How Can Your Cloud-Based Subscription Billing Drive More Growth With Improved Revenue Operations?

The subscription-based businesses globally are now adopting revenue operations or RevOps to drive growth and fulfill their strategic goals. The SaaS industry has had revelations in recent times about how sales or their marketing teams are not enough for ensuring success. This is why it requires collaboration between customer-facing teams as well as customer-facing teams to ensure long term adoption/subscription rates from their customers. In order to increase customer retention, Cloud-Based Subscription Billing processes require the support of a coherent strategy i.e. Revenue Operations. These operations are defined as collaboration between sales, marketing, customer relationship management, and customer success teams for accomplishing one task and that is, generating more revenue. But before we learn and educate our readers about the virtues of revenue operations, it is important to study the challenges B2B and B2C SaaS companies face in sustainable growth. At SubscriptionFlow, our own experience in engaging with our clients and users of our Cloud-Based Subscription billing software has taught us about the virtues of adopting cohesive strategies for improved growth rather than spurts of seasonal subscribers.

Challenges Faced by SaaS Companies and how to Overcome them

Revenue operations work on top of your billing automation, payment processing, subscription management and all of these operations cannot be successfully performed unless you are using the right Cloud-Based Subscription Billing solution. For every SaaS company, Cloud-Based Billing Solution is essentially on which customer-facing develops revenue operations strategies. So, let’s start with the basics. If your Cloud-Based Billing Solution does not offer multiple payment methods, your teams will have to deal with the bad customer experience and gateway related risks. This is why SaaS companies have to prepare themselves ahead of growth saturation and invest in the right Cloud-Based Billing Solution which will allow them to integrate with different payment gateways. When you are offering multiple payment methods to your customers, you are less likely to face revenue leakage, abandoned carts, or churn.

Next comes, billing automation which SubscriptionFlow offers which allows our users to choose from different pricing plans, automate their billing process, use proration handling for transparent invoicing, and overall put their financial operations on autopilot. With SubscriptionFlow, growth is sustained with control SaaS companies have with testing different pricing plans and billing infrastructure which manages customer bills and renewals automatically. SubscriptionFlow offers overall optimal subscription management as well which allows SaaS companies to control and manage subscription plans and offer customer self-service portal so their customer service and success teams do not have to handle queries. Our Cloud-Based Billing Solution allows users to offer trials, discounts, coupons without worrying about invoicing and manage pauses and postponing subscription plans as well. SubscriptionFlow has designed these tools of billing and subscription management so they contribute to your revenue operations. However, many companies who are not investing in the right Cloud-Based Billing Solution might face issues of siloed systems and discord in their customer-facing processes.

So what are siloed systems and how is it a challenge for revenue operations? In simple words, silos or siloed systems are companies where teams or departments are not in sync with their goals regarding revenue growth. Important players in your revenue operation teams include customer success, sales, and marketing teams. Unlike sales operations which does not require cohesion of all these customer-facing teams, RevOps has to be more inclusive with a centralized and streamlined system for running operations, sharing marketing, sales, and customer success insights, and then implementing collective goals to enrich this cross-department relationship. When it comes to Cloud-Based Billing Solutions, they enable revenue operations teams and other departments to utilize the streamlined system to manage customer accounts, view progress, keep track of problems like churn, and keep daily track of SaaS metrics like monthly recurring revenue to make further decisions. At SubscriptionFlow, our users are also able to integrate their Cloud-Based Billing Solution with their centralized system enabling marketing, sales, and other ERP processes to be synchronized.

Also Read: Self-Service Payment Portal: Digitally Empower Your Clients and Simplify Account Access

Measure and Manage your Revenue Growth Easily

Revenue growth is not just easily calculated from SaaS metrics like monthly recurring revenue, etc. Which is why you need to devise a CRM system for handling your customer between different teams. Like in SubscriptionFlow, our users can manage customer contacts, invoices, and subscriptions as well so SaaS companies can easily share this information across other teams. Another important measure is to calculate customer acquisition costs regarding marketing campaigns which is easily indicated in financial and SaaS reporting in our Cloud-Based Billing Solution. This also brings us to another important factor which is the onboarding process which involves customer lifecycle and automated workflows which assist in enriching their experience.

Customer lifetime value is another important metric that notifies how much your customers have spent over their subscription cycle on your product. Your sales and support team need to have an open forum for sharing customer feedback just like marketing and sales team need to share lead and have automated workflows for saving customers/leads in the CRM system for a cohesive sales funnel. All in all, SaaS companies can avoid revenue leakages with proper RevOps planning. SubscriptionFlow believes invaluable research and only through that, we have enabled our clients to achieve sustainable growth with our Cloud-Based Billing Solution.