Why Startups Need to Focus on Resilient Revenue (Video)
IntelliPhi CEO Anand Thaker outlines the concept of renewable, resilient revenue and why it matters even to startups businesses in this clip from his presentation at CRM evolution 2018.
See more clips from CRM evolution in the CRM evolution Conference video portal. Learn more about CRM evolution here.
Read the complete transcript of this clip:
Anand Thaker: I want to talk about a concept that I try to discuss with a lot of customers and clients and anybody who's a practitioner: resilient revenue. Since I work a lot in the start-up world, I talk about growth, growth, growth, growth, growth, growth.
But at what expense? I think that a lot of startups certainly do burn the candle at both ends for the sake of hoping for an exit, or hoping for some avenue of growth that they are trying to achieve, but a lot of them are failing because they are forgetting about the fact that people still want to renew--0regardless of whether you're a subscription-based organization, or some other thing, you still have to renew.
You need to buy on a regular basis. What keeps people from Amazon coming back? How can you build on that ecosystem and drive new revenue channels for yourself?
These aren't new things. They're just forgotten. That's what this talks about. Let’s remember that we want to continue to keep these customers. The aspects of that include making sure you've heard these things before. I'm just listing them in a different manner, but we're talking about making sure your brand matters.
We're not talking about arts and crafts logos. We're talking about what people think. How do they feel about your brand? Even when you make a mistake, how forgiving is your brand? Part of that is, "My Apple iPhone screwed up. There's some weird thing that got uploaded. I can go to some store now. I can go to a Genie store and they can fix it."
Customer success is a term that I've been hearing a lot lately because certainly the sales force has been pushing that a lot with the service Cloud. CRM Extension has been talking a lot about customer success. I'm going to continue to keep that revenue coming back, and it's a lot of this resilient revenue. That's what growth is based upon: The team, the culture, and the innovation, and the investment. Putting all of that together is going to be a factor.
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