Somehow i feel like a good product/service business does have recurring revenue because the lifetime customer value per acquisition is just so much more lucrative and scaleable:
10 Customers / 12 Months x 500€ Product =
1 Year: 5000€ (10 C.) => 2 Year: 5.000€ revenue (10 C.)=>3 Year: 5.000€ (10 C.)
10 Customers / 12 Months x 500€ Subscription (annual) =
1 Year: 5000€ (10 C.) => 2 Year: 10.000€ revenue (20 C.)=> 3 Year: 15.000€ (30 C.)
we need to pay to aquire the customer anyways but to get the customer into a subscription lets us grow exponential.
@Johnny boy lawn care business for example works with recurring revenue because the service can be sold annually/monthly
but some products/services are not always made for that business-modell idealy.
now im asking everyone:
What are ways to add recurring revenue to a product/service business if they arent yet?
How did you add recurring revenue to your business in an unique way?
im thinking that every business can be made into an recurring revenue modell, you just need to find a way to do it.
realy interested to hear all your ideas.
10 Customers / 12 Months x 500€ Product =
1 Year: 5000€ (10 C.) => 2 Year: 5.000€ revenue (10 C.)=>3 Year: 5.000€ (10 C.)
10 Customers / 12 Months x 500€ Subscription (annual) =
1 Year: 5000€ (10 C.) => 2 Year: 10.000€ revenue (20 C.)=> 3 Year: 15.000€ (30 C.)
we need to pay to aquire the customer anyways but to get the customer into a subscription lets us grow exponential.
@Johnny boy lawn care business for example works with recurring revenue because the service can be sold annually/monthly
but some products/services are not always made for that business-modell idealy.
now im asking everyone:
What are ways to add recurring revenue to a product/service business if they arent yet?
How did you add recurring revenue to your business in an unique way?
im thinking that every business can be made into an recurring revenue modell, you just need to find a way to do it.
realy interested to hear all your ideas.
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