Residual income comes from other people reacting to a single action by the business owner. 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 businesses know this and that is why they are successful. All it takes is impressing someone once to earn their business and money again and again. So repeat business will always equal a residual income stream.
The large corporations know and believe in repeat business. It is much easier to get repeat business than to get new business. It is also easy to build upon repeat business and use it to create new business. Every business owner will say that repeat business is essential to business 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. Repeat business is more than it seems. It shows the business owner they are doing something right and that they have great products. The business owner who gets a lot of repeat business is going to be successful because he is building up a customer base of loyal people who believe and trust in the business. When customers become loyal they are usually customers for life.
Repeat business is a residual income stream that is secure and guaranteed. There is no other thing in residual income business that means more than repeat business. A business owner who is trying to discover the secret to success can stop when they discover the importance of repeat business. To capitalize on repeat business a business owner 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 repeat business. They are showing the customers they are appreciated and that they recognize their importance.
Overlooking repeat business and its impact on business is a fatal mistake any business owner can make. Business owners need repeat business to have that residual income stream that will make them successful. Every major corporation makes a large percentage of their profits form repeat business, which just goes to show how important it is. If the big guys are using it and benefiting from it then it obviously is an important factor in business success.
To Your Success!