Get Steve Terry’s slide presentation from the Recurring Revenue Conference 2018 breakout session: 5 Habits to Attain Frictionless Growth [PDF].

Last week we participated in the Recurring Revenue Conference 2018 presented by Sutton Capital Partners in beautiful Marina del Rey, CA. It’s the largest, independent conference focused on the subscription economy and how recurring revenue can reshape the future of business.

This year’s theme was how to deepen the customer relationship and that of the Continuous Customer™. As Rick Stollmeyer, Founder and CEO of MindBody stated nicely, “The whole point of a business is to improve relationships with clients. It must be mutually beneficial, a win-win for all parties.”

The day was packed with high-energy panels, keynotes, and breakout sessions focused on lessons learned, pro tips, and great advice from industry veterans and emerging rock stars of the recurring revenue world. Here’s our 4 favorite insights on catching, keeping, and growing customers.

1. The subscription economy has matured—you no longer have an excuse to get the basics wrong.

The tools around subscription businesses have matured greatly in just the past five years as has the customer’s understanding of subscription. This means that companies need to focus on making it not only easy, but an effortless experience at every level of engagement. Georg Richter, CEO of OceanX shared on his panel, “Make your subscribers feel like your brand is their good friend.” Another great piece of advice was from Chris Davis, CEO and co-founder of Loot Crate:

Recurring Revenue Conference Panel 1 Image

2. Not everyone is a Continuous Customer, nor should they be. But for those that are, get to know them extremely well.

In the session The Continuous Customer: Find, Grow and Keep!, Jeff Wissink, Managing Director of Navint Partners led off with a great example of Amazon’s attempts at showing relevant content in an effort to have customers purchase more items.

Recurring Revenue Conference Panel 3

Jerry Jao, CEO of Retention Science had some interesting insights from his company’s work with Dollar Shave Club, Target, The Honest Company, and more. He stated that subscriptions that will stand the test of time are those out of necessity and from companies (or people) that people like and believe to be authentic. He also advised that the best way to keep continuous customers is to spend as much time as you can with them—understand them, their use of your products/services, their thoughts and beliefs about your company, and any nuances that make their company special.

On finding continuous customers, CRM king Jon Ferrara, CEO of Nimble shared deep insights from his years understanding customers, “Stop talking about how great you are, nobody cares. Talk about how you can help other people.”

Recurring Revenue Conference Panel 3 Nimble

3. Always measure everything you do to attract and retain customers. It’s the only way you’ll know what to keep doing.

The number of subscription providers are increasing exponentially—how do you break through the noise? Julie Roy, the CMO of Chrome River reminded us that marketing does help shepherd the brand, but brand is really developed across every employee, every function, and every touchpoint for customers over time. And because consumers have so many choices, companies need to really dig in and understand the unique reasons customers are subscribing to your product.

Terry Welty, VP of Marketing for Patient Pop reminded us that “the only thing worse than failing and not knowing why is succeeding and not knowing why.” And because the customer touchpoints are vast, it’s essential that you know your position in the marketplace and be relentless with those differentiators. He also imparted this wisdom on the best marketing channel:

Recurring Revenue Conference Panel 2

4: Every employee is customer facing for recurring revenue businesses.

Steve Terry and Pete Getchell from Navint facilitated a packed breakout session exploring the challenges attendees have faced when scaling recurring revenue businesses and how to anticipate and overcome them to enable growth. They introduced twelve symptoms of a broken recurring revenue business that had the audience nodding empathetically and groaning with realization that they themselves are experiencing these symptoms in their business.

One dysfunction Steve shared is the non-linear experience customers have with brands, and that item-based thinking puts fences around departments that interact with customers. One of his five habits we need to form to attain frictionless customer growth was about the back-office:

Recurring Revenue Conference Breakout Habit 4

Well Done Sutton Capital Partners

This was just a few of the many insights gleaned from the Recurring Revenue Conference 2018. Everything from hiring practices to securing funding, pricing and packaging to scaling, and much more was dissected, talked about, and shared. Congratulations to Peter, Nancy, and the entire Sutton Capital Partners team for an outstanding day. We look forward to next year!

Get Steve Terry’s slide presentation from the Recurring Revenue Conference 2018 breakout session: 5 Habits to Attain Frictionless Growth [PDF].