How Subscription Management Salesforce
Helps Subscription Business
Ironically when it comes to revenue, a company has more potential from earning from an existing customer but unfortunately, they put more effort into attracting new customers than on customer retention. Moreover, the process of attracting a new customer is too long that the marketing qualified lead drained down the funnel. This mostly happens when there is a gap between marketing, sales, and support teams. It can be easily identified through the analytics e.g. the marketing content utility ratio by sales and support team, and lead churn at the initial stages of a sale funnel. Therefore, to prevent this from happening it is recommended that you integrate a CRM with your subscription management tool, i.e. Subscription Salesforce integration.
Here in this article, we have provided a detailed overview of features that Subscription management salesforce integration offer to the subscription business, and how SMBs can utilize the features to their benefit.
Features of Subscription Management Software
1. Automation
The first thing that every business can small to medium-sized subscription business can benefit from is automation. It means automating everything ranging from subscription management to generating invoices against all subscribers. Wonder how? Well, sending subscribers accurate invoices against the services or products they have used on a recurring basis is not easy, on top of this, imagine the work a subscriber management team has to do when a subscriber changes his or her subscription plan twice a month, also avail the festive or special discount, etc. Hence, automation comes in handy. It is governed by customed workflow which a business can create and activate. This helps in saving time and efforts spent on recurring tasks e.g., invoice generation, following up on payment, upselling, and cross-selling products, etc.
2. Personalization
We are living in an age where the customer has become more active than ever. In addition to this, they have dozens of options to choose from. This puts pressure on small businesses on how to retain a customer. In this regard, Salesforce Subscription a CRM can help in utilizing the customer information with an intuitive visual and 360-degree view from the data that is collected from multiple sources and channels. A marketing team can create a custom workflow and tag to segregate customers into the group, and with the automation, one can customize everything from layout to content tone and services.
3. Accuracy
Another benefit offered by the subscription software is, it allows businesses to send accurate invoices. Since every information on subscribers, a subscription plan is recorded in the system, including pricing, modification, discount or coupons availed, and history of usage. This makes invoicing generation super easy. Moreover, the subscription management team won’t have to generate any invoice manually, you just have to create one and send the thing to automation. Lastly, with the help of auto adjustment & proration, you won’t have to worry about sending an invoice with incorrect information.
4. Analytics
Lastly, a thing our list of benefits is the analytics, the one that can be easily comprehended and help the subscription, marketing, sales, and service team to personalize their services. At the same time, you can mix and match the data collected by the subscription management software and CRM to create custom reports. What if, we tell you that using third-party applications, by integrating, you can set up a custom workflow that will create reports automatically on a weekly, monthly, and annual basis.
Conclusion
Recent technological evolution and mass use have changed the ways a business operates. This has also put pressure on businesses to change their revenue model and the one that is gaining worldwide recognition is the subscription revenue model. It allows businesses to charge their client recurringly for the product and services they are using. However, the success of this revenue model is depended on the technology that you are using. Therefore, it is important that you carefully evaluate the problems that you, as a business owner is facing and select the one that offers automation, customer workflow creation, proration & dunning, invoicing, and payment management. Above all, it is important that you consider software that allows you to manage the relationship with your customer and simultaneously manage the subscription business.