It’s the holy grail of wealth building: setting up several passive income streams that can make money while you sleep. Imagine it; a business that virtually runs itself… automated systems for taking money, product delivery and customer relationship management. All you need to do is set it up… and let it do its thing… making money for you in the background… while you spend your time enjoying your life.
There are two main ways to earn passive income. The two main ways are through an online business, and through certain types of investments.
What Is Passive Income?
First a Review of What is Passive Income:
There are many definitions of what passive income means. In simple terms and reflects most definitions I have seen:
Passive activity income includes all income from passive activities and generally includes gain from disposition of an interest in a passive activity or property used in a passive activity
Translation: Basically it’s any income that is earned passively or without involvement from the recipient of the income. Wikipedia offers these examples:
- Rental property
- Dividends from stocks, mutual funds, etc
- Earnings from owning a business partnership
The trend to notice is that in all cases is that passive income involves some kind of initial investment as a way to start the process of making more money.
- You had to buy the property to rent it out
- You had to buy the stock shares to receive the dividend payments
- You had to investment money into a CD to receive interest
- You had to investment in a stake of the company to make a partnership and receive a cut of the earnings.
One could argue that “time” was certainly invested in each one of these activities, so in my view this key to sustainable passive income.
The four pillars to online passive income marketing success
Pillar 1: Relationships
Creating strong relationships with an audience is critical to everything you do. Rather than constantly hunting down new customers, you are better off to create a valued environment that benefits your existing list that keeps pulling them back. Advertising in the traditional sense is not vital; instead, you engage with your list they will do a great job of “spreading the word” for you.
It’s all about having the utmost respect, always, for your list and your market.
It’s about focusing almost obsessively on their needs, over and above your own (and getting what you want, almost magically, in the process).
It’s about making a commitment to creating a quality experience for everyone you engage with.
Pillar 2: Quality Opportunities
You need to stay abreast of the latest passive income opportunities, but underlying everything you promote you must be in it yourself and prove it.
Bring the opportunity to your list with a killer headline and moving strategically through the detail to a stirring call to action, traditional copywriting technique works amazingly well in social media.
“Old-fashioned” copywriting advice about the opportunity can make all the difference between your business or blog that limps along and one that truly thrives.
Pillar 3: Content marketing of passive income information
Deliver great content.
Then keep delivering great content, but in a strategic and focused way.
As the opportunities present themselves, position this new passive income initiative to your list and subscribers that will benefit them.
Pillar 4: Have something worth promoting
Everyone is selling something. It might be a product, a service, a download, an idea, or a worthy cause.
You are selling lifestyle, financial freedom and flexibility, it’s got to be worth the price.
Whether you’re asking them to invest dollars, euros, yen, or valuable time and attention, you’ve got to deliver something that towers above the investment of time and financial resource…your commitment and support.
Bringing it all together
Each of these four pillars enhances the others. Together, they’re much stronger than they would be if any of the pillars were missing.
To make it work even better, I’ll be showing you “behind the scenes” lessons that show you how you will put your own marketing systems together, and the role each piece plays.