May 07 2024 14 mins
I want to share three ways to enable monthly recurring revenue and three ways to grow customer lifetime value, regardless of your business model.
There are essentially three ways to enable MRR: a full-fledged subscription or membership business; what I call a “perpetual performance-based” pseudo subscription option; or optional add-on recurring products that customers can buy after a one-time initiation.
And there are three primary methods to grow CLTV once you do that. You can raise prices incrementally (the quickest but most risky), launch new products (enabling alternative purchase options), and speed up your retention point (the moment customers associate your business with an impulse/need/desire and continually come to you without even thinking).
↓ 𝗡𝗘𝗫𝗧 𝗦𝗧𝗘𝗣𝗦 ↓
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