Using passive income streams to diversify your income will enable you to have your offer sell on autopilot through funnels.
In Episode 59 of the Marketing Matrix Podcast, affiliate juggernaut Doug Boughton shared how he helps business owners implant and automate sales systems that maximize revenue in less time to create efficiency in their business and create the passive income we all desire.
Here are some of the most notable takeaways:
Serve The Audience that Motivates You
Deep down, you must listen to your core motivator and serve the people that you want to help most. Doug Boughton is driven to help the beginners and the newbies who are often left behind in the online space because when he started out, he didn’t receive any help.
With a unique target audience, you’ll build your own tribe easily. By helping people who want to start with building an affiliate network and then launch their own program down the road, Doug built a successful business and big clientbase.
Build Your Business One Step at a Time Toward Passive Income
Scaling for your business happens one step at a time.
One key is to start with organic marketing strategies. Take the time in this free arena to realize the messaging that will speak to your audience and get it working organically. Later, you can scale that messaging with paid advertisements.
The other thing to realize is that in order to make a million dollars, you need to make your first thousand. If you can make a thousand, you can make a million with the same process. It’s all about making systems and putting processes in place, and not doing it alone. It’s so much easier to scale up to a six-figure business when you’re not starting from absolute scratch; from there you can continue to evolve. Automating these same processes will move your business toward earning more and more passive income.
The 6-Step Process to Diversify Income Through Passive Income Streams
1. Identify Your Target Audience and Their Needs
First, you need to identify who your target audience is, and then also what their biggest problem is. In this step you’ll also identify what you’re selling and what your goal is. How can you help your target audience solve their problems?
2. Create a Free Offer to Solve That Problem
Create a template, a course, a challenge, or a giveaway in order to help your target audience solve the problem you identified in step 1.
3. Gather in a Community
To get your people to opt-in to your free offer, have them join an online community you create (usually a Facebook Group). When they join, they’ll gain access to that free product after they answer some questions focused around market research, and they’ll also be asked to provide their email address.
4. Make a Funnel to a Free Offer
Once you have their email address, you can automatically ping them with a few emails asking them to create their username and password to go through your free offer. It’s important to incentivize them to finish it because the more people consume your content, the more they’ll want to take the next step with you.
5. Upsell To Your Paid Offer with Automations to Create Passive Income
Now, make them an offer they can’t refuse. At this point, your audience will want the next step in the journey. This is the time to point your audience to your main, paid offer. Using automations to guide your audience through this process makes it a great way to earn passive income.
6. Find and Engage with Your Target Audience
Notice how the last step isn’t to sell? The last step in this sequence is all about finding your target audience and genuinely engaging with them. Find where they hang out and discover their struggles. Go out and help them and don’t ask for anything in return. You’ll become the go-to person for the problem you solve.
Get clarification around your target audience and their needs, and learn how you can genuinely help them. This process will grow your business by employing passive income streams and give you a growing list of credentials and references in your community.