How to build a subscription-based business that will bring you recurring revenue? In this Expert Insight Interview, Anna DiGilio provides tips on building a sustainable online business by selling your knowledge as a digital product. Anna DiGilio is a founder of Guided Readers, an online platform that allows users to discover best teaching practices.
The interview discusses:
- Transferring your knowledge into a marketable asset
- Building and scaling the business
- Generating recurring revenue
- Achieving consistency by creating a community
Creating a marketable asset
Many people have acquired particular knowledge during their years of education or by performing a specific job. Notably, through abundant experience, a person can also gain plenty of skills. The crucial point would be transmitting your know-how into the matter that will become valuable to others. When people on a larger scale start to perceive your expertise and to find it useful, they will be ready to pay for it. This moment is a turning point where your knowledge becomes a commercial asset. Recognizing it on time is of great importance.
Building and scaling the business
Once that idea and the plan is made, the next logical step would be materialization. The starting point would be educating yourself on a particular field of interest. Hence, the core is creating a knowledge base by finding a lot of available resources and readings. Meanwhile, creating an everyday routine which will consequently build up your base day by day. It can, and it usually starts with baby steps, but once you gain the profit, it is time to speed up the wheel.
Experiencing recurring revenue
Selling a single thing each day can bring uncertainty into your business when it comes to planning the future and possibly expanding or reselling your business. Profit margins have to be firstly, very high, secondly, consistent for a long-term period. On the other hand, imposing subscription-based membership could make your predictability much more precise. We can reduce uncertainty if we know in advance how much money we will generate next month. The key is in making things obvious rather than hoping for the day to day income that is extremely unpredictable.
Creating a community
Consistency is achievable only if you can make people stay, and that is possible through memberships. Once people recognize your work, they will become supporters. Consequently, as we are communicative human beings, they will give referrals. Based on these recommendations and their word of mouth, you will be able to create your community that will consist of people who share the same problems or similar experiences. The creation of the target group by the subscription website will enable you to create online groups or chats. Hence, this makes people feeling like a part of the association and develops a sense of belonging that will make them loyal customers.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.