Recurring revenue models have become more popular with technology. In fact, a recent study found that nearly 25% of surveyed businesses have implemented a recurring revenue model. Recurring revenue is essentially a product or service that is purchased on a predictable basis. Businesses can use this type of model to help more accurately calculate ROI projections and optimize the resources spent on obtaining new customers.
One of the most popular recurring revenue ideas is SaaS or Software as a service. Customers pay a recurring fee to have access to the software. Physical products can also be recurring through a subscription box or program. You could additionally add a membership-based program where you offer exclusive products to members only. If you are interested in learning a few more recurring revenue ideas check out the resource below. It even offers ideas of ways to implement them in your organization.
Infographic created by Clover Connect.