Subscription revenue management

Understanding Subscription Revenue Management with a New Approach

Businesses are shifting from rigid, consumption-based business models to flexible ones that let users pay for the goods and services they use only as much as they use them. Therefore, reengineering the value chain and realigning teams to the new business model are necessary for this major shift.

Customers can pay for goods and services according to their consumption (pay-as-you-go), scale their service usage up or down in accordance with business needs, and have their subscriptions automatically renewed thanks to subscription billing and revenue management. Establishing a new subscription billing and recurring revenue management capability is necessary for organizations to meet the increasing demand for these flexible consumption models.

In this blog, keeping this context in mind, we will first go over what exactly entails effective subscription revenue management, before going over a list of best subscription revenue management software to help you decide which you should then opt for. In the end, we will also discuss SubscriptionFlow, a robust subscription revenue management software, and see how it became one of the fastest growing subscription revenue management software in the market.

What Entails Effective Subscription Revenue Management?

Broadly speaking, effective subscription revenue management can be understood as fulfilling the following criteria:

1. Enhanced Predictability of Revenue: Businesses can benefit from a consistent and recurring revenue stream with subscription management. Businesses can more accurately plan their finances and project their growth by managing subscriptions well, which helps them anticipate and predict their revenue.

2. Enhanced Client Retention: Businesses can actively engage and retain customers with the help of subscription management. Through the implementation of usage pattern monitoring, timely renewal reminders, and personalized offers, businesses can enhance customer satisfaction, minimize attrition, and cultivate enduring loyalty.

3. Improved Client Experience: Throughout the course of the subscription, a smooth customer experience is ensured by effective subscription management. A positive and satisfying customer journey can be achieved by businesses by offering self-service options, managing billing effectively, offering flexible upgrade or downgrade options, and promptly addressing customer concerns.

Read more: Exploring Paddle Alternatives: SubscriptionFlow for Complete Subscription Success

A List of the Best Subscription Revenue Management Software

1. SubscriptionFlow: SubscriptionFlow assists companies in managing their subscription revenue streams. They can use it to establish, monitor, and improve customer relationships, billing cycles, invoices, payments, and subscription plans. In addition, SubscriptionFlow offers analytics and insights to help companies comprehend their customer lifetime value, churn rate, and subscription performance, among other things.

If we were to make a long story short, then it would be as follows: a gap was recognized in the need for an easy-to-use and reasonably priced subscription management tool, so, lo and behold, SubscriptionFlow was founded in 2019. The goal was to assist companies of all kinds and sectors in expanding their clientele and capitalizing on the potential of recurring income. Since then, SubscriptionFlow has expanded to assist innumerable clients worldwide, ranging from start-ups to large corporations. The goal of SubscriptionFlow remains to make subscription revenue management simple, effective, and expandable for all types of businesses.

2. Paddle: With the help of Paddle, you can develop the SaaS billing model of your choice and increase revenue at every stage of the customer journey. Paddle is an all-in-one solution that streamlines business operations by combining tax compliance, payment processing, and subscription management.

3. Sage Intact: Thousands of businesses worldwide rely on Sage Intacct, a flexible and scalable financial platform that offers deep accounting capabilities. Any accounting department or finance team can benefit from Sage Intact’s core accounting applications, which include a general ledger, accounts payable, accounts receivable, cash management, and order management. In addition, it has built-in dashboards, real-time reporting, project accounting, revenue management, time and expense management, and worldwide consolidations for numerous entities.

4. Chargebee: Chargebee is an end-to-end platform for revenue management and subscription billing that is renowned for its extensive feature set and adaptability. Through subscription management, automated recurring billing, and revenue analytics, the platform—which is appropriate for businesses of all sizes—allows subscription businesses to seize, hold onto, and optimize revenue opportunities.

5. Stripe: Billing clients quickly and easily is possible with Stripe Billing. Utilize Stripe’s recovery tools to increase revenue by offering recurring payments to customers worldwide. With support for metered billing and tiered pricing, you can decide how to monetize. Use their APIs for a fully custom integration, or use their pre-built, flexible components, such as the pricing table and customer portal, to get started with little to no code.

6. Maxio: Maxio is a platform for managing subscriptions designed especially for B2B SaaS companies. Numerous features, including revenue accrual, custom pricing, personalized billing, usage tracking, and more, are available with the software. It also helps you to better manage subscription activity, streamline your product catalog, and strengthen your relationships with customers.

Read more: CRM to Manage Subscriptions and Renewals: An All-in-One Solution

Book a demo with SubscriptionFlow now to start using this subscription revenue management software to maximise the revenue of your business!