When you first launch a subscription product, you have to focus on winning customers right away, of course. And you’ll really quickly realize that keeping customers becomes just as important as winning customers. All companies, all subscription companies have to focus on winning and keeping customers.
There’s also growing customers, growing customers becomes really important as you mature as a company. In the beginning, it’s all about winning customers, keeping customers building up that recurring revenue base.
“When and keep early and often grow only later.” – Mark Stiving
Once you’ve built a decent installed base, though, now the question becomes, how do we get those customers to pay us more money?
If you just think about when you’re going to spend time and energy focusing on different activities early on, only focus on when and keep completely ignore the grow piece.
But once you built that installed base, it’s time to start shifting to grow the problem most companies have, they never do that. So don’t be like most companies. Instead, start thinking about how do you grow the amount of revenue you get from your installed base.
We hope you enjoyed this memecast. If you see any of our memes that you’d like to move to the top of our memecast list, please let me know. If you have any feedback, definitely send it. You can reach me at firstname.lastname@example.org. Now, go make an impact.
Connect with Mark Stiving:
- Email: email@example.com