Startup Funding Espresso – Maintaining Recurring Revenue Customers

Maintaining Recurring Revenue Customers Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In a non-recurring revenue business, one focuses on finding new customers. Once you have moved to recurring revenue, you'll also need to focus on retaining existing customers. To retain customers you'll need to create a strong customer experience. This comes from solving the customer's problem efficiently and building a relationship with the customer. To solve the customer's problem efficiently, you'll need multiple price tiers so the customer does not overpay or look elsewhere for what you do not offer. Price the product so the customer finds the best value for their money. Make sure the recurring revenue fits the problem the customer must solve. It needs to be a repeat problem. Maintain high-quality customer service. The customer in most cases has prepaid for the service and will expect a high level of support. Keep your offerings up to date with the customer's needs. Recurring revenue models are constantly looking for new features to add and new products to offer. Finally, update your metrics to capture the state of the business. This includes the cost of customer acquisition and the lifetime value of the customer. 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.