Salesforce Revenue Cloud – The Business Revenue Multiplier
Bob is the sales manager of a Sacramento-based multinational Over-the-Top (OTT) media services provider. Prior to the outbreak of COVID-19, the company primarily relied on its global network of sales reps to reach out to customers. However, the pandemic resulted in most customers connecting with the company online and through its mobile app – in fact, 60% of the organization’s revenues were generated through the web and the mobile app. Bob feels this trend is likely to continue and he needs a robust solution to seamlessly manage and grow revenues from multiple channels. He spoke to Larry, the company’s IT manager, about the solution.
Bob: The COVID-19 pandemic has dramatically transformed the way people buy our products. Online and app-based purchases now constitute the bulk of our revenues. But there is also a sizable number of customers who buy the old way. Is there a good solution that can help us manage revenues across channels effectively?
Larry: Yes, of course. We should go in for Salesforce Revenue Cloud, a brand new and very powerful revenue management solution.
Bob: Salesforce Revenue Cloud? What is it?
Larry: Salesforce Revenue Cloud is an integrated revenue management solution; it helps businesses manage their business revenues without any hassles.
Bob: How does it help customers connect with us from multiple channels?
Larry: Salesforce Revenue Cloud is designed to facilitate good customer experiences across channels. For instance, an existing customer can fill his online cart with the products of his choice and then contact our salesperson to seek clarifications or request a reduction in price. The sales rep will already have full information about the customer’s product-purchase history and digital interactions at his fingertips, and this will lead to a hassle-free transaction.
Bob: Our business or for that matter most businesses in the OTT segment run on a subscription-based business model. How does the Salesforce product support the model?
Larry: Salesforce Revenue Cloud is designed to provide excellent support to various revenue models, including those based on subscriptions. The innovative product helps companies use a wide variety of subscription-based billing models such as single-time purchase, perpetual licensing or milestone-based charges. You can also levy a flat fee or charge the user based on the number of units consumed by him. For example, you can bill a user based on number of movies watched by him in a given month.
Bob: A major challenge faced by our company is dynamic demand. For instance, a user may opt for two channels in a month, while in another he may prefer to go with only one. Dealing with constantly-changing demand has always been a problem, but it has got tougher in the COVID-19 season. Does Salesforce Revenue Cloud help alleviate this problem?
Larry: Absolutely. The Salesforce revenue management solution helps manage constantly-fluctuating levels of demand, very effectively. You can use it support service upgrades and downgrades, besides manage add-ons and renewals. The feature-rich product is fully customizable to meet the varying demand for a company’s products.
Bob: Timely availability and proper analysis of revenue data goes a long way in coming up with successful product plans. How does Salesforce Revenue Cloud score on this front?
Larry: The Salesforce solution provides complete visibility into revenue data. The product can be integrated seamlessly with various ERP systems, ensuring complete, real-time flow of information. Salesforce Revenue Cloud is also fully integrated with Einstein Analytics, Salesforce’s data analytics powerhouse.
Bob: Over the last few years, there is a growing trend of customers trying to find information about a product by themselves