Naveen Dittakavi www.HowToBuildRecurringRevenue.com talks about how to build recurring revenue in your business. He also shares how he moved upmarket to increase prices and what he does to avoid churn.
0:48 80% of the work is done BEFORE you meet somebody. He prepared for over 30 hours to meet his mentor Ramit Sethi
2:38 After meeting Ramit he changed focus to work on simple key pieces
5:10 Why recurring revenue has giving him real freedom in his business
7:15 How saying “NO” is so difficult and what he did to overcome that problem
9:22 The reasons why to validate ideas very quickly and how invisible future fears cause roadblocks
13:23 AUTOMATION is the paralyzing word for software developers and entrepreneurs
16:13 Marketing wasn’t necessarily the cause of sales but rather gave him clarity to acquire more valuable clients
18:15 Modeling Others: “We don’t want to model people where they are now. We want to model people and understand what they did to get there”
“What can I do for my client to help him or her succeed?”
19:33 How he changed his mindset from thinking he just developed code to knowing he was an asset helping his clients.
20:10 His process for MOVING UPMARKET and taking his customer experience to the next level
Tool: Use AwayFind and setup alerts to acknowledge VIP’s
22:50 How positioning his business as a value added service provider and not a normal dev shop differentiates him in the market
25:20 What separates the people barely scraping by from high producers?
26:30 Story of how he avoided churn from a client that has been with him for 10 years.
29:45 What he does to AVOID CHURN
“To avoid churn, I just make sure they are happy”
“We manage churn by building and maintaining real relationships with our clients”
31:42 What barriers he had created in his mind to growing his business
“The fundamental tenet of marketing is to keep doing what works until it stops working”
35:20 We talk about Naveen’s mom and a funny story he had explaining his business to her
39:35 The most important paradigm shift he had to overcome
42:39 Understanding what you really want is a key factor in growing your business
44:10 Do the exercise of the 5 year and 10 year path
46:37 How to drill down into the small next steps when looking over big goals
51:27 The 48 hour challenge