Today, many businesses especially, SaaS companies need CRM software to manage various business activities automatically. Customer Management Software (CRMs) have become the need of the hour. They manage all business activities and employees as well. However, the processes of subscription businesses are a bit