Ways to grow your Monthly Recurring Revenue (MRR)
To grow your MRR, it’s best to recall the four ways that MRR changes and focus on developing your pricing model to optimize each category. Here are a few simple ways to improve:
Reduce free plans
Free plans don’t count towards your MRR. Your goal should be to convert as many potential customers to paying subscribers as possible. Whenever possible, use a trial instead. Converting a trial to a paid subscription is usually easier than converting a free plan to a paid one.
Upsell or change your pricing model
If correctly implemented, add-ons and metered-billing are effective ways to upsell your existing customers. Building valuable tools on top of your core product makes it easy to add news plans to an existing subscription. Offering per-seat or per-usage billing means your revenue can grow with your customers.
Reduce involuntary churn
Stripe offers products like automatic card updates and Smart Retries to reduce the involuntary churn a normal business might encounter due to expired/lost cards or various network failures. You can also email your customers after a payment failure using our webhooks or have Stripe do it on your behalf on the Settings dashboard.