Ways to Create a Recurring Revenue Revolution
ODO is about increasing the potential value of your business and creating recurring revenue streams. Freeing the personal sales interaction to focus on growth and supporting that increasing balance of stability between work and enjoying your life.
Moving your organisation’s business model can take a little time and rethinking. The sales cycle of numerous “one off” deals maybe be where your current mindset is. But imagine if around that model you could generate revenue from building a desirable set of automated services. Payable at a cost-efficient low entry level on a monthly basis.
It slowly begins to build month after month after month….
Consider these two models;
- Customer A gives you £X and you earn £Y profit.
- Customer B gives you £X the first month and you earn £Y profit, but he also pays you next month £X , the next month £X and the next month £X, the month after that £X all with a smaller but consistent profit (RECURRING REVENUE)
I know which customer model I like!
If what I am offering is stress removing it soon becomes a reinforced positive customer service, embedded into their business process, which will potentially underpin the longevity of the relationship and support recurring and potential increased revenue.
The first monthly £X from customer B is worth more in the long-term from the once of profit of Customer A, simply the more predictable the revenue is, the more valuable it becomes.
How ODO can help you improve your recurring revenue opportunities
ODO is an intuitive, automated, and flexible fleet management platform that enables ambitious brokers to expand their business, without the frustrations and gaps of multiple manual solutions.
It has a comprehensive set of fleet management functionality providing a wide range of business benefits that we capture under the phrase “Time to optimise your fleet”.
In this context we use “optimise” to mean; increasing profits, creating enduring customer relationships and at the same time giving you time to innovate and improve.
ODO offers an increasing number of highly automated recurring revenue opportunities that already interface with a number of major sector providers;
- Fleet Management Dashboards
- Consolidated Fleet documents and data
- Driver compliance management
- Preventative Issue Alerts
- Maintenance management
- Fuel management
- Tyre management
- EV Management
- Grey fleet management
- Real-time Accident management
- Automated Driver licence checking
- 24X7 Concierge service
- WLF Costs
- Fleet metrics and analytics
All designed to provide a seamless experience for your customers.
The Recurring revenue model is not a get rich quick scheme…
The building of stability into your business is the key criteria and providing your customers with a single portal for their changing mobility needs. It will not happen overnight, it will require commitment and focus, but it will radically benefit your business!
It is all about providing a great customer experiences and engaging their employees to realise what you are offering takes away a required management issue that both protects them and allows them to focus on their daily business.
It is so much easier communicating with your customers about small additional services on a regular basis, the value of the relationship becomes stronger and the perception is around customer service rather than the next big deal. Staying that relevant leads to strong referral opportunities.
Post Covid business sustainability is going to be even higher on the agenda having a consistent, stable income is a real stress reducer.
How the recurring revenue model goes hand in hand with the ODO SaaS solution
ODO is built on a pure SaaS model, so our journey is closely connected to our own clients. Keeping ODOrelevant in the market and evolving the recurring revenue touch points and increasing the monthly number is essential. As a software company we are valued by our increase in monthly recurring revenues and every member of our team is fully aware of that key indicator. An ODO partnership is about strengthening that customer loyalty, so as a supplier we have to ensure we are there to make it happen.
Most operations outside of the software world rarely embrace the importance of monthly recurring revenue – even though it can be a game-changer for them.
Monthly recurring revenue can make the finances more predictable, giving the Finance Director peace of mind and allowing the financial forecasting of the business to be easier.
Monthly recurring revenue facilitates lowering the peaks and troughs of income between the major new and renewal purchases. That steadying of the cashflow really helps in supporting marketing initiatives, planning expansion, employee development etc.
Subscription and recurring billing made easy with ODO
ODO makes it easy to subscribe within the platform for customers and suppliers. What we have learned in the past few years is to build some agility into both payment and package options. The packaging needs to fit the client’s requirements, to cater for seasonal variations we ensured customer were only getting billed for active vehicles.
Some clients do not want monthly billing once they get comfortable with the offering, having the flexibility to offer different billing formats is essential.
Expand the options for your customers when scheduling multiple services or buying several services upfront, can really bolster recurring revenue streams. In the case of services being offered up front for several months, a client can divide the total package over time account that as their MRR from the sale of the package.
ODO is about mutual business growth by enhanced customer service. The impact of monthly recurring revenue through scheduled services, service contracts, and partnerships; gives your business cashflow to execute and thrive in a changing sector and helps support long-term relationships.
Time to optimise your fleet
Seamless, automated end-to-end fleet management solutions
Time to Profit
- Drive your profitability through recurring revenue streams
- Increase customer value through our integrated value staircase of functionality
- Expand your fleet by winning grey-fleet with better visibility of customer’s total fleet
Time to Inspire
- Lead the way to lower carbon footprint alternatives
- Free your time to win, delight and grow your customers with bespoke reports