How I Made €101,964.57 with 5 People I've Never Met in Person
Discover how I transformed routine credit recovery into a profit powerhouse. Learn how a simple 'Grand Prix' can turn any task into a team-wide triumph.
Hello, Remote Leader 👋
Today, I'm excited to share how Voxloud, my fully remote company thriving in the SaaS realm, turned a routine task into a lucrative strategy, bringing in €101,964.57 that we were on track to lose in 2023.
Firstly, a brief introduction to Voxloud for those new around here. We're a fully remote, customer-centric SaaS company that streamlines business communications.
Our full remote ethos isn't just about work; it's our lifestyle, fostering a dynamic and responsive team across borders.
Turning Unpaid Invoices into Opportunities
Like many SaaS providers, Voxloud isn't immune to churn – the rate at which customers stop doing business with us.
Despite our low churn rate, the absolute number of unpaid invoices began to demand attention as Voxloud grew into a stable and profitable 7-figure company.
A significant part of reducing churn involves proactive customer engagement, especially when there's a hiccup in payments.
It's not just about recovering funds.
It's an opportunity to connect, enhance customer satisfaction, and ensure our users feel valued, not just as numbers but as integral members of the Voxloud community.
We experimented with various strategies, from outsourcing to sales calls, but the real transformation came when we decided to make this "boring" activity a lucrative one for our support team.
In Voxloud, support isn't just a department; it's our cornerstone. With a response time of under 59 seconds and a satisfaction rate of over 97%, our support team is the heart and voice of our company.
They're perfectly positioned not just to recover credit but to reinforce customer relationships and uphold our reputation for exceptional service.
The Credit Recovery Grand Prix
So, how did we turn credit recovery into a revenue stream and motivation booster? Introducing Monthly Credit Recovery Grand Prix.
Each month, we set a credit recovery quota. Once reached, we celebrate the top performers with monetary rewards. Plus, when the team hits the quota early – the Grand Prix restarts, doubling or even quadrupling the recovery (and rewards) within the same month.
This innovative approach has allowed our support team members to boost their monthly earnings by up to 25%, and allowed Voxloud to make €101,964.57 that otherwise would have been lost 💥
The Power of Grand Prix
Grand Prix aren't just for support; they can illuminate and invigorate any area of your company. Imagine the possibilities: a coding marathon for developers, a creative campaign blast for marketers, or an efficiency rally for administrative staff.
The most boring tasks hold the potential for innovation and profit. It's all about perspective, motivation, and a willingness to think outside the conventional box.
Now, I turn to you. What 'Grand Prix' could ignite passion and productivity in your team? Share your ideas and explore how a little competition can lead to significant gains.
That's all for this Saturday.
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I wish you a great weekend!