Prior to launching a recurring revenue initiative, it’s best to take a step back and assess areas of the business to ensure you’re ready for implementation. If you want the competitive advantage, you have to give your customers what they want, when they want it, the way they want it. Successfully delivering a customer experience that meet those expectations challenges your business capabilities, from customer engagement to security and compliance.
A successful recurring revenue setup requires proficiency in a set of core business and operational capabilities, including: customer engagement, responsiveness, service delivery, customer service, invoice and payment, scalability, channel management, analytics, and agility. And because data fragmentation can be amplified by the scale and pace of recurring revenue, compliance and security concerns should be identified and mitigated early in the initiative.
Now that you’ve decided implementing a recurring revenue model is a step in the right direction to grow your business, where do you start? The shift is a transformational process that requires aligning strategy and action across multiple areas of the business. There are a lot of questions and considerations to address in order to stimulate the necessary discussions for a successful transformation, including:
- What does success look like and how will you measure it?
- How will you manage customers through this transition?
- Where does this initiative fit within your enterprise system roadmap?
- How will compliance and security requirements change?
The No BS Guide to Recurring Revenue Success will help your team formulate the right questions and provide you with a starting point as you prepare for the internal discussions that need to occur in the business. Download the guide today and get the conversations rolling.