As I stepped into my office after the Christmas and New Year break, I was confident knowing that this year, close to half the revenue for my IT distribution company is already committed. It’s taken some time to get to that level, but it’s a great position to be in.
Recurring revenue has become such an important contribution of my total revenue that the fact that I know it’s more or less locked in, means I can focus the organisation almost exclusively on net new opportunities.
As it becomes easier and easier for resellers and their end customers to shift to competition, it becomes even more important to ensure every member of the channel including vendor, reseller and end customer is well looked after. With iasset.com, I have effectively been able to collaborate far more closely with my channel partners by giving them the visibility to every renewal opportunity, which not only generates revenue for my company, but also for their organisations.
With my team of Customer Success Managers, I’m also confident that my customers will be looked after, reducing the potential for revenue leakage.
So, in summary, if you’re haven’t already done so, I encourage you to look at your recurring revenue streams – are you maximising them and importantly do you have systems, structures and people in place to minimise your churn?