subscription billing challenges

This Is Your Definitive Guide to Surviving Subscription Billing Challenges during COVID-19 and Make Successful Strides in the Future

Many experts are saying that subscription businesses are becoming more resilient since the global pandemic has hit in different parts of the world. However, Subscription Billing Challenges are still faced by many SaaS businesses that need resolving. SubscriptionFlow is offering businesses solutions for streamlining their subscriptions, recurring billing, invoicing, and customer relationship management. Our goal as leaders in subscription management is to enlighten businesses with solutions and techniques to deal with their Subscription Billing Challenges so their subscriber base or sales forecasts can recover. In many instances, SaaS businesses are facing subscriber churn witnessing a decrease in their recurring sales. While it is predictable how e-learning, digital news, and media has been flourishing more so during this pandemic, gyms, travel, and subscription-based club experiences have been suffering still.

For businesses that have seen a significant impact on their subscription growth, they need to introduce a strategy for overcoming issues in the way they handle recurring billing. These Subscription Billing Challenges can be resolved if businesses are focusing on enriching customer relationships which are the crux and center of any subscription-based business model. Before we talk about dealing with Recurring Billing Challenges, we need to discuss why customer-centric businesses should forge long-lasting relationships with their customers. First of all, subscription-based businesses cannot take customer retention for granted. Because as compared to product-based services, SaaS revenue depends on recurring revenue. This is why SaaS metrics like customer churn should be the focus of their sales, marketing, and CRM strategy. At SubscriptionFlow, we have helped many businesses improve their recurring billing, cash flow, accounting, CRM, marketing, sales, and invoicing processes with our AI-powered subscription management software.

Some Common Subscription Billing Challenges Faced by SaaS businesses

During a pandemic, recurrent subscription businesses have to look for recurring billing software and tools which will help them solve these Recurring Billing Challenges in an efficient manner. You can contact us if you are looking for a centralized CRM and subscription management software. However, SubscriptionFlow we also believe that there are many Subscription Billing Challenges still to be dealt with. We can learn a lot from streaming services and e-learning subscriptions who are offering value-added experiences to their customers but first, we need to make sure our audience understands and resonates with Subscription Billing Challenges in order to resolve them.

Build Loyalty and Ensure Customer Retention

First of all, Subscription Billing Challenges coincide with customer management, especially when it comes to keeping track of all of your customers. Our CRM is designed to ensure that while you are working remotely, your customer records and recurring billing is handled in an automated manner. Our recurring billing software is designed to ensure that your customer-facing teams do not lose track of your activations, sign-ups, and onboarding processes. Other than that, CRM solution like ours has helped many businesses flexible billing frequency which is another problem many businesses face during the pandemic. Your subscriptions might need to be tweaked which is why our solution allows volume, tier-based, and usage-based pricing models. So, whether your customers are signed up for an annual, monthly, or quarterly basis, you can easily manage recurring payments, reconciliation, and automated renewals depending on your customer’s invoices easily.

Offer Value to your Customers

During the pandemic, customers are also concerned with canceling their subscriptions due to a lack of affordability. This is why, our subscription management software allows trials, discounts, and different promotional codes to support your pandemic focused marketing strategy. It is important that when you are planning to offer trials leading to the paid version of your subscription plans, discounts and promotions then you need subscription management software to keep track of sign-ups, renewals, checkout pages as well. SubscriptionFlow also offers shopping carts and eCommerce store integration with software like Shopify and support for different payment gateways as well. Adding value to your customers’ experience with your brand, especially during COVID-19 would beg for a different sales strategy revolving around free trials and freemiums which would increase revenue and evolve your pricing strategy.

Preventing Churn with SubscriptionFlow

Customer churn is inevitable during pandemic which is why you need churn preventive strategy. We believe that SaaS business’ growth should be forecasted and reviewed via a reporting dashboard which would allow you to see SaaS metrics. These metrics and key performance indicators including customer churn, annual recurring revenue, customer acquisition value, and monthly recurring revenue, etc. Our subscription management software allows users to keep track of their daily sales forecasts as well as customer churn. By keeping track of customer churn, you will be able to see why customers are voluntarily and involuntarily canceling their subscriptions. From trials, freemiums, pausing, or postponing your customers’ subscriptions with our subscription management software. Losing customers or sales is an inevitable process and consequence of this pandemic. This is why SaaS businesses need to revise their sales, marketing, and CRM strategy to avoid permanent damage to their sales in the long run. So, if you are looking for a more viable CRM solution to power your subscriptions then contact us today.