SaaS subscription companies are faced with many challenges when it comes to managing portfolios, finances, and customer accounts, but you may not realize just what you can do through effective subscription management. When utilizing tools that help you manage your subscription offerings, there are three major benefits that you may not yet be aware of.
Do more with less staff
A major struggle for growing companies is investing in manpower. You may find yourself in a position where you need to increase your staff, but want to be able to secure future revenues to ensure that it is an investment you can afford. But with automating some of your activities for subscription management, you may be able to actually do more for your SaaS growth while keeping less staff.
A major area for SaaS hires includes accounting and finance. It may be that you currently have someone on staff who's sole job it is to continually create reports, often still done in manual ways with spreadsheets. With proper subscription management, you can automate many of these activities, leaving your staff member to focus on other crucial activities such as using reports to identify issues with recurring revenue and billing, or managing invoicing.
Create better customer relationships
When you have a system in place that helps you identify usage, subscription terms, and other important details about individual customers, you can then be more informed when interacting with them. In high-touch sales organisations, it's important to continue the high level of quality interaction that customers are used to. With effective subscription management, you can then perform activities such as reaching out to a customer if you notice their usage is lower than normal. Or send a personal email if they renew a subscription, thanking them for their loyalty.
When you are able to better manage your customer information, it fosters better customer relationships, which in turn helps secure recurring business. Better yet, establishing a reputation for having great customer service and user experience will help you gain referral business. When your existing customers tell others about the good customer relationship management that you have, they are more likely to bring in new contracts for you.
Adjust pricing and offerings
In today's competitive marketplace, SaaS companies must be agile. This means also being able to adjust the pricing and offerings of their products and services quickly and easily. Without the right subscription management capabilities, these activities can actually be slow and difficult.
Pricing and offerings should be created through informed decisions. When you measure performance, and evaluate customer satisfaction data points such as renewals and upsells, you can identify where adjustments should be made fairly easily. Without the right subscription management capabilities, you could be offering products or services that customers don't deem as being a good value, or may not contain the right features. Leaving those offerings available for too long can see you lose existing customers, or deter potential new customers - and you may not get a second chance in the future to secure those purchases.
Subscription management can make or break a SaaS company depending on how efficient, agile, and customer-centric you can be. If you don't already have efficient subscription management, you should be considering how the right program can help you do more with less staff, create better customer relationships, and adjust your pricing and offerings - three crucial aspects of SaaS subscriptions.
Want to learn more about how our Subscription Management stack can help you achieve all of these things and more? Request a demo now.