Being a business that has adopted a subscription revenue model, you might need help with customer retention, revenue recognition, and churn rate. According to Subscription Flow, 48% of businesses need help to meet their subscription management challenges, ultimately downgrading their customer experience and leading to churn issues.
Therefore, to cater to such problems, you need a solution that masters the art of subscription management.
Salesforce, the 1 CRM in the world, caters to these subscription challenges and transforms them into feasible solutions.
It is an automated process that enables your business to seamlessly manage one-time as well as subscription sales.
With this, you can create and categorize product catalogues, including product bundles along with their pricing. It helps you guarantee a quick yet accurate quote process for your products. Plus, it takes care of accurate invoice generation and tracks your customer’s purchases to help you gain a deeper insight into what they prefer.
The offerings do not stop here! This process further streamlines the processing of payments, refunds, and the issuance of credit memos.
Customers’ needs have evolved, and today, they highly demand convenience. They do not want to reappear for a lengthy sales process to acquire a product or service they use regularly. They do not want the sales team to indulge again and again in the process of their purchases.
Customers do not have enough time to indulge in all of these sales procedures.
On the other hand, businesses feel that retaining existing customers is much more cost-efficient than attracting new ones. Be it any business, large or small, they are looking for different ways to keep their customers stuck around.
Subscription-based revenue model helps give payment convenience to customers, as they can renew their subscriptions whenever they want. If they wish to skip for a week or a month, they can do so too.
At the business end, the Salesforce subscription model enables them to build lasting relationships with their customers. You get customers who are genuinely interested in availing your products or services.
Sending invoices to your customers after every fixed duration is time-consuming and prone to errors when done manually.
With Salesforce, you get the power of automation, which helps streamline your billing cycles that are recurring over a fixed period. It ensures that the invoices are accurate and sent out timely, freeing up time for your teams to focus on important work.
Subscription management enables the automated payments feature for your customers. With this, their subscription is automatically renewed after a fixed time, and they no longer have to worry about remembering the purchase.
With Salesforce subscription management, you do not have to manually send reminders or follow-up emails. This process takes care of it.
It automates the reminder mail with a payment link attached to it, and sends it to all or chosen customers on the Salesforce platform. It contributes to boosting your revenue, eliminating missed or forgotten payments, and reducing customer churn.
With a subscription management system leveraged into your business, you can look into individual customers’ past purchases and derive patterns.
Different customers perform transactions using different methods. Tracking receivables from each method is very time-consuming when performed manually. Also, you might end up missing a few of the other transactions.
However, this process simplifies the management of payment receivables from multiple payment sources. You get a comprehensive view of the same, through which you can see which payment method is largely adopted by your customers.
The same goes for refunds as well. It seamlessly processes refunds to the source of payment, improving the customer experience.
Salesforce does not offer a fixed pricing model for this process. However, you can request a quote for the same.
Still, if you have concerns, you can consult a Salesforce consulting company. They listen to your requirements and, based on them, help you find the best possible solution.
There are many options available in the market that can help you with seamless subscription management in Salesforce.
But do you choose the best one for your business? Well, a solution that provides you with all the benefits listed above is the best.
One such solution is ChargeOn. It is a 100% Salesforce native payment processing application that offers seamless subscription and recurring payment management features.
No matter what the duration of the payment cycle is, it handles them with ease.
Along with this versatile feature, it has other astonishing capabilities such as automated collections, tokenization-powered security, reports and dashboards, and much more.
All of these contribute towards scaling your subscription-based business model and achieving the heights of success you dreamed of.
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