01 Apr SME All Star – How to Develop an IoT Business around Data
uilding an IoT product line isn’t just for the big guys. Small and medium size manufacturers can transform their business into Internet of Things powerhouses by following the same IoT playbook – albeit on a smaller scale. In this episode of the IoT Business Show I speak with Christian Shaffer about the steps his 20-person company took to unlock $2 million in recurring revenue.
In this episode of the IoT Business Show, I speak with Christian Shaffer about the steps his 20-person company took to unlock $2 million in recurring revenue.
Christian is Director of Customer Success at All Traffic Solutions and has over 15 years of experience in software sales and account management. He played a key role in transforming All Traffic Solutions from a hardware company into an IoT company with a subscription-based recurring revenue model.
By deploying an IoT product every department in your company is going to change. Not only that but more and more companies are adding a new “Customer Success” department mandated with ensuring ongoing customer success. Unlike in traditional companies, the customer relationship just begins after selling an IoT product, so to keep renewals happening a dedicated consultant is often assigned to ensure success. This two-step sales process keeps continuity within the channel while adding a new kind of salesperson to the organization.
Here’s What We’ll Cover in this Episode
- Uptake of IoT product versus traditional product.
- The premium put on the IoT product versus the traditional product.
- % of product cost used as monthly service fee.
- Services added to their traditional product to make them IoT products.
- The importance of being “all in” and how each company department was impacted by IoT.
- The Customer Success department and their focus on satisfying the customer and getting them to renew.
- The relationship between Customer Success and Sales.
Mentioned in this Episode and Other Useful Links
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