Monetize Subscription Income
The two sided goal of a subscription program - to build loyal customers for life and predictable revenue - is high on every business’s list of priorities. Not just B2C businesses. Not just box of the month club businesses.
B2B, service based, managed services, all can be powered by subscription management for increased revenue and predictable revenue. Subscription management is one powerful tool to build loyalty and create award winning buying and paying experiences for your customers. And not just customers. Nonprofit sector organizations are equally benefiting from Subscription Management.
Subscription management is a business framework that uses tech-driven automation and shared data to optimize how you deliver subscriptions (where customers pay on a recurring basis for access to your product or service). It creates better customer experiences across the buying journey, driving adoption, renewals, retention, and growth.
Predictable income and growth in a subscription business requires customers to renew, month after month. A subscription management tool makes this possible. It will enable you to create better experiences that keep customers happy and active.
Unlike the challenges inherent in a one off sales business model, revenue in a subscription model depends on keeping customers who pay and time and renew. A subscription management system powered with artificial intelligence makes it easier for customers to continue to receive their subscription right from an app, phone, or connected device without interfacing with your company in a live way, and without waiting in a call queue or for an email response.
A subscription management solution helps you deliver customer delight with one seamless experience from purchase to adoption to renewal. This experience is powered by behind-the-scenes processes and technology, automating the flow of data across product catalog management, order management, fulfillment, and billing.
That last part — billing — might be the most intimate customer interaction you have. It’s when everything comes to a head: “Did they get the value that was promised? Are they happy to pay?”
Growth depends on the answer being “yes.” A subscription management solution can help you get there. Let’s look at how it works from start to finish at Salesforce.
Admins can set up subscription products right with one-time product with different payment and pricing models and push those subscription products out over self-serve channels including your website, your app, and more. Customers can select the products they want or use live chat to reach out to a representative.
At the same time reps can go into subscription management with the Salesforce tool and update deals, customize order, and push a personalized option out to a customer to make the sale. Customers can make changes through self-service channels and reps (or marketing automation) can nudge them to upgrade or renew their subscription and Salesforce revenue intelligence powers the solution.
The Salesforce ecosystem ties finance and ecommerce and digital self-service into a single platform that helps you monetize a subscription income and keep it growing month to month. Salesforce is a SaaS company, they know the subscription model and the subscription business. Subscription based models are growing in both the B2B and B2C world. The pandemic sped up this growth.
Financial services companies, communications and media companies, manufacturing, professional services, even Summit Technologies LLC has a subscription based solution that builds the right package, with the right pricing models to tailor subscription based products and services to our and your clients’ needs. Summit Technologies LLC and Salesforce can you meet the goal of creating and growing recurring revenue.
Winning with subscriptions means putting the customer at the center of everything that you do. The best subscription management software makes that easy with features such as deal and transaction management to help sales reps close deals fast and grow relationships. Then, billing and revenue management tools — with built-in automation — give finance the power to stay on top of payments.
A powerful subscription management tool is going to offer you deal management, dashboards and reports, a unified billing engine, and artificial intelligence. Salesforce has a tool that brings you all this and a tool to offer subscription management through any channel from a single platform.