522: Monthly Recurring Revenue | Mark Girvan

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Mark Girvan, CEO of Freshbooks, joins the podcast this week – Mark got into sales at a company involved with the early days of voice recognition software, and this is where he fell in love with the art and science that technology can behold. George and Mark cover three topics: Monthly recurring revenue, the sale indicators, and acquiring new vs. engaging existing customers.

Monthly Recurring Revenue: We buy differently now—try before you buy is the new normal. As consumers, we do not want to get locked into a 2 or 3-year contract, and what we see as a consequence of this new pricing system is that customers will pay more over time. Consider the pricing model you are utilizing currently and if you are still locking in your customers. Monthly recurring revenue is not a “right,” you must still deliver.
The Indicators for a Sale: Are you preparing your prospects to buy? There are certain signs that both your agency and your customer will show you they are ready to move forward with the buying process. Develop a checklist that has you engaging at the appropriate times with the right calls to action to scale your customers.
Acquiring New vs. Engaging Existing Customers: Nurturing current customers instead of chasing new ones. It is not always best to dig for diamonds in another backyard before you analyze your own. Instead, consider focusing on revenue AND churn. You can have a high NPS score while leaking revenue out the back door.

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