Monetization, Agile Billing and the 'Internet of Things'

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Monetize 2015 – Day One Recap and 7 Tips to Maximizing Recurring Revenue

Day One of Monetize was a success! Customers, sponsors, prospects, and partners joined Aria executives and employees for a day full of learning at the historic Ritz Carlton in downtown San Francisco.

Why Monetize?

Considering the range of topics covered, the event could have been named “Cloud, Agile, Billing, Recurring Revenue Conference 2015.” But we wanted something bigger and broader, something that encompassed all of the above and more. Instead, we landed on Monetize.

By definition, monetization is the process of converting or establishing something into legal tender, a form of currency, or something with transferable value. Aria’s vision, mission, and product platform all have one end goal in mind – transforming your business into sustainable growth for recurring revenue.

Day One Highlights

Day One topics focused on how to move beyond basic billing and into monetization. Learning sessions throughout the day sought to educate attendees about the benefits of switching from the traditional one-and-done sales transactions to the long-term, recurring revenue relationships.

Billing is an important piece of the recurring revenue process. Yet, monetization opportunities continue long after the initial transaction has been completed. Recurring revenue programs encompass: transactions, renewals, discounts, order fulfillment, dunning, etc.

Lessons from Day 1: 7 Tips to Maximize Recurring Revenue

  1. Cultivate the long-term relationship. The biggest difference between recurring revenue and traditional billing models is the emphasis on customer lifetime value (CLV). Recurring revenue is rooted in an ongoing customer over time.
  2. Evaluate different monetization models. Recurring revenue offers the widest range monetization models: from subscription to irregular to usage, or some combination of the three. Determine which best fits your specific business strategy.
  3. Implement rapid iteration. Your product catalog is powerful – if one offering doesn’t fare well, repackage or re-bundle into new services and plans. Pricing and packaging is competitive and offering different options to meet customers’ evolving needs brings competitive advantage.
  4. Focus on retention and upsell. Don’t disappear once the first transaction is made. You may not make money on a customer until they’ve been a customer for a year or upgrade to a new plan.
  5. Offer usage-based models. Offering multiple tiers and packages based on usage allow a variety of ways to sell, creating various revenue streams from one central product or service.
  6. Accelerate time-to-market. When using a recurring revenue model, components can be created and reused to rapidly launch new products to appeal to a larger audience.
  7. Customize the dunning experience. Most failed payments are unintentional and can be saved. Ensure the user experience for your dunning process is smooth and encourages retention.

Day Two Preview

Tomorrow, we’ll feature industry visionaries, leaders, and specific domain experts. These sessions will showcase how enterprises can transform their businesses with models that convert (and retain) customers by adding lifetime value.

We’ll hear from global brands like Accenture, Sungard Availability Services, Constant Contact, and others.

In short, we look to transform how attendees look at their roles: ultimately seeing how they’ve become drivers of greater customer lifetime value and top-line revenue.

Looking forward to seeing you on Day Two!

A full session at Day One

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Eileen Bernardo

The post Monetize 2015 – Day One Recap and 7 Tips to Maximizing Recurring Revenue appeared first on Recurring Revenue Blog | Aria Systems.

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The Aria blog is the place for news, commentary and discussion on monetization, agile billing and IoT. We cover a variety of topics including forces of market disruption, the Monetization of IoT, billing best practices, trending news and what monetization will look like in the future. Our hope is that you’ll become better informed, be entertained and in turn share your thinking, ideas and comments.