Key Business Processes for Subscription Growth

2021 is here and we are all ready to make this year better than ever before.

After all the awful events and turmoil instilled by the pandemic, 2020 has turned the global economy upside down. Now, businesses across the sectors have already tightened their reins to put everything back to their positions.

2020 abrupted all the pledges and promises of people and businesses, thus for most, 2021 will be the continuity of the journey that has halted last year.

As far as the SaaS industry is concerned, 2020 was a blend of success and failure, both. If it brought growth opportunities for multiple businesses, it had also created the obstacle for various SaaS products with over-competition, complicated business processes solutions, untrained workforce, digital security issues, etc.

2020 has paved the way for SaaS penetration in the market. It has increased the business processes dependence on cloud applications. This is why 2021 is a year to set growth and revenue resolutions and stick to it until it all starts hitting the goals.

Also Read: What to Expect in 2021 and Beyond? Top Predictions For the Subscription Market and Subscription Management

To achieve the new year’s resolutions for business growth, it is necessary to make resolutions for all the key business processes. These are our recommendations to make growth resolutions for 2021 and put your business on a path of success, wealth, and achievement.

Here you go:

Subscription Management Resolutions

Frictions in the subscription management attract more churn and customer dissatisfaction as it induces suspicion, caution, and uncertainty. The biggest vow of the year is to manage end-to-end subscription management—from recurring invoicing to prorated subscription billing and payment processing to recurring revenue streaming.

Your subscription management platform is the place of opportunities. It is a dreamland of data that bestows the SaaS subscription business with the customer insights, their purchasing patterns and help the revenue operations to leverage the data and optimize the business processes across the board.

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Some of the must-have subscription management resolutions are:

Automate the recurring billing and payment processing.
Facilitate customers with more options for payment methods, currencies, businesses, and regions by integrating multiple payment methods.
Integrate other business process automation and management applications with the subscription management software.
Offer guided demo, free trials or freemium, or other discounted pricing and plan.
Offer customers more and personalized support for their personal or business concerns.
Educate customers more on the subscription business model and subscription economy.
Tailor subscription business programs for small to mid-scale SaaS businesses and startups.

Also Read: Good Bye 2020—Rounding Up the Subscription Economy with Top Takeaways From the Last Year

Growth and Revenue Resolutions

The SaaS industry is growing at a breakneck speed. Tech advancements and the changing customer preferences are affecting the business landscape as well. The SaaS market has become oversaturated thus competition is also grown tougher.

In today’s time, customer retention is the key for the SaaS business growth but the journey to grow begins with taking more and more customers on-board.

This year vow for growth hacks that can bring more customers on-board and retain them with the value in a product and quality customer service with optimized pricing. Here are some growth and revenue resolutions:

Begin with growth hacks for customer acquisition and dedicate resources separately for customer retention.
Grow the SaaS subscription ecosystem, take more applications on-board, and promote mutual offers.
Run for rundles—bundle up products, features, and multiple applications in budgeted pricing.
Find revenue growth solutions with usage-based and tiered pricing.
Offer customers more in less pricing.
Optimize recurring revenue management with real-time revenue monitoring.
Use AI-enabled revenue forecasting and boost sales, marketing, and product collaboration for it.

Also Read: Every Business Can Stream Recurring Revenue—Learn How Subscriptions Have Already Created the Ripple Effect in Some Industries

Marketing Resolutions

SaaS marketing is content marketing. Anything that you expect from this year will be driven when marketing goals around digital media marketing channels.

After the pandemic, customers are exposed to more choices and options that can easily replace your SaaS product. In this age of varieties and selections, value followed by personalization are the only magnets that can not only attract the customers but they play the actual role in retaining the customers.

The digital transformation of the marketing landscape has blurred the segregation lines between sales, marketing, and customer service and support.

Keeping the above-mentioned dynamics for SaaS marketing, here are a few of the SaaS marketing resolutions that can be followed by not only SaaS products but other businesses can also tailor them as their goals for 2021:

In addition to the content for digital media also use the knowledgebase as your marketing content.
Capture the market streams, promote the value of the SaaS product vertical wise.
Become more relevant, include more reviews and testimonials as your social proof.
Persuade visitors in their own territories, try influencer marketing.
Automate the marketing processes and practices with all-rounder marketing automation and management solutions.
Invest smartly into paid promotions to gain higher visibility while swaying the choice preferences of the users.
Stay client-centric and include more human interactions with live events, direct email marketing, and social media communications.
Convert interaction into personalized experience, offer a private or guided tour or demo of the SaaS product before signup.
Use AI-enabled modules and marketing metrics for predictive analysis of user behaviors, the performance of marketing channels, and ROI for marketing.
Optimize marketing as a mobile-first approach.

