Unlock Revenue Growth with a Synchronized Monetization System and RevOps Team
Learn how a synchronized monetization system and RevOps organization gives modern companies a competitive advantage
Billing accuracy and timeliness play a key role in customer satisfaction and longevity. The more satisfied your customers are with how they are billed and their billing options, the more likely they are to remain customers.
When it becomes difficult to talk to your customer success team, or challenging to pause a subscription, add products and services, or update payment methods – your customer is gone.
This happens all too often in companies operating with siloed finance, sales, marketing, and customer success teams. People do not communicate cross-functionally. There is minimal or no data sharing. Disjointed teams are working on their individual goals and metrics, without any eye to the bigger picture: growing revenue by satisfying customers in everything from product capabilities to billing.
Meanwhile, your customers are frustrated. Consider this scenario:
- A customer has a problem with their bill. It is not up to date with their renewal agreement which has transitioned the customer to a new subscription-based recurring billing model.
- The customer may be proactive and contact your customer success or billing team. Typically, however, they will wait for your team to chase an overdue payment.
- Your team follows up with the customer to check on the status of the overdue payment. Following a series of costly follow-ups, your team is informed about the error with the invoice
- Your team reviews the billing presented and re-calculates it by correctly applying the subscription rules required to the billing calculation. The invoice is re-issued with standard payment terms.
- 45 days after the original invoice date, a new invoice with 30-day terms is sent to the customer - giving an effective 45-day payment term extension - without a late payment penalty.
As these issues grow, your teams are scrambling – finance, sales, marketing, and customer success - to coordinate, stay aligned and try to maintain a positive customer relationship.
Now imagine this scenario within an automated monetization system and an integrated Revenue Operations (RevOps) team model. Your finance, sales, marketing, and customer success teams are working together – focused on ensuring customer satisfaction and operational efficiency.
Because your RevOps team shares data and has access to the same information, your customer quickly gets the help they need, the billing lines are correct, or quickly amended, and the customer is left with a positive experience.
RevOps eliminates organizational silos and help companies refocus on the end-to-end customer lifecycle and grow revenue by satisfying customers throughout that cycle. Simply put, RevOps makes it possible for you to unlock new revenue, stop revenue leakage, monetize your data, and modernize your product and service offerings.
How RevOps Adds Value
RevOps aligns the finance, sales, marketing, and customer success teams, creating a collaborative organization that shares data, resources, strategy, and knowledge. With common goals, metrics, and resources, the RevOps team is focused on unlocking revenue, growing the company, and customer satisfaction.
This adds value to your organization in these five ways:
- Data sharing
Opportunity is in the data. Knowing key performance metrics, sales numbers, customer retention scores and satisfaction, marketing targets, traffic sources, click-throughs, and product performance is core to giving customers what they want, from both a billing and product perspective.
- Operational efficiency
Improved communication, knowledge-sharing, and data-sharing inherently leads to a streamlined and collaborative sales, marketing, and customer success strategy. A RevOps model provides visibility into the entire customer lifecycle, making it possible to identify inefficiencies and areas for improvement, and encourages an agile response to both opportunities and challenges.
- Revenue growth management
Collaboration across finance, sales, marketing, and customer success teams means everyone understands the keys to customer retention and satisfaction. The sales and marketing teams can develop products and services based on insights from the customer success team and the finance team can create agile billing models to deliver the personalized experiences customers expect.
- Customer satisfaction
Enhanced customer satisfaction translates to more sales, better brand reputation, and increased customer lifetime value. When your people have access to data and resources, they can serve the customer better. Additionally, the integrated RevOps team is aligned with a clear understanding of the company’s goals and targets
- Revenue management
The biggest pain point for many companies is revenue management. A RevOps model helps identify revenue leakage, exposes billing and operational inefficiencies, supports data monetization, and optimizes the entire billing and revenue process for opportunity, growth, and agility.
These value points were discussed in a recent podcast, Evolution of Billing Innovation: Revolutionizing Revenue with RecVue. Robin Beetge, our VP of Sales and Marketing and podcast guest Lily Varon, digital business strategist at Forrester, discuss RevOps and how companies can eliminate billing complexity.
Modern Day RevOps Challenges and Their Solutions
To get started on your RevOps journey, it’s important to understand these core RevOps challenges and how to overcome them:
- Data Management and Integration: data overload and making sense of data from multiple touchpoints within an organization can create challenges. It can be difficult to reconcile data, monetize the data, find value in the data, and understand how to use it for better decision-making.
Solution: an agile billing solution with robust data management capabilities that seamlessly integrates with your existing tools and platforms gives you real-time insights into millions of transactions and data points.
- Technology: too many tools and outdated software that doesn’t scale or integrate and fails to meet the needs of finance, sales, marketing, and customer success is a constant challenge. People are tied to their favorite tools and struggle to adapt and change to better, smarter technology.
Solution: choose an agile billing solution that seamlessly integrates with the leading ERP, CRM, tax, and data warehouse providers. For example, RecVue is designed to integrate with solutions from Oracle, Salesforce, SAP, Microsoft Dynamics, Snowflake and Google Big Query.
- Changing Market Dynamics: customer demands change constantly with increased expectations for personalization, agile billing models, and support for new product roll-outs. The need to be one step ahead of market dynamics and ready to respond to any unexpected condition can create decision paralysis and missed revenue opportunities.
Solution: agility and responsiveness are key to succeeding in the modern XaaS business environment. Rely on a billing solution with built-in flexibility to quickly scale from a one-time pricing model to subscription to unlimited usage-based billing.
- Customer Satisfaction and Retention: everything must be about the customer, but many RevOps teams struggle to understand the customer’s perspective and challenges. Collecting, listening to, and responding to customer feedback is essential to productization, billing strategy, marketing campaigns, sales targets, and company success.
Solution: a modern agile billing solution gives you the freedom to give customers what they want, thereby increasing your competitive advantage. Know that you are not tied to one billing model and can offer recurring, subscription, usage-based, dynamic, and hybrid billing plans.
But forming a RevOps team is not the magic solution. To truly support your customers and eliminate your billing pain points, you need an adaptable, intelligent, and sophisticated billing solution that is custom-designed to solve your RevOps challenges.
Powering Your RevOps Team with Agile Billing
An agile billing model empowers RevOps teams to quickly respond to market changes, build personalized customer experiences, increase efficiencies, lower total cost of ownership, and uncover revenue opportunities.
This is exactly what RecVue delivers. RecVue takes the complexity out of the equation and delivers critical benefits of agile billing including:
- Better customer experiences
- Flexibility and responsiveness
- Revenue visibility and opportunity
- Data-driven productization and decision-making
- An end to revenue leakage
- Optimized pricing strategies
- Error reduction and dispute management
- Scalability and growth
- Industry compliance and security
- Cost efficiency and lower TCO
RecVue was built specifically for RevOps teams tasked with unlocking revenue, growth, and opportunity in this evolving economy. With RecVue, the complexity is gone, and your customers are with you for the long term.
Contact us today to schedule a consultation and see for yourself how RecVue gives you a competitive advantage.