Video/Presentation: http://www.proformative.com/events/establishing-managing-recurring-revenue-model-optimizing-revenue-opportunity
Today, the ability to increase revenue through recurring revenue is driving successful companies. However continuing to insure or improve, customer satisfaction and retention through recurring revenue models requires a new breed of billing. Bringing the features, benefits, and capabilities that will enable companies to offer the products or services that their subscribers want and will buy on a recurring basis, what some call 'recurring revenue,' is critical. In this session you will learn how the right subscription management system can drive new revenue and understand the capabilities you will need to effectively manage your recurring revenue-based business. Also, discover how to increase customer satisfaction with a subscription management system and become aware of what is key in your system so you have minimal impact to IT or financial operations.
Speakers:
Bob Harden, Former Software Director - Global Corporate Systems, Experian
Jon Gettinger, SVP, Marketing, Aria System
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Operational Effectiveness | Session: 5
Recurring revenue is a multi-step process offering:More customer touch pointsIncreased innovation opportunitiesLower cost of business
Understanding that billing is just one piece of the puzzle and that with each step things can get very complicated will help you to choose the right solution for you that will help you achieve your company goals as well as meet your billing needs. And let’s face it….billing solutions must all address the same core areas. However, how a subscription billing systems helps you optimize recurring revenue and be more competitive depends on how well it addresses advanced needs of the company such as reducing revenue leakage, increasing customer profitability, ……Systems that are designed to automate key actions based on process triggers, or associate accounts and service plan in formalized hierarchies for example enable customers to avoid common customer care issues and keep focused on their business. [Note to speaker – you can add info around automated inclusions and exclusions, automated dunning to prevent revenue leakages, and universal changes to support growth and directional changes of the company]
If we want to provide some context about Experian, this is an Experian approved slide that we can use. I used this at Open World.
This was our starting point with the business, i.e. go build us something and when you’re halfway done we’ll provide the plans.
I think these business considerations are fairly common.
I think these business considerations are fairly common.
I’ve read case studies, talked to vendors and integration partners and listened in on case study presentations at Open World. Successful Billing Transformation projects seem to have these characteristics in common. If we use this as is, it needs to be lifted off the Experian template.
I want to…..Grow my business (aka How do I grow my subscription business?)Easily introduce new product or servicesMake it easy for customers to buy from meSell my product any way I want – handle transaction complexityHave an easy time managing a growing customer baseSee how my business is doing in real-timeQuickly respond to changing business conditions (aka How do I respond quickly to changing market conditions?)Be able to change my offers depending on how my customers like them Easily change how I charge for my products or servicesChange how I charge customers if it works better for my business, even if some customers have already bought the serviceTest and change my pricing oftenIncrease efficiency in my business (aka How do I simplify my finance activities without impacting accuracy?)Automate workflows and approvalsConfigure ordersKeep my customer’s happy (aka How do I give great customer experience?)Ensure my solution reliability