Ideas for Generating Revenue with Virtual PBX

In today’s competitive landscape, coming up with new ideas to generate robust and sustainable revenue streams is a requirement. Within the technology services space specifically, IT businesses are finding ways to implement revenue-generating strategies and quickly gaining ground by adding Virtual PBX to their offerings. It’s appealing because it can generate a steady flow of income for all types of IT businesses, including businesses that are already selling cloud communication solutions.

Below are five revenue-generating techniques that you can use to as you consider adding Virtual PBX to your mix to successfully create and drive business growth.

1. Recurring Revenue

Adopting a recurring revenue model is far from single-sided, as it meets the needs of both your customers and your business. In addition to being an attractive option for business owners, a recurring revenue model is also attractive to end users because it offers an easier entry into the market. Customers can pay a lower monthly, quarterly or annual fee instead of a large upfront investment.

Adding PanTerra’s cloud solution to your product line provides a way for you to earn recurring revenue and offers your business financial peace of mind. You create more stable, predictable and recurring revenue streams that your business can count on in the future.

2. Subscription-based Models

More businesses are veering away from product purchases and shifting to a subscription-based model. Netflix, Dropbox, Salesforce - these companies offer monthly or annual service subscriptions and have been widely successful.

Adobe is another great example of a company that moved from a one-time purchase model to a subscription-only model and reaped rewards. They went from selling expensive software that the end user had to install to offering it via the cloud for a lower monthly fee, enabling thousands of end users to sign up and use their software products.

Do you have complementary services that you can combine with PanTerra’s unified communications platform and implement a subscription-based strategy? You may want to consider adding SmartBox, file sharing that communicates, to your arsenal.

3. Master the Art of Cross-Selling

Think back to the last time you purchased a product from Amazon or another e-commerce site. After you completed the order, did they recommend similar items that you may be interested in? Did you take the bait and click to save the product to your wish list or even make a purchase? What you may not know is that this website employed a sales technique called cross-selling.

Cross-selling is the practice of selling or suggesting complementary products or services to existing customers. Cross-selling can dramatically improve business growth.

Amazon attributes up to 30 percent of its profits to cross-selling.

Never mistake cross-selling with serving up the most expensive or intricate solutions. Instead, think about what products will pair naturally with the existing solution and make personalized recommendations. Only make suggestions that are well-timed and relevant to the customer’s situation.

Consider cross-selling PanTerra’s SmartBand MPLS along with any of your IT service plans as an alternative to a customer’s existing bandwidth provider.

4. Personalize your Upselling Efforts

Upselling is an opportunity to entice the customer to purchase more expensive items, such as upgrades or add-ons.

When Amazon introduced the upsell in 2006, their sales increased by 35 percent.

Upselling has earned a bad reputation. Many people think of the technique as just another way to make a buck by offering more expensive features that customers don’t need and will probably never use. But, when done right and with the customer’s needs in mind, upselling can lay the foundation for strong and long-lasting customer relationships.

The best approach to upselling is to study your audience to understand what motivates them and what challenges they face. There are multiple ways you can engage with and get to know your target customers including:

• Monitoring social media channels and following industry-relevant hashtags
• Interviewing your sales team to glean critical insights about existing customers
• Sending customer surveys to keep a pulse on their interests

Use all this information to pinpoint potential customers’ needs and offer customized solutions. When you recommend solutions that offer more value to your customers, you add more value and revenue streams for your business.

PanTerra offers several of its features as add-ons to lower-level seats. Don’t be afraid to learn more about your customer’s environment, you may find that you have exactly what they didn’t realize they needed.

5. White Label

Developing, testing and unveiling innovative fresh-out-of-the-oven solutions takes a considerable amount of time and money - time and money your business may not have. By offering solutions as a white label, you can deliver best-of-breed solutions under your brand name without investing in any hardware or software and start to generate sustainable revenue streams sooner rather than later.

PanTerra offers a wholesale ‘white label’ program to those IT businesses that have a brand their customers have become used to and trust to deliver exemplary products/services.

In closing, PanTerra allows agents to easily build sustainable revenue streams with margins up to 25 percent using our Agent-Reseller WorldSmart platform. We empower businesses to rapidly go-to-market and successfully sell, deliver, manage and invoice for margin-rich, private label cloud communications services, including hosted PBX/VoIP, unified communications and more.

Cloud PBX, UCC and UCaaS (Unified Communications as a Service) are perfectly suited for a subscription-based model. By offering cloud communications at a monthly or annual fee, you provide end users with a hassle-free, convenient shopping experience leading to stickier customers. What’s more, subscription services offer a flat rate to ensure customers stay within budget. You can even offer added value through cross-selling and upselling services by bundling multiple services together for the price of one, such as voice, video, file storage, chat, bandwidth and data integration.

Learn more about how you can build customer relationships that result in increased cash flow and enable explosive growth.