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Experts in customer acquisition and retention and ecommerce share advice on how to create and sustain a successful recurring-revenue business.
The subscription-based business model is far from new. But as ecommerce and mobile commerce have taken off, so has the recurring revenue model, with dozens of new subscription-based businesses – from software services and app providers to subscription box companies like Birchbox and BarkBox – popping up each year. However, while it is often easy to attract new customers to a subscription business, especially if you have good marketing, keeping them (for more than a few months) is another thing. And without recurring revenue, you can’t have a recurring revenue business.
So what steps can (and should) businesses that plan to or currently use a subscription model take to decrease customer churn and ensure a steady revenue stream? Following are 10 tips from experts in customer acquisition and retention and executives from successful subscription-based businesses.