It’s not surprising that customer experience has become a huge priority in many companies. After all, it‘s been proven time and time again to be the most effective way to grow just about any type of business.
Common benefits include:
- Reduction in cost of service,
- more loyal customers,
- and an increase in revenue growth.
For subscription and other recurring revenue based businesses, automating your billing processes is key to creating the level customer experience that will result in these benefits and transform your billing from a cost center to a profit driver.
An automated service like Fusebill does this in 2 main ways:
- Improves Billing Operations By:
- Taking care of calculating, sending recurring invoices, and charging customer credit cards.
- Supporting monthly, quarterly, and annual billing periods
- Automatically triggering alerts to notify your team and customers of changes to their account status, including upcoming credit card or subscription expiry, past due payments, limits exceeded, account renewal, etc. before they go to dunning. This process helps customer accounts stay in good standing. For example, a major North American Newspaper increased its subscriber retention rate form 45% to 69% with automated billing.
- Properly addressing “passive churn”.
- Providing self-service capabilities like online checkout pages and customer account management portals which allow customers to update passwords, change contact information, update or change the payment methods, add or remove a subscription and even create, suspend, or cancel a subscription, etc.
- Improves Customer Retention By:
- Managing prorating and renewals.
- Automating customer lifecycle emails like “welcome” emails, statements and invoices,
alerts about expiring credit cards, etc.
- Ensuring all communications are consistent and professional.
- Promoting up-selling and cross-selling.
- Managing the customer lifecycle from creation through to renewal.
- Providing visibility to key metrics like monthly recurring revenue, churn, customer lifetime value, product and subscription sales, etc. This allows you to focus your efforts in the right places.
To truly optimize your customer experience you need to go beyond just improving your customer service because your customer experience goes beyond the sale. This is especially true for subscription and other recurring based businesses, which is why automating your billing process can make such a huge difference to your bottom line and your ultimate success.