Startup Funding Espresso – How To Integrate Recurring Revenue Into Your Business

How To Integrate Recurring Revenue Into Your Business Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In transitioning your business to recurring revenue you'll need to make changes to your processes. Here are some key steps in integrating recurring revenue into your business. Reconfigure your product offering so it can be used on a recurring basis. Update your marketing to promote the new product offering. Highlight the benefits of subscription with additional values such as always available and unlimited usage if appropriate. Set up commissions and incentives in the sales team to encourage selling the subscription products. Update your website to integrate the purchase and subscription management into it. Give the customer the ability to control their level of participation and ability to opt in and out online. Set up product usage tracking so you know how customers are using the product. For those who haven't used it in a while you can reach out with promotional offers to regain their participation. Set Up an online support process to handle customer requests through the website. Move to automated payment systems using online services. By automating the support, payment, and customer services, you can create a more efficient business process. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact [email protected] Please follow, share, and leave a review. Music courtesy of Bensound.