336 - Building Recurring Revenue through Maintenance and Growth Plans with Marc Hyde
Jul 22, 2024
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Marc Hyde, a successful web designer and maintenance plan advocate, shares his inspiring journey of transforming his business into a stable source of income. He dives into how he built his maintenance plan revenue to over 30% of his income while supporting a family of eight. Marc discusses the crucial balance between maintenance and growth plans, forging lasting client relationships, and innovative marketing strategies for SEO services. His insights on community support and effective service structuring provide valuable takeaways for anyone looking to enhance their web design business.
Emphasizing a people-first approach in business nurtures client relationships that enhance trust, leading to valuable referrals and loyalty.
Implementing recurring revenue streams through maintenance and growth plans provides financial stability and opportunities for experimentation in pricing strategies.
Differentiating between support services and growth services allows businesses to tailor their offerings effectively, meeting diverse client needs without overwhelming them.
Deep dives
People-First Approach
The speaker emphasizes the significance of a people-first approach in business, prioritizing genuine relationships over transactional interactions. This mindset fosters a deeper understanding of clients, allowing for tailored support that extends beyond mere sales. By prioritizing the personal connection with clients, the speaker believes it leads to better leads and referrals. This approach serves as the foundation for building trust and long-term relationships.
Importance of Recurring Revenue
Recurring revenue is highlighted as a transformative element in business sustainability and growth. The speaker introduces hosting and maintenance plans as key strategies for establishing a steady income stream. By implementing these plans, business owners can achieve financial stability, allowing for pricing flexibility and growth experimentation. Personal anecdotes illustrate how recurring income can provide security during personal challenges and facilitate professional opportunities.
Success of a Student
An illustrative example of a student's success showcases the effectiveness of implementing recurring revenue strategies. The student, who began his journey in web design and subscribed to the speaker’s maintenance plan course, is projected to earn over six figures in his business. This example reinforces the course's impact on transforming lives and building sustainable businesses. The success story provides motivation for listeners to consider similar approaches in their own practices.
Navigating Business Transitions
The transition from a pastoral background to web design is discussed as a revelation of the underlying similarities in people-oriented work. The speaker emphasizes that successful web design goes beyond technical skills and encompasses relationship management. This perspective highlights the challenge of adjusting to entrepreneurial dynamics while retaining a service-focused mindset. Questioning the transition leads to insights on leveraging past experiences for enhanced client relations in a new industry.
Separating Services for Clarity
The podcast stresses the need to clearly differentiate between support services, such as maintenance plans, and growth services, including SEO. This distinction is crucial not only for client understanding but also for effective service delivery. By defining these categories, businesses can create tailored offerings that meet diverse client needs without overwhelming them. Clearly structured service plans can enhance professionalism and improve client management.
Building Client Trust
The discussion concludes with insights on how to foster trust and demonstrate value to clients. By showcasing previous work and results, business owners can build confidence in their capabilities. The importance of presenting oneself as an authority in the field, combined with effective communication, is highlighted as a tool for nurturing client loyalty. This ultimately transforms transactions into partnerships, solidifying business relationships.
Recurring revenue…the two most lovely words in web design (or any business for that matter.)
Having enough recurring income to cover my family's bills is what changed the game for me, it’s what helped get us through a 56 day NICU journey and it’s what ultimately led to me creating my first course on how to launch and sell website maintenance plans.
One of my students Marc Hyde went through that course back in 2021 and within three years, his maintenance plan is now over 30% of his business revenue. And he’s on track for well over 6-figures this year in 2024. Recurring revenue allowed him to grow his business to become profitable and stable enough to go full time and now support a wife and family of 8 kiddos.
Today, he’s on the podcast sharing exactly how he came into web design, built, launched and sold his maintenance plan to clients and now how he’s offering his new passion for SEO and marketing plans alongside his standard web design and maintenance plans.
We cover everything from:
Having a people and results-first approach to sales
How he launched and built up his recurring revenue through maintenance plans
Where to draw the line between maintenance/support and growth plans
How to build relationships with clients to retain them
How to get better referrals from current clients and more
Marc is one of the most engaged members of my community Web Designer Pro™ and is a great example of every sense of the phrase. I hope you enjoy learning from him and take from his example of putting an emphasis on creating recurring revenue through better client relationships!
It all compounds to a stable, sustainable web business very quickly.
Get all links and resources mentioned along with a full transcription at: https://joshhall.co/336
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