Gaining new customers is significantly more laborious—and thus more expensive—than “activating” existing ones. Have you ever thought about how to make customers return? A 2014 research by Harvard Business School indicates that raising retention by 5% may increase a company’s earnings by 95%—and this is true for one-person companies as well.
Projected to number more than 30 million, gig workers will provide significant competition and highlight the need for repeat business. The global market for seo freelancer in Delhi services is expected to grow at a CAGR of 15% by 2026—a recurring business that guarantees ongoing success and expansion as a freelancer.
The Significance Of Recurring Business For Independent Contractors
Lacking recurring business drives you always to send cold emails for networking, contact potential customers on social media, search for leads on freelance sites, etc. You devote more time to getting new work rather than concentrating on performing genuine customer jobs you like.
Maintaining consistent revenue and avoiding the “feast or famine” cycles will help your customers return often. This means relying on anchor clients—those with recurring business—for steady cash flow. With the liberty to choose tasks, it almost functions like having paid employment.
The Freelancing in America: 2019 survey conducted by Upwork and Freelancers Union reveals that independent contractors face the following difficulties:
Final thoughts
Of freelancers, 59% said they live paycheck to paycheck. Just 43% of those polled said they could last two weeks without pay.
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