If you are running a subscription business or part of managing it then you must be familiar with the pain which every business development executive or accountants has to go through from a subscriber on board and the moment he is sent an invoice. Some subscribers either pay it instantly or delay it till the last moment and some forget to check the email. This results in massive revenue churn and if it is not mitigated on time, then this could lead to subscription management business’s end. However, with the right tools and integrations, you can minimize subscriber churn.
Here in this article, we have provided a detailed account of Salesforce integration with subscriptionflow that can help small businesses in retaining revenue and how they can use the customer data to target the right audience with personalized communication.
Revenue Retentions for Subscription Business with Salesforce Invoicing
1. Automation
The very first concern of every recurring billing and payment business is investing extra time in drafting invoices, over and over again for hundreds of subscribers on an interval basis, and following up every invoice via email or notify and simultaneously keeping a record. On top of this, imagine the efforts one has to go through when an account has to ensure all changes made into the subscription plans are not only billed accurately but subscribers are charged on a fair basis too. In this regard, Salesforce integration into the subscription management system offers an automation feature. This is governed by workflows, which one can get customized to match their subscription business needs. Moreover, automation reduces the need for manual efforts and ensures the invoice is sent timely, followed by a notification email campaign and invoice cost shows the accurate invoice.
2. Quote Management
In addition to the automation, another challenge subscription business faces are keeping track of every quote that is sent to a client and keeping everything sorted in a storage device accessible to everyone in need. This concern can easily be minimized with Salesforce invoicing. Wonder how? well, it offers a comprehensive document management system, that organizes everything in order and keeps track of every change being made in the quotes. For subscription businesses, this allows one to keep track of subscribers’ transaction history and utilize it to send relevant marketing or sales material to upsell and cross-sell services. And, it simultaneously allows subscription businesses to utilize the quote for branding.
3. Proration
A subscriber tends to modify its plan frequently, sometimes they are using the services for longer than usual or time they rarely use it. On certain occasions, they integrate new coupons too. At the same time, they expect to receive an accurate invoice that charges them fairly. Fairly to do so, result in either cancelation or chargeback. In both situations, it is bad for the organization. To eliminate this concern, the Subscription management system combined with Salesforce invoicing provides subscription businesses with proration. This keeps a record of every change being made by a subscriber in his or her subscription plan and charges them accordingly. The best thing about this feature is, it is governed by the customized workflow, which requires little no human intervention. You just have to insert commands and the system will handle the rest.
4. Email Integration & Dunning
When we talk about the subscription business there are two ways communication is done, first via notifications that are sent to the subscriber on the subscriber portal and secondly via email. Since subscription handling software usually offers billing, payment, and subscription management services, therefore the integration takes things to another level, where one can utilize the Salesforce invoicing feature to send emails. Besides, one can use the email feature to create an intuitive campaign to cross-sell and up-sell services.
5. Analytics
Lastly, the analytics provided by both systems helps executives modify campaigns, alter future strategy and simultaneously conduct an audit of marketing and sale strategy along with revenue to know the potential leakages. Moreover, the reports can be customized to insert graphs, charts, bars, pie-charts to enhance the understandability of reports.
Conclusion
Sending an invoice late to a customer is better than sending the wrong quotes. A single mistake can result in voluntary customer churn that is more harmful than involuntary, which has the potential to be recovered. So if you are struggling to cope with invoice creation, payment follow-up, proration and dunning then it is recommended that you opt for Salesforce integration with your subscription management system.