Include subscription or call-to-action buttons so you can collect contact information.
● Create a front-end offer, which is a product that you offer to a first-time purchaser so you can build a relationship. Once you have established a business relationship with them, you can offer them another product, which is called the back-end offer. Your front-end offer must stimulate the desire of the customers to avail of your back-end product. Through these offers, you can create repeat or loyal customers that can give you a residual income. ● Upsell your back-end offer. When customers are about to purchase your product or service, offer them an upgrade or upsize. The upgrade must appear more beneficial for the customer. For instance, instead of buying a single ebook for USD 50, you can offer two ebooks for only USD 85.
As a business owner, digital marketing is the new trend to create more sales. It can also give you residual income apart from your business or through your business. Especially when you have a small business that needs finances, residual incomes are a great way to cover such needs, which is why it is important to incorporate digital marketing as a way to generate more profit.