For integrators, RMR means recurring monthly revenue, but managed services provider Ihiji is putting a new twist on the well-known acronym.
The company knows that RMR is the key business factor to help integrators develop a successful exit strategy for their businesses, so at CEDIA 2016, Ihiji launched the Race for Revenue, Magaritas and Retirement (RMR) Contest.
The year-long contest is designed to inspire integrators to develop a sustainable, rewarding service-based business model. The top performing dealers—those generating the most RMR over the course of the contest that lasts until CEDIA 2017 in San Diego next year—will win prizes such as an all-expenses paid vacation for two to Mexico (that’s where the margaritas come in).
Ihiji has set a goal for the contest participants to bring an aggregate $1 million in RMR to the custom electronics industry, with monthly prizes and awards for the highest revenue and the most transactions.
“We continue to work to bring the industry forward to develop more RMR. It’s been a tough battle,” says Mike Maniscalco, co-founder at Ihiji.
He points out that even when dealers start small with RMR it can make a big difference to their bottom line. For example, he says some integrators are now finding success earning $10 to $20 per month from clients for Internet monitoring, which includes regular testing of the connection quality of the home Wi-Fi and remote access.
To facilitate the contest, the company is providing the necessary tools for dealers to manage customer service contracts and collect recurring revenue. Meaning, integrators sign up for Ihiji ServiceManager and utilize the included network managed services templates, which then create dealer-branded, customer-facing web sites.
These custom sites allow each dealer’s customers to view available service plans, enter their billing information and automatically enroll in the service offering of their choice. ServiceManager manages recurring invoicing and billing, so dealers are only responsible for fulfilling the desired service needs of their customers.
To help integrators meet the $1 million goal, the company is offering dealers a free subscription to its entry-level ServiceManager plans for the duration of the contest. Throughout the contest a leaderboard and success stories will be shared through industry news outlets.