As Parry mentioned in his first blog post, our prior business experience practically goaded us to start Tingono. We love a good challenge; especially one we are uniquely qualified to solve. So here we are: solving customer retention and customer expansion.
Ultimately, this journey is about answering the question, “how can we, as business leaders, efficiently turn our business efforts into revenue?”. That’s a big question to answer, but we have some solid ideas. Parry and I strongly believe that the most efficient way to drive revenue growth is to focus on retaining and expanding your existing customers. The entire concept of Net Dollar Retention (NDR) supports this assertion.
While building GlimpzIt, we learned that efficiently driving revenue growth meant we had to solve the leaky bucket problem.
Specifically, for recurring revenue growth it’s more expensive to fill your revenue bucket with new business than it is to retain and expand your existing customers.
The analogy to a leaky water bucket is quite apt.
There are two ways to maintain water in a leaky bucket. You can continually fill the top of the bucket with new water (i.e. acquire new customers).
This is extremely time-consuming, and requires constant, high efforts from your sales and marketing teams. It also requires a stable supply of buyers.
The other option is to plug the leak in the bucket (i.e. retain customers). We believe the latter is critical for long-term revenue success.
It’s much easier to solve a problem proactively than try and make up for lost revenue retroactively, as you’d do when topping off the bucket!
Along our journey, Parry and I stumbled upon the word “Tingo”.
It’s a word from the Rapa Nui language of Easter Island that means “to borrow objects from a friend’s home one-by-one until there is nothing left.”
Putting ourselves in the shoes of the homeowner, we recognized this word very closely described what it feels like to have a leaky revenue bucket.
Businesses can suffer from churning or downgrading clients (the leak in the bucket) to the point where it becomes impossible to sustain their revenue clip by just focusing on top of the funnel sales.
Equally as important, it’s a gradual and deceptive leak, so you don’t notice it until it’s too late. But what if there was a way to predict these leaks before they become threatening?
Quite simply, we want to put an end to slow revenue leaks.
We decided to say “no” to “Tingo”. But because “Notingo” doesn’t roll off the tongue the same way Tingono does, we’re happily introducing you to Tingono. ;-)
Because we believe the most efficient way to grow revenue is to retain and expand existing revenue, we are focusing our efforts on helping post-sales teams.
After all, post-sales teams form the closest connection to customers and are best positioned to stop churn and expand customer accounts.
To enable this, we are building a solution to make it easy for post-sales teams not only to spot churn risk and expansion opportunities but also effortlessly act on these insights.
Please join us in saying “no” to “Tingo”. We’d love to have you on this journey with us.
The simplest way to get started is to get a demo so you learn what our solution can do for you. We’re excited to share it with you!