Imagine if you could be by your pet parents' side as they bring home their new furry, scaled, or feathered friend?
The Three R’s of Creating a Recurring Revenue Model
The secret sauce to creating engaging, long-term relationships with customers lies in the three ‘Rs’ -- retention, revenue, and referrals.
- Retention: After-sale product engagement can drastically reduce churn and increase retention, as companies are constantly connecting with customers via product touchpoints throughout the lifecycle of the product.
- Revenue: With a clear understanding of product usage, businesses can easily cross-sell and upsell the customers that are using their products more frequently. Like Peloton, this can create an ongoing steady, predictable revenue stream for the business.
- Referrals: Happy customers are going to tell their friends and family about purchases and businesses they are excited about, becoming brand advocates without any investment in marketing or sales dollars.
As mentioned, product touchpoints can fuel these long-term relationships, where brands create specific post-sale engagements to connect with their customers at exactly the right time. Source data, like customer location, product usage, purchase date and more, can drive these post-sale product touchpoints that will help businesses optimize customer experiences and drive recurring revenue.
- Learn how to build a scalable business model that delivers continuous, recurring value and after-sale product engagement
- Discover the best IoT use cases that are best suited for solving real business problems
- Learn best practices for building a connected enterprise IoT product
Click here to watch “The Peloton Model: How to Build a Successful Subscription Service with the Internet of Things.”