Forum Discussion
Recurring Revenue
We are looking to implement more recurring revenue services into our electrical business. Our customers are mostly residential on-off work. We have serval recurring customers but needs some ideas to market to draw in more monthly or annual services.
Has anyone had any luck in the residential side of recurring services? If so what are some that have best benefited you?
8 Replies
We're in the same boat - it's all one off. We work with a lot of realtors, and property management companies as well. One thing we've been doing to kind of get our foot in the door is offering complementary electrical inspections for home purchases. Realtors LOVE freebies, and if we can get in to do a standalone inspection looking for issues in the electrical system, we provide an estimate to the potential purchasers on what works needs to be done. It gives them a bargaining chip in making their offer and when the time comes to do the work, they have our estimate in hand and 9 times out of 10 we end up doing their project.
We've now started offering the same to home sellers, as well as complementary inspections for insurance purposes which take an hour or so for our FSR, but pays off when we send out the estimates and reports.We have been successful with recurring maintenance programs. We have commercial and residential ones and would highly encourage it.
kellivinson
Heres a link to a simple 5-Step process I created a few years ago for creating a recurring revenue model. At one point we had about 100 clients signed up to our monthly maintenance service.
https://drive.google.com/file/d/1IRa0LMpuyci7mUQv2Uh5Svsb5yY1iZxV/view?usp=sharingWe have been wanting to implement a maintenance program for a while now so I would love to participate in a conversation about this.
I would love to see what you come up with as well, the only recurring service we typically get is generator maintenance. Of course the repeat customers, but property management has been hit and miss.
We are
- reaching out to property management companies at the moment
- reaching out to strata's
- thought about realtors?
- what about businesses that would have maintenance?
- creating an "electrical club membership" for our clients
- emailing our current list of clients regularly with "monthly specials"
- messaging our upcoming visit clients with "top 5 electrical up sells"
- we follow up with clients that we've done a job for at 6 months and 1 year
- I'm sure I have more things on my white board as well haha.
Staying tuned here, would love to know any ideas that get sent!
Hey WiringByron, wondering if you could provide any insight for OP here!
