As a result of the health crisis or the simple acceleration of a successful model, more and more companies are developing a subscription model. The first idea is to develop and adapt their business model while making this transition a success that needs to be done in an agile manner. While the web is teeming with information, the success of the subscription model is well guarded and advice on the matter is difficult to come by.
With its cloud-based CRM platform, Salesforce is an expert in customer needs and offers many tools to improve the way companies work and improve their relationships with customers. The company offers through a 15-page guide entitled “How is your business growing with a subscription model?”, concrete solutions for developing a subscription model.
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This guide, which is divided into three main parts, covers the following topics:
- the success of the subscription model
- Rethink B2B sales models
- Building a subscription model in three steps
What are the main steps to set up a subscription model?
Building a subscription model requires serious thought. Even if recurring revenue is generated after the model is introduced, it brings changes that should not be overlooked without forgetting that the customer is your priority.
There are three components that are critical when thinking about subscription strategy: the product (s), the customer lifecycle, and the functionality of your business.
In the case of products, rethinking a new business model can be an opportunity to (re) structure your products and the associated pricing. We also have to think about the delivery of the product: self-service or not. Finally, after attracting the first customers, it is important to analyze the usage of the products to understand why a customer is leaving or staying, why other products are being bought from the same company, etc.
In his guide, Salesforce also emphasizes the importance of being connected to your customer at every touchpoint during the buying process. The customer journey can then be rethought and, above all, improved so that the customer is supported and satisfied throughout his journey.
The last part of his guide introduces Salesforce’s CPQ & Billing solution and its benefits to easily manage sales and invoicing while creating scalable sales processes and automating the customer lifecycle.