As small business owners, entrepreneurs, social media experts, and creatives, sales are the lifeblood of any business. Too often we get excited when we get new client work and end up taking our foot off the gas. The reason that this happens all too frequently is because there is a big difference between working on your business and the work that you need to put in to work in your business. A lot of business owners run as if they are back in the nine to five routine – and certainly there are advantages to doing so, the obvious one being the security of a regular paycheck.
Many companies are excited for and know their top line revenue numbers very well. The problem is, many don’t see the best revenue opportunities right in front of them – their current customers! Loyalty is so important in today’s world and it is much harder to get a new client vs continuing the relationship that you have with an existing one. Recurring business is such an important part of business when you are doing a regular social media strategy and execution plan for your clients and many in the social media space also have courses and recurring products that make recurring revenue based businesses very attractive.
Legendary companies know how to take themselves to the next level by paying attention to issues they may have with their existing customers by finding and fixing the customer experience and recurring payments.
How important is it to fix failed recurring payments in your business pipeline? More thank you might think:
- Decreasing churn by 5% could lead to a 25-125% increase in profits
- After a great experience, customers are willing to pay 17% more for services
- Repeat customers spend 67% more in months 31-36 of working with a business than in months 0-6
Here’s where the following infographic, courtesy of Gravy comes in. Gravy has established an innovative formula of human interaction, becoming fully present and integrated into your team along with a proper software methodology to stop your leaky boat of failed payments. All the while, this will improve your customer retention and keep you focused on doing what you do best – showing your creative brilliance in serving your customers best.
See how you can improve failed payments game below: