BGP 024 Naveen Dittakavi - How To Build Recurring Revenue

Naveen Dittakavi www.HowToBuildRecurringRevenue.com talks about how to build recurring revenue in your business. He also shares how he moved upmarket to increase prices and what he does to avoid churn. 0:48 80% of the work is done BEFORE you meet somebody. He prepared for over 30 hours to meet his mentor Ramit Sethi 2:38 After meeting Ramit he changed focus to work on simple key pieces 5:10 Why recurring revenue has giving him real freedom in his business 7:15 How saying “NO” is so difficult and what he did to overcome that problem 9:22 The reasons why to validate ideas very quickly and how invisible future fears cause roadblocks 13:23 AUTOMATION is the paralyzing word for software developers and entrepreneurs 16:13 Marketing wasn’t necessarily the cause of sales but rather gave him clarity to acquire more valuable clients 18:15 Modeling Others: “We don’t want to model people where they are now. We want to model people and understand what they did to get there” “What can I do for my client to help him or her succeed?” 19:33 How he changed his mindset from thinking he just developed code to knowing he was an asset helping his clients. 20:10 His process for MOVING UPMARKET and taking his customer experience to the next level Tool: Use AwayFind and setup alerts to acknowledge VIP’s 22:50 How positioning his business as a value added service provider and not a normal dev shop differentiates him in the market 25:20 What separates the people barely scraping by from high producers? 26:30 Story of how he avoided churn from a client that has been with him for 10 years. 29:45 What he does to AVOID CHURN “To avoid churn, I just make sure they are happy” “We manage churn by building and maintaining real relationships with our clients” 31:42 What barriers he had created in his mind to growing his business “The fundamental tenet of marketing is to keep doing what works until it stops working” 35:20 We talk about Naveen’s mom and a funny story he had explaining his business to her 39:35 The most important paradigm shift he had to overcome 42:39 Understanding what you really want is a key factor in growing your business 44:10 Do the exercise of the 5 year and 10 year path 46:37 How to drill down into the small next steps when looking over big goals Learn more about creating recurring revenue at www.HowToBuildRecurringRevenue.com and view his blog www.dittakavi.com 51:27 The 48 hour challenge Click here to download the transcription