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, before making a purchase. How can Salesforce Revenue Cloud facilitate effective customer self-service?
Larry: Good question. You can use the Salesforce revenue management offering to deliver top-notch support to customers on the channel of their choice. They can access our product catalogs anytime, place an order or contact our representative for more information anytime, anywhere, in a hassle-free manner.
Bob: Product catalogs remind me of a major problem. We introduce new products very frequently, and as a result, find it hard to update the catalogs on a regular basis. How can Salesforce Revenue Cloud help resolve this problem?
Larry: You can set up an automated process to update product catalogs posted on various channels very easily. This will help you provide up-to-date information to our customers quickly, with little effort.
Bob: One of the major challenges faced by our company in the wake of the COVID-19 pandemic is reducing the cost of managing the revenue cycle. How can the Salesforce product help us cut our expenditures?
Larry: You can use Salesforce Revenue Cloud to enhance revenue management efficiencies, in a big way. The product helps you automate the entire revenue cycle. You can come up with business rules to automatically validate transactions, while ensuring total compliance, across all sales channels. Furthermore, you can develop a fully automated process to shorten the revenue cycle; you can expedite route pricing and make purchase-related documentation quick and simple.
Bob: That’s nice to hear. How can we implement Salesforce Revenue Cloud quickly in our organization, without any problems?
Larry: We need to hire a good implementation partner who not only has an excellent knowledge of Salesforce products but can also understand the needs of our business thoroughly. The organization of one of my classmates at the MIT has partnered with Solunus Inc., and he has spoken very highly of them. We can get in touch with them to find out how they can help.
This is what the two managers have discussed. How do you manage your revenues? We’d love to know.
Solunus, a North-American based Salesforce Partner, prepares businesses for their next-generation customers. Established in 2014, we simplify Salesforce for you to build more meaningful customer relationships. We partner for a win-win arrangement with a clear ROI that the client realizes by the end of the engagement. Our 350+ years of cumulative industry exposure and Salesforce experience underpin our position as the right Salesforce partner. We are a team of Salesforce Certified Professionals, CRM Architects, and certified Agile Scrum Masters with a passion for making a difference.
About the Author:
Phani is a seasoned content writer. He has written several well-received blog posts and articles on various subjects, ranging from online training to regulatory compliance. When he is not writing, you can find him watching Hollywood classics.