Running a business in the digital age can be overwhelming. When nearly all aspects of a company require digital tracking, it can be easy to lose track of important information. But how can you optimize your business and improve your bottom line? Here are seven tips to improve your monthly recurring revenue.
Quick Links
1. Use Specialized Software
Monthly Recurring Revenue (MRR) can be extremely difficult to track if you sell subscription services. When some clients purchase annual or weekly subscriptions, their payments are easy to follow. But what you earn from these clients month over month is another story. Using specialized MRR software can break down your monthly profits, making your revenue easier to track.
2. Link Your Teams Together
Get over the workplace silos with digital revenue operations tools. Keeping your departments linked financially will ensure everyone stays within the budget and may even help them to recognize issues and opportunities that another team may miss.
3. Utilize Social Media
These days, social media marketing is everywhere. The best part about it? It’s free! However, social media sites are not one-size-fits-all. Create content that speaks to your target audience, and post to the right places to be sure they will see it. Once you have their attention, keep them engaged. Getting likes and clicks can move your content up in social media algorithms, putting your business front and center. Utilize the analytics tools available on social media to dig into your viewership and ensure you’re reaching the right people.
4. Stop Giving Away Your Work
Some businesses offer free versions of their digital work to attract customers. Complimentary offerings can work initially but don’t undervalue your business. You work hard, and your ideal customer will appreciate that and be willing to pay for it. Anyone who only wants you for your free goods isn’t going to help you put dinner on the table.
5. Create À La Carte Options
Just as you don’t want to give away your services for free, you also don’t want to turn off paying customers by making things too expensive. Offer different levels of service to attract additional clients. A base level of service can be the least costly option, then offer more benefits as add-ons. By ungrouping your service levels, you may entice more reluctant consumers to jump to the next level with one or two additional services at a lower price. Basic customers may eventually see the value in higher-priced items and add those later. This strategy allows you to build loyal and lucrative customers over time.
6. Invest in Your Website
These days, anything without a proper webpage will likely struggle. Think of how often you have used an internet search to learn more about a local restaurant, only to find no menu online and end up going elsewhere. Consumers want easy access to the things they need, and a well-designed website can make all the difference.
7. Get Familiar With SEO
Once you have a user-friendly website, you want to ensure it ranks high in search results so you can reach more potential clients. Search engine optimization can help you do just that. If you’re unclear on the ins and outs of search engine optimization, turn to your web design team or hire a third party to assist. Investing in your internet visibility will increase traffic to your webpage and bring in new clientele without much effort.
You don’t need to reinvent the wheel to improve your company’s monthly recurring revenue. When you utilize specialized software and social media, rework your pricing strategy and improve your visibility, improving your MRR will feel like a natural part of running your company.