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Today, companies thrive by remaining competitive and adapting to the changing way of doing business. One way to set yourself apart from competitors is to offer a subscription billing model. According to Forbes, “fixed pricing and a frictionless payment process are at the core of why subscriptions have taken U.S. companies by storm.” Enabling continuous contracts is desirable for many business owners and customers alike, but how do you create a subscription billing model for your business?
Analyze
Businesses are successful when they can quickly adjust to customer demands. By looking at real-time analytics and investigating how subscribers are engaging with your offerings, you can react accordingly to encourage consumer loyalty. When businesses give consumers what they want and how they want it, they won’t seek out alternatives. Brand loyalty is important when using a recurring revenue model.
Keep Them Happy
Recurring or subscription billing models should be relationship-focused rather than customer- and product- focused. It should make business sense to adopt a recurring revenue model but the prerequisite is having happy customers. If your customer base doesn’t see continuous value from your product or service, they won’t want to join a subscription. End of story.
Focus on selling a customer experience, not just a product. It is important to give consumers what they want and make the subscription part of their lives through personalized experiences. Eventually, your subscription will become essential to their lives and a long-lasting relationship is born.
Subscription Billing Must-Haves
There are a few important things to understand about subscription billing:
- Predictable revenue, visibility throughout departments, and good accounting practices will drive profitability
- Included tools for fast, accurate online invoices and payment gateways to collect cash quickly
- Integrate quickly into the established ecosystem of CRM & ERP
Subscription Billing for NetSuite
Cloud-based ERP & CRM software suites often have solutions that allow businesses to seamlessly integrate recurring billing management into their existing business. An example of a great recurring billing management system for NetSuite is 360 Subscription Billing. The tool is Built for NetSuite Certified, meaning it has passed NetSuite’s quality and security standards. 360 Subscription Billing supports more complex invoicing allowing each customer to maximize the value they receive from it. Unlike many other solutions, 360 Subscription Billing is not a bolt-on solution and fits effortlessly into your existing NetSuite (ERP, CRM, and e-commerce) instance.
360 Subscription Billing functionality includes:
- Full support for native NetSuite credit card processing and ACH payments
- Accommodation for differing end dates and billing frequencies on a single contract
- Payment proration
- Consolidated invoices
- Usage-based billing
- Visibility into MRR and other key metrics
360 Subscription Billing helps users make revenue projections through reports based on monthly, quarterly, semi-annual, and annual values. Included is functionality for discounts, credits, free trials, and even seasonal billing are handled with greater ease. Users are able to better cater their business practices to the needs of their consumers and start their subscription billing services off in the right, relationship-focused direction.
Want to take the first step? Request a custom demo of 360 Subscription Billing for NetSuite.
