If you are in the recurring revenue business, your board better want a Customer Success update or you should probably look for a new board. As we all know, the recurring part of that recurring revenue business is equal to if not greater than Sales in importance to your long-term success.
Gainsight’s Retention Management module enables recurring revenue businesses to standardize and automate workflow for customer retention – directly from within Salesforce.com. Recurring revenue businesses can accurately measure and analyze churn and assess its impact on overall revenue growth and customer lifetime value.
Recurring revenue is an income model that describes regular payments over time for a service or subscription, as opposed to a one-payment payment for a discrete item.
Examples of Recurring Revenue:
- Monthly payments to rent an apartment
- A magazine subscription
- Payments for household utilities
- Monthly subscription fees for a SaaS or other service
This model is especially important for SaaS companies, which typically receive 100% of their incomes from recurring revenue.
The Gainsight customer success platform helps to maintain and increase recurring revenue by collecting and organizing all information about customers, including if and how they use products and services. Gainsight can:
- Identify specific product features that need customizations
- Improve customer satisfaction ratings
- Increase customer retention
- Improve the ability to identify up-sell opportunities
- Derive success metrics
Gainsight’s customer intelligence increases customer retention and reduces churn, thereby supporting recurring revenue.
