How Subscription Management Software Can Improve Your Business
What advantages are there to adopting a subscription business model?
Subscription-model businesses are able to provide their clients with an ongoing service in exchange for a reliably constant revenue source. Customers see this as a convenience; they don’t have to reenter a lengthy sales process for products or services that they plan to regularly buy. They also don’t have to endure being constantly solicited by sales teams hoping to lock them into ongoing purchases.
On the other end, businesses are able to build better relationships with their clients, and gain access to better analytics data. They also benefit from having access to a population of interested, committed clients, where they can showcase new offers and get reliable feedback.
However, there are some disadvantages to consider as well. Subscription billing errors can go a long time without being noticed, making them all the more costly to identify and correct — possibly damaging your company reputation in the process. Likewise, billing and keeping track of a wide-spread subscription base requires resources of both time and money. The solution to these and other issues is technology, in the form of subscription billing software.
What is subscription billing software?
Subscription billing software (also called subscription management software) is software that makes it possible to automate the collection of subscription payments. Subscription billing software also gives you the ability to manage the operational side of your subscriptions. With superior subscription management software, your business can effectively eliminate the problems associated with subscription-based business models, and enjoy additional benefits that you might not have considered. Here’s how:
Your customers don’t want to have to contact you personally every time they need to renew their subscriptions, and chances are that you feel the same way. Having to reach out to large numbers of paying clients for recurring payments is a headache — one that that can end up costing you valuable time. Subscription billing software uses automation technology to automatically create and send out bills at the appropriate times, making it easy not only for you, but for your customer as well.
Your business should be built around your customer, not the other way around. This means that your billing should be flexible enough to accommodate each client. The best subscription billing software allows you to set personalized billing terms for individual customers, as well as establish a billing frequency that works for everyone.
Customers who are interested enough to subscribe are some of the most valuable customers you have. Unfortunately, all it takes is one billing error, and you could lose those customers forever. Subscription billing software automatically draws from reliable data sources, auto populating fields with accurate information, for reliable, error-free billing.
Subscription management software that is built upon a CRM foundation provides certain analytics benefits as well. By capturing client data for analysis, you can get a better idea of who your customers are and what they want.
Freemium offers, free trials, setup charges, one-off transactions, discounts, refunds, late fees, and renewals all have an effect on subscription billing. Subscription billing software automatically factors these adjustments into the billing process, so that you can be sure that your clients are getting not only the right charges, but the right versions of those charges.
Salesforce subscription management improves the subscription business model.
With subscription billing software, you can put yourself in total control of the billing process. Finding an effective subscription management solution that perfectly fits the needs of your business is the first step. Salesforce, the world’s number-one CRM platform has created a quote-to-cash solution for all of you subscription automation needs, in the form of Salesforce Quote-to-Cash.
Powered by the Customer 360 Platform, Salesforce Quote-to-Cash is cloud-based and 100% mobile compatible, meaning that you can access it from any device, anywhere in the world. With intuitive controls and an easy-to-use dashboard, you can manage all of your subscriptions at once in real time. Simply put, Salesforce Quote-to-Cash makes subscription billing simple.