Have you ever wondered how to create multiple streams of passive income for your digital marketing agency? In this video by Jason Wardrop, he shares his expertise on this topic. Traditionally, digital marketing agencies rely on a single source of income, which can be risky. However, by implementing a sales funnel with a low-ticket challenge for clients, adding order form bumps, and including upsells without overwhelming clients, you can create multiple streams of income. Additionally, you can offer annual plans for software companies, generate revenue through monthly software subscriptions, and even earn recurring commissions by starting your own software company. This model allows for a more stable foundation and a more sustainable marketing agency.
If you’re interested in learning more about this model and how to implement it, Jason Wardrop recommends the “Launch Your Business Challenge.” He shares his own journey of turning his marketing agency into a successful software company and offers valuable insights and strategies that have worked for him. With this approach, you can attract more clients, retain them for longer periods of time, and build a rock-solid foundation for your digital marketing agency. Check out the video for a comprehensive breakdown of how you can create five streams of passive income for your agency.
Sales Funnel with Low Ticket Challenge
To create multiple streams of passive income for your digital marketing agency, it’s essential to implement a sales funnel with a low ticket challenge for your clients. This involves creating a challenge that is relevant to your client’s needs, such as a lead generation challenge or an automation challenge. The challenge should be priced as a low ticket item, typically ranging from $7 to $197, to attract a high volume of purchases.
The purpose of the low ticket challenge is to engage clients and provide them with valuable content and resources. This creates a sense of trust and establishes you as an authority in your industry. By offering valuable content during the challenge, you can build a relationship with your clients and increase the likelihood of them making additional purchases.
Offer Form Bump
To increase revenue from each purchase, consider adding an order form bump to your sales funnel. An order form bump is an additional offer that the client can add to their purchase at checkout. It is important to make sure that the order form bump is relevant to the client’s initial purchase. For example, if the client is purchasing a lead generation challenge, the order form bump may be an additional set of email and SMS follow-up templates to help convert leads into booked appointments.
By offering an order form bump, you can increase the average order value and generate more revenue from each customer. This additional stream of income can help to boost your overall profits and create a more sustainable income for your agency.
Upsells
Another effective strategy for creating multiple streams of income is to include upsells in your sales funnel. Upsells are higher-priced products or services that you offer to your customers after they have made an initial purchase. These upsells should be complementary to the client’s initial purchase and provide additional value.
However, it is important not to overwhelm your clients with too many upsells. Instead, focus on offering one or two upsells that are highly relevant and valuable. This helps to maintain a positive customer experience and ensures that your clients continue to see the benefits of working with your agency.
Annual Plan for Software Company
One stream of income that you can create for your digital marketing agency is by offering an annual plan for a software company. This involves providing your clients with the option to purchase a discounted rate for the entire year. By offering an annual plan, you can incentivize clients to commit to a longer-term relationship with your agency.
When promoting the benefits of an annual plan, emphasize the cost savings and the added value that comes with a long-term commitment. This can help to increase client retention and create a more stable foundation for your agency’s income.
Monthly Software Subscriptions
Another stream of income that you can generate is through monthly software subscriptions. This involves creating different pricing tiers to cater to different client needs. The pricing tiers should offer additional features or support as the subscription cost increases.
By offering monthly software subscriptions, you can generate recurring revenue for your agency. This provides a steady stream of income and allows you to build long-term relationships with your clients. Additionally, offering additional features or support at higher-tier subscriptions can incentivize clients to upgrade and increase their monthly payment.
Monthly Recurring Commissions
If you’re looking to create a passive income stream, consider starting your own software company. By developing a software product that aligns with your agency’s services, you can offer the software to clients and earn monthly recurring commissions on their subscriptions.
This model allows you to leverage your existing client base and earn passive income from their continued use of the software. It is important to choose a software product that complements your agency’s services and provides additional value to your clients.
Additional Services for Software Users
To further enhance the value proposition of your agency, consider offering additional services to clients who are using the software. For example, you can provide Facebook advertising services to help drive traffic and conversions for your clients. Additionally, offering SEO services can help improve their organic search rankings and increase their online visibility.
By offering additional services, you can increase your revenue and create additional streams of income. These services should be aligned with your core services and provide added value to your clients.
Multiple Streams of Income
Implementing multiple streams of income is crucial for creating a sustainable digital marketing agency. By diversifying your revenue sources, you can reduce the risk of relying on a single stream of income. This can help to ensure the long-term stability and growth of your agency.
It is important to carefully consider each stream of income and ensure that it complements your agency’s core services. By offering a variety of products and services, you can appeal to a wider audience and create additional opportunities for revenue generation.
Focus on Lower-Priced Offerings
To attract more clients and retain them for longer periods of time, consider focusing on lower-priced products or services. By offering more affordable options, you can appeal to a wider audience and increase your client base.
Lower-priced offerings can also help to build trust and loyalty with your clients. By providing affordable recurring subscriptions, you can create a steady stream of income and establish long-term relationships with your clients.
Conclusion
Creating multiple streams of passive income is essential for the stability and growth of a digital marketing agency. By implementing a sales funnel, incorporating upsells, and offering recurring revenue models, you can ensure sustainable growth for your agency.
Additionally, offering additional services to software users can enhance the value proposition of your agency and provide additional revenue streams. By diversifying your income sources and focusing on lower-priced offerings, you can attract and retain more clients.
By following these strategies and implementing the recommended approaches, you can create a more stable and successful digital marketing agency with multiple streams of passive income. So, what are you waiting for? Start implementing these steps and watch your agency thrive!