Passive RevenueCreating Income Opportunities in Your Biz Erin Blaskie www.erinblaskie.com @ErinBlaskie (Twitter)
Passive Revenue - What Is It?• Income that you earn without trading your time / money for it• Income can be generated from various passive revenue models (PRMs): info- products, affiliate revenue, ad revenue, membership based business models, group coaching programs and more…
Passive Revenue - How Easy Is It?• Solve your target market’s problems.• Answer questions one-to-many instead of 1-1.• Recycle content you have to create a variety of info-product options.• Think of every business move as, “Is there an opportunity for me to earn revenue here?”• Become a master connector of people to resources.
PRM #1: Info-Products• Information products: e-books, audio programs, online training, e-courses, etc.• Anything that solves your target market’s problems and provides quick, easy solutions.• Delivery over the web (e-mail, download links, etc.) keeps costs very low and customer service manageable.
PRM #1: Ideas for Info-Products• Survey your audience - find their biggest problem / pain point and solve it.• Example: most of my audience struggles with the process of delegating and knowing what to delegate. I created “The 30 Days of Delegation” to teach them step-by-step.
PRM #1: Ideas for Info-Products• 5 Ways to Start Delegating Today• 101 Things to Delegate to Your Virtual Assistant• How to Communicate Effectively with Your Virtual Team• How to Build Your Own VA Business• Tips for Delegating Your Social Media
PRM #1: Create an Info-Product• Come up with an idea / title• Determine the format (e-book, audio, etc.)• Prepare or outsource the prep for the product• Setup a sales page with e-commerce link• Setup a thank you page with digital delivery• Promote the info-product via your networks• Add it to your website as a regular product
PRM #2: Group Coaching Programs• Get paid to create your info-products by hosting live group coaching programs first• Turn the live program into a self-study program afterward to sell on your website• Group coaching programs are delivered as online training programs done via teleseminar / webinar
PRM #2: Ideas for Group Coaching Programs• Think about the part of your audience that may not purchase services from you (out of their budget) … What DIY product can exist?• Teaching your audience how to do something you may do extends your reach to a new demographic (the DIYers) and creates a better product funnel in your business.
PRM #2: Ideas for Group Coaching Programs• Skill building programs• Mentorship type programs• Client success type programs• Any type of program that allows you to share your message / expertise with a group of people over a short period of time
PRM #2: Launch a Group Coaching Program• Come up with an idea / title.• Setup a sales page with e-commerce.• Setup bridge line / webinar services.• Promote / sell seats into live program.• Once seats sell, begin prepping material.• Host live program virtually.• Convert recordings into a self-study program.
PRM #3: Affiliate Revenue• Passive affiliate marketing: using affiliate links when / where it makes sense to do so to earn commissions.• Aggressive affiliate marketing: sourcing opps to promote, building targeted lists and providing offers to those lists.
PRM #3: Affiliate Revenue - Passive• When you refer to a product, service or company, check to see if they have an affiliate program. Join and use your links.• Create blog posts around affiliate programs you are a part of and embed your link within.• Send broadcast e-mails to your list with affiliate offers they will be interested in.
PRM #3: Affiliate Revenue - Passive• Hosting companies (Bluehost offers a $65 p/o)• Web-based services (Freshbooks, Basecamp, Audio Acrobat, etc.)• Product companies (Zazzle, CafePress, Amazon, etc.)• Business colleagues• Etc.
PRM #3: Affiliate Revenue - Passive• Create a spreadsheet for your affiliate links• As you register for programs, add your links and other info to the spreadsheet• Use Bit.ly or another link shortener to shorten your affiliate links for easy use• Create pre-written Tweets sharing the resources and schedule them in Hootsuite• Login to each affiliate account once per month to see if you have revenue accumulated
PRM #3: Affiliate Revenue - Aggressive• Aggressive affiliate revenue is when you source out opportunities and build lists that are specific to those opportunities.• Generally used by people who have less of an established solo brand.• Example: selling nutritional supplements while also selling scrapbooking supplies.
PRM #3: Affiliate Revenue - Aggressive• Two key factors for this type of affiliate marketing: e-mail marketing list size and value of opportunities.• Creating lists can be a slow process so it’s generally not a favored “quick fix” for passive revenue but rather a long-term strategy.
PRM #3: Affiliate Revenue - Aggressive• Setup a system for segregated list building• Setup squeeze pages with offers that lead to a sales page for each individual offering• Choose your offers that will exist on each sales page and track them in a spreadsheet• Lay out a marketing calendar of e-mail broadcasts to sell your offers over and over to each individual list
PRM #4: Ad Revenue• Ad revenue is any income generated through the placement of third party ads on your site• Google AdSense is the easiest way to get started with ad revenue• Other ad space can be sold on a private, individual basis via your own e- commerce mediums
PRM #4: Ad Revenue• Blogs: place Google AdSense ads between your blog posts and your comments boxes• Websites: place ad boxes in the sidebar of your site and keep one with a label, “Your ad can be here” explaining ad rates, etc.• Sell spots in your newsletter / ezine / e-mail broadcasts (example: see HARO’s e-mails).
PRM #4: Ad Revenue via Videos• Create videos with high quality, consistently published content for your target audience.• Blip.tv offers revenue connection via your Google AdSense account.• YouTube will offer popular channels Partner status which will provide you with revenue sharing opportunities.• Ustream.tv (live streaming) also connects to Google AdSense for ad revenue splits.
PRM #5: Memberships• Membership-based business models can be an effective source of recurring, long-term revenue• Membership-based business models are not entirely passive … depending on how you set them up• Membership programs are seeing a decline in ‘sticky factor’ or lasting power over the last two years
PRM #5: Memberships• A membership program should be created when there is a lot of regular, on-going content available to be delivered• One way to reduce time spent: create an e- course style membership so content can be auto-delivered and one-on-one interaction is minimal
PRM #5: Memberships (Examples)• Membership program to teach other virtual assistants how to create / operate a VA business• Skill building membership either for other VAs or for clients• Membership program to teach entrepreneurs how to do specific things inside of their business
To Close on Passive Revenue• Where there is a way to monetize something, smart entrepreneurs will find it and do it.• Look at every communication, movement or action you take as an opportunity for revenue generation.• Even if your time is limited, much of this can be outsourced (www.bsetc.com) or systemized for maximum effectiveness.
Connect with Me• @ErinBlaskie• www.erinblaskieinc.com• www.bsetc.com• firstname.lastname@example.org