Also Read: Subscription Rundles—The Future of Subscription Business Is Here…

Sales Resolutions

In general, sales is the most prior business process that requires a robust goal setting to meet the revenue targets for a year. In the SaaS business, sales and marketing are usually no two separate departments and they work in synergy. However, SaaS sales teams have some specific and defined objectives as compare to the SaaS marketing team.

SaaS sales resolutions are not about planning the sales objectives, they are the triggers that would create a bigger picture at a bigger canvas that covers all the resources, skills, and means needed to reach out to that target. Let’s see what you can aim to achieve to boost your SaaS sales this year:

Transactional, enterprise, or customer-based, select an appropriate SaaS sales model.
Furnish the skills of SaaS sales teams, train them to become tech-savvy, understand the value of the SaaS product, stay customer-oriented, build networking skills, and monitor their growth as well as sales prospects using data analytics and SaaS sales intelligence.
Align SaaS sales with marketing, support, and product development teams
Plan a distinct smart customer approach and corresponding sales strategy for customer acquisition and customer retention with separate teams and dedicated targets.
Optimize the SaaS sales process and sales communication and dedicate a resource to monitor it consistently.
Automate SaaS sales pipeline management, leverage data from the recurring billing software.
Compensate SaaS sales teams with attractive packages, reward them with better commissions, compensations, and growth.
Focus on SaaS re-sell, upsell, and cross-sell strategies, keep the marketing, support, and product development teams in the loop to develop long-term strategies.
Keep measuring and monitoring the SaaS sales processes, teams, and goals hitting with SaaS sales intelligence tools.

Also Read: The Shifting SaaS Industry Dynamics Are Changing the Landscape of Marketing—Keep It Up with HubSpot and SubscriptionFlow Integration

Customer Management Resolutions

SaaS customer base is not a one-night stand. It should be taken as a long-term marriage with commitments and responsibilities towards each other. Enhance customer relationships with personalized interactions is the key to business success.

SaaS businesses should strive to boost customer satisfaction. Build a list of resolutions for customer success managers is great to help them handle their priorities well for a successful run at the customer front.

Not only the customer service managers, but each team should also be oriented with the customer-centric approach to look for improvements in customer retention in 2021.

Here are our top 10 New Year’s resolutions to strengthening relationships with the customers in 2021:

Foremost, create a customer-centric culture across the departments and teams.
Profile customers and map their journey using different use cases, customer segments, and personas.
Keep data centralized and updated so the customer service executive never disappoints the customer.
Continue monitoring customer activities, use cognitive technology to predict customer preferences, behaviors, and test what works best.
Take all onboard and create a seamless and omnichannel customer experience platform.
Optimize customer support for easier, faster, and better communications using automated responses, chatbots, etc.
Use feedback, queries, concerns, and suggestions to improve product and personalization.

Also Read: Businesses Tightening the Reins on Post-COVID Measures for Customer Retention

Product Revamp Resolutions

SaaS product is not a static product. It continues to develop. Here are your top resolutions to make your product stronger and better:

Detect and Repair the loopholes in the SaaS product.
Make the product more agile and customizable for integrations.
Use customer feedback to make SaaS seamless and efficient.
Develop industry-specific solutions in SaaS.
Set measurable monthly goals for product development.
Compare and compete for the cost, quality, and performance of your product in the SaaS market.
Develop roadmaps for improved efficiency.
Make SaaS products more secure and strong against data-breach or other digital frauds.

Also Read: SaaS and Subscription-Based Startups are More Prone to Business Risks, Learn How

Performance Monitoring and Productivity Resolutions

Businesses cannot grow until the organizations focus on their parameters to check their progress, growth, performance as a company and as a workforce. Businesses perform well when their teams can resolve their conflicts, are accountable for their activities, are motivated, and are rewarded.

Keep your teams, departments, and stakeholders on one page set these resolutions for performance monitoring and workplace productivity:

Automate the administrative tasks to bring work efficiency.
Use cloud applications for team and project monitoring and management and trust over the data-driven performance reports only.
Train the workforce for remote, smart, and faster working.
Hire and retain the right talent with new-age skills like creative thinking, problem-solving, emotional intelligence, and networking.
Offer breathing space at the workplace and allow healthy activities to bond together.
Facilitate workers with necessities like food, commute, etc.
Encourage a paperless environment for a healthy ecosystem. Organize, collaborate, and communicate, digitally.

Also Read: 2021 REMINDER—Boost Subscription Growth with the Demonstrated Advice and Support from SubscriptionFlow

Wrapping up…

New year is the time when each year we start to dream of success, growth, and prosperity with a different perspective. It is the time that encourages individuals and businesses to begin the dedicated effort in a direct direction.

The SaaS industry has already on a track to flourish more with each day passing by. It is time to collaborate, connect, and communicate more with the workforce, customers, stakeholders as well as other SaaS networks.