How is this relevant to you? Their strategy is data-driven and yours should be too, when working to convert unpaid software use into new license revenue. Sounds like a bit of a stretch? Stay with me – Katy and Clayton have a lot to teach us (at worst, you end up laughing and have some good ideas for your kids).
Step 1: Have a Software License Compliance Plan and “Go Where the Candy Is”
Katy is brilliant: she has a plan to maximize their “walking-to-candy” ratio that is mapped out and based on data. She has decided to totally ignore Oak Street because “two dentists live on that block.” She wants candy, not toothbrushes.
She’s not “hoping” to get the good stuff, she has data, a map, and a plan.
Our Compliance Intelligence customers know who is using their software without paying for it and where they are located. They have focused their conversion efforts on the best targets and are crushing their numbers to the tune of $2.4 billion in new license revenue generation since 2010.
Step 2: Identify Your Best Targets and Prioritize Your Efforts
Katy knows “a good candy haul” requires planning ahead. In addition to mapping out the streets with the most candy, she has also identified “all the houses that have handed out king-size candy bars in the past.”
Whether you are in sales or license compliance, you know the importance of “king-size” deals. You still need the smaller “fun-size” deals, but you know that prioritizing your efforts is essential to maximizing your efforts and the results.
By analyzing actual software usage data, our customers can identify who has “king-size” installations of unpaid software as well as how often the software is being used. They are identifying the best opportunities by focusing on actual adoption.
Step 3: Weigh the Pros and the Cons on Where to Focus Your License Compliance Efforts
Now it’s Clayton’s turn to add some insight to the plan. Although Katy’s data revealed that Jones Street represents a good opportunity, Clayton points out that Jones Street is “Eric Forney’s turf. His family gives out good candy, but Eric is known to give out horrible wedgies.”
Clayton has decided that the risks of operating in that region are not worth the benefits. While things are not always so binary in the software world, software suppliers still need to understand the intricacies of different geographies and decide on the best timing and strategies.
Analyzing actual usage data can reveal hidden trends that point to greater rewards when the risks are properly mitigated. Revenera has the experience and services to help our customers succeed in these regions.
Katy and Clayton have a great plan for maximizing the treats and minimizing the tricks for Halloween. Shouldn’t you be as data-driven and strategic in your efforts to generate new license revenue from unpaid software use?