By Larry Bregman What better way to secure residual income then through repeat business? At its very heart residual income and repeat business go hand in hand. The most successful people know this and that is why they are successful. All it takes is impressing someone once to earn their loyalty and money again and again. This will always equal a residual income stream.
The large corporations know and believe in repeat business. It is much easier to get returning customers than trying to get new ones. It is also easy to build upon a repeat customer base and use it to create new custoners. Every business owner will say that this is essential to his success.
Repeat business is basically when a customer returns to a business to buy again. They have already been there once, liked what they got and came back. Chances are they also told some friends or family about their experience, too. Referrals are a big business builder too. People are more likely to shop somewhere if they were referred by a trusted friend or family member than simply through a response to advertising.
When customers come back to purchase more products it shows the business owners they are doing something right and that they have great products. Those who get a lot of return customers are going to be successful because they are building up a customer base of loyal people who believe and trust in their business. When customers become loyal they are usually customers for life.
Customers who keep coming back provide a residual income stream that is secure and guaranteed. There is no other thing more important for providing a steady income than repeat business. An owner who is trying to discover the secret to success can stop when they discover the importance of this concept.
To capitalize on repeat business one must understand how important it is. They have to treat these customers with the same loyal attitude they have. Many businesses have implemented customer cards that provide discounts and benefits to loyal customers. This is one example of a business capitalizing on return customers. They are showing the customers they are appreciated and that they recognize their importance.