How SaaS Businesses are Recovering Revenue with SubscriptionFlow

For eCommerce businesses and subscription services, surviving during pandemic has been a daunting process. Like any other business, the economic downturn has been affecting their customer base and their buying capacity. Moreover, maintaining recurring revenue has been a struggle for many businesses considering the lack of monthly, weekly, or yearly renewals. SubscriptionFlow is offering subscription management which we are going to dive deep into, to understand how SaaS businesses are maintaining customer retention and avoiding involuntary churn. Many surveys have researched how SaaS businesses are experiencing a decrease in net retention rates. This is usually happening due to reduced economic activity on a national and global level.

Subscription-based revenue depends on customer-centric services because unlike, one-time purchases, SaaS customers subscribe for services and this makes repeated purchases an important part of SaaS revenue. So, when companies and services are struggling with an inevitable slump in growth. Aside from not focusing on acquiring new customers, SaaS businesses are depending on smart dunning to recover revenue. Our goal as leaders in subscription management is to ensure success with your recurring billing software. This is why we are offering smart dunning tools for users to recover revenue from the involuntary churn. When you are investing time and money on designing your products, campaigns, CRM, pricing strategies, you need a dunning tool to ensure low churn.

Improve Customer Retention with SubscriptionFlow

But why is customer churn important? Customer churn is an important key performance indicator that explains how many customers are unsubscribing from your products and services. In order to reduce your churn, you need tools like smart dunning tool powered by SubscriptionFlow. Without tools like smart dunning, managing failed or missed payments are not possible. Your accountant will have to send incessant reminders to your customers manually after sifting through different invoices. Your CRM team does not have to deal with the manually managing customer invoices affecting your predictable cash flow and overall sales growth.

This is why you need recurring billing software which will not only remove the need for repetitive processes during this pandemic but also manage failed payments with different payment gateways. When your customer payments are processes with our robust recurring billing software, failed payments will be handled in the same manner. Your customer retention is important especially during this pandemic when everybody is facing the consequences of economic turmoil. In this unique situation, you need to make sure that your sales growth which depends on recurring revenue does not suffer. For this purpose, you need a meaningful email marketing strategy, highlighting your goal as a company to help your customers during these difficult times as much as possible without having to remind them of their delayed payments.

Minimize the Impact of Churn with the Dunning Process

Now that we have seen how customer retention and recurring revenue can save your sales growth and dunning process plays an important role in it, let us have a look at what dunning process can do for you. The Dunning process in SubscriptionFlow has allowed users to automate the process of retry logic based on which your payment gateway will process payment. In any case, if payment processing is not successful, you can set automated email reminders that will be sent to your customers. Usually, for involuntary churn, customer’s payment information has failed due to which payment gateways cannot process payment in a timely manner. To avoid the negative impact of failed payments and canceling customer subscriptions, you can use the dunning process for automating email reminders so your customers can enjoy uninterrupted service.

Tactics for Maximizing Revenue with SaaS Billing

When it comes to customer churn, we also believe that voluntary churn is just as harmful. In order to avoid, voluntary churn and see improvement in your monthly recurring revenue, you would need different tactics. For this purpose, you can offer temporary pausing or postponing your customer subscription and sending emails to them as a show of meaningful interaction. Moreover, to offer relief to your customers without having to terminate their subscriptions, you can also offer free trials, extending their trial period, discounts, and different loyalty coupons. SubscriptionFlow’s recurring billing software allows you to manage all of these marketing tactics in your checkout and invoicing process. We believe that even during a pandemic, SaaS businesses can thrive but when their customers are thriving as well. So, if you are looking to transform your business with our customer-centric SaaS tools then contact SubscriptionFlow today.