3 Keys To A Lucrative Passive Income Stream That No One Tells You About
3 Keys To A Lucrative Passive Income Stream That No One Tells You About
Here’s why creating a passive income channel from scratch is so hard.
Simon Migaj
Do your ears perk up when you hear passive income?
We all want it, but actually following through and creating a passive income channel isn’t that easy.
It requires a level of mastery, a skill level that in my opinion, warrants a more expert level of entrepreneurship.
If you’re curious about passive income channels, or are currently exploring this route but haven’t had success monetizing it, here are the 3 key things that actually make or break a passive income channel.
A Large Audience, Like Really Large
There’s a lot of pre-work involved in creating a passive income channel, you can’t just jump into it. Before launching a passive income channel, you have to spend months building a very large audience first.
If you’re hoping to see a $10K/month income from your passive income channel, you need to have a lot of eyeballs on your content, north of high 6-figures that’s actively converting into warm leads (through actions such as joining your email list, webinar, or another involved engagement step).
It’s only once you’ve nailed down this pre-work of building a large audience that you even have a fighting chance at testing whether your passive income business will work.
Hyperactive Marketing And Sales Funnel
Have you ever tried convincing a random stranger who found your brand online to buy your product or service? It’s not easy. It takes time and effort to stoke that fire in them to take action.
Passive income channels typically sell a product that doesn’t have an element of human interaction to them, which is why it’s much harder to convert customers through this medium vs. converting a customer for a product or service that has 1-on-1 human interaction.
As a result, in order to make a passive income channel thrive, you need a hyperactive marketing and sales funnel. This funnel needs to be dialed-in, carried by an effective strategy that’s piquing interest, building relationships, and pushing people to buy.
You have to master the magic of making the audience feel like you’re speaking to them directly and personally selling to their pain points through an ecosystem of content that is actually automated. Human, emotion-provoking content even though you’re not physically there. It’s a challenge.
Funnels like these take time and experimentation to figure out and aren’t built overnight.
Constant Feedings
Do you remember Tamagotchis? And how you had to constantly feed them to keep it alive? You have to vigorously feed your passive income stream the same way.
Once you’ve figured out how to build a large audience and create a hyperactive marketing and sales funnel for your passive income stream, now you need to constantly feed it to bring in consistent revenue for you.
You will have audience attrition pretty much every day — people will unsubscribe from your content, others will forget about you and not open your emails.
In order to consistently hit your target monthly sales numbers, you need to make up for your attrition and serve your funnel a new plate of leads every day.
This is why so many passive income companies have an aggressive marketing strategy that is usually a mix of digital ads, content marketing, and social media marketing. They employ all these strategies at an extreme level to guarantee a solid group of daily leads.
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