There has been a substantial rise in Software as a service (SaaS), which has led to an industry that requires products and services with regular payments.
Those who are using the services are now not following the routine for the one-time buyer client.
However, they adopt a method of recurring purchase routine. Many businesses are adopting subscription models.
It has been predicted that almost all software vendors will change their business model from traditional maintenance and license to subscription.
But how can Salesforce billing help subscription businesses thrive?
Let’s think about the advantages of adopting a subscription business model:
Many businesses rely on returning customers. According to a study by Ordergroove, almost 40 percent of the US revenue comes from repeat customers apart from the fact that they only represent less than 10 percent of the customers’ total numbers.
The subscription business model will help keep current customers engaged rather than attract new ones.
Whether small or large, businesses are looking for ways to make sure clients stick around as long as possible.
The subscription model businesses can provide clients with ongoing service in exchange for regular revenue.
Customers see this as a convenience, and they do not have to start again with the lengthy sales process.
Moreover, customers do not have to be consistently approached by sales teams hoping to lock them in ongoing purchases.
On the other hand, businesses will find better relationships with clients and gain access to the best analytics data.
This will also offer the advantage of having access to customers that are interested and committed.
This will allow showcasing of new offers and get reliable feedback.
What is Salesforce Billing?
The modern business landscape is changing to meet technological and customer’s demands.
Competition is tough, and only a system of on-point services can ensure the customer’s return and prospering business.
When it comes to billing and customer subscription, companies lean towards hassle-free automation.
Keeping all requirements in mind, Salesforce has brought you automated billing.
With the help of Salesforce billing software, you can easily create and automate invoices, revenue, and payments.
This process of billing is an add-on package that uses information from Salesforce CPQ.
When you see an order placed by the Salesforce CPQ billing, this will pick up the order and generate an invoice, revenue, and payments.
Salesforce CPQ: Sales, Revenue, or Profit? You Choose.
CPQ is a sales tool that will help you generate accurate quotes. Quotes generated from CPQ software are part of an automated process of rules that are set beforehand.
It might benefit you to do error-free pricing and includes product quantity, discounts, and customization.
This way, you will be able to maximize profit and will also provide a reliable service to the customer. CPQ and billing is helpful for both small and large businesses.
How Salesforce Billing Can Help Your Subscription Business Thrive:
Because of the minimum billing work of Salesforce, managing sales is easy.
New customer signups are a tedious process for the billing team. When the business brings in more customers, the process needs repetition regularly.
Once you start to scale, the manual process will become challenging for billing clerks to manage.
This could lead to many errors, which would result in poor customer experiences.
For example, the customer may need to wait until errors are fixed pending activations, upgrades, or downgrades, making the customer leave your business.
One way to bridge this gap in your subscription business is Salesforce with an automated recurring billing system.
Some advanced billing platforms have been designed to support various customer interactions.
These interactions can include upgrades, downgrades, managing payment information, payments, and receiving invoices.
You can integrate such platforms and can easily benefit from both the technologies.
When you are integrating the subscription business with Salesforce, both of them can benefit each other and will make many things easier for you.
Lets us discuss those advantages:
Transferring data from the Salesforce into a recurring platform:
Modern automated billing platforms will include a system that has plug-ins and empowers Salesforce to allow the sales team to repeatedly create customer bills.
These plug-ins will enable the workflow in your subscription business, and you do not have to enter any data manually.
All the customer’s data will be entered automatically by the Salesforce software.
With the help of this software, you will be able to maintain and streamline all the service offerings and the client’s information, like subscription status, from one safe place.
That place is going to be the Salesforce billing module.
One of the main advantages of the workflow is that it provides the leverage of all the functions that Salesforce offers already.
These include managing the subscriptions, viewing the customer information as well as creating accounts.
Transferring data from your billing platform to Salesforce:
Instead of doing business with the new customers, another option is just the opposite, where you do not have to create them in Salesforce and then push them into the billing system.
What you can do is set up a recurring billing platform to push new customers over to Salesforce billing integration automatically.
In this system, you will create new customers in the automated billing platform, which will be automatically sent to the subscription data’s Salesforce.
With this, the customers’ information, such as balance, subscription cancellation, status, and subscription settings will be pushed into Salesforce.
Visibility and management:
When you are integrating all your recurring billing systems with the Salesforce billing package, all your data will be available in Salesforce.
It will allow you to have visibility and set everything in place.
With this, you are going to gain more visibility in the important part of customer management.
It will also help you see real paying customers with their subscriptions.
Salesforce does not provide you a way to add customer payments with the payment card industry and integration methods.
With this, you will manage subscriptions and customers in the customer’s billing settings by managing all their confidential data.
Integrate for the business advantage:
With the demand for Salesforce increasing, it is estimated that by the year 2022, the CRM platform will generate $859 in customers’ revenue. Also, it is going to create approximately 3.3 million jobs.
The subscription business model is very popular and has grown in the past five years by 100 percent.
These businesses can achieve successful integration of technology and people into huge opportunities.
When you are integrating powerful software CRM, such as Salesforce with a subscription business and a regular billing platform, you can provide your business with a competitive advantage.
Integrating the subscription business with the Salesforce billing platform will allow the business to be more efficient.
Your business will also benefit from the features of world-leading Salesforce software.