Recurring revenue gives the company several sales opportunities.

Here are the key systems to install for selling recurring revenue products.

New logos — this process finds new prospects and acquires them as an initial customer.

New logos represent an expansion of the customer base by bringing in new users.

This customer acquisition system must generate awareness among new prospects.

Renewals — this process seeks to retain existing customers by increasing renewals.

Maintaining existing customers comes from the successful use of the product.

The renewal process tracks the customers’ usage of the product and looks to maintain the customers’ engagement through customer success.

Customer retention comes from strong customer support.

Customer expansion — this process seeks to sell more services to existing customers.

Recurring revenue companies have multiple products to sell.

This system proposes additional products to existing customers.

A good, better, best product offering helps with the upsell and cross-selling.

There are three systems for selling recurring revenue products:  find new customers, renew existing customers, or sell more to existing customers.

Consider the system for each one of these for your startup.

 

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.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.