April 17, 2020
Revenue operations or RevOps is an industry buzzword which has popularized in recent years. As far as SaaS billing or use of recurring billing software is concerned, businesses offering subscriptions have been discovering the virtues of RevOps. For business owners, learning about changes in the sales environment and new techniques is imperative for growth. Considering the popularity of subscription-based services and use of recurring billing software, brands globally have taken advantage of software as a service model.
With this trend of traditional businesses turning to recurring billing software like SubscriptionFlow and subscriptions, attention and focus towards customer relationship has increased. Placing the customer at the centre of your business means to focus on customer onboarding, improved customer service, and long term relationship. This brings in more responsibility for your marketing, sales, and customer support teams, and this is precisely what revenue operations or RevOps mean. It is the point of convergence between all of your marketing, sales, and support tools which improve focus on customer’s journey with your business.
What is RevOps?
RevOps also involves an analysis of how much marketing, sales, and support services are contributing to the revenue generation in order to make data-driven decisions in the future. It allows you to be more accountable for your investments in these departments and understand customer’s needs as well as keep track of ROI (return on investment). RevOps means that you are going to relegate all departments for having a shared goal for data sharing and show tangible results for both customer success and revenue generated from it. In order to ensure that maximum productive results are generated from RevOps, it is important that these factors are focused: shared goals, mindset, and tools for better performance and aligned data.
Meanwhile, using a recurring billing software also plays an essential role in RevOps as you will be able to see real-time analytics of improved RevOps performance. When your marketing, sales, and customer support is improved, your SaaS metrics will also show improvement, which is the end goal of any RevOps strategy. In contrast, your customer retention increases, robust recurring billing software like SubscriptionFlow will offer you support and automation tools for accounting, invoicing, and financial forecasting. Moreover, SubscriptionFlow also provides automated workflows for invoice generation, checkout page, accounting with Webhooks, and handling failed payments with smart dunning. So for SaaS businesses, starting RevOps strategies would also mean using Recurring Billing Software like SubscriptionFlow, which would support customer’s journey and subscription lifecycle.
Tools for Effective RevOps Strategy
An effective revenue operations would involve tools like innovative pricing plans, data automation, AI tracking for better sales intelligence, data capture tools, reporting analytics for SaaS metrics, and pipeline inspection tools for at-risk customer accounts which could affect revenue growth. All in all, it is clear that for any SaaS business, using all these tools is in some shape or form possible only with recurring billing software. When it comes to pricing plans, SubscriptionFlow offers multiple pricing plans to choose from usage-based, tier-based, etc. which allows users to accommodate any customer’s tastes and even change plans over time. Moreover, we also have a reporting dashboard for SaaS metrics which would allow you to gauge how many leads are being converted and customer lifetime value as well. With our software, you will also be able to view upgrades, downgrades, and add-on features to understand their financial journey.
When it comes to AI and sales intelligence, it is essential that leads generated via website, chatbots, or social media are tracked. This is helpful because it increases the chances of an active sales pipeline, where the sales representative can create the workflow for follow-ups, proposals, quotes, successful conversions. With AI, a sales rep can also gauge the best time to interact, which would impact conversions as well. Artificial intelligence can also track interactions for help desk which will allow you to introduce chatbots, and only intervene when needed. With this data, you can easily update the customer journey in your CRM, which would include extensive accounts of all customers’ information. This way, your sales and marketing team will be able to use that record for introducing a new campaign or upsell.
All in all, we can agree that RevOps is the future of data-driven decision making. Leveraging your marketing, sales, and support tools and use of recurring billing software will allow you to align goals for the customer journey and revenue growth. So, to get started, make SubscriptionFlow your first step in this direction and contact us today for improved and informed growth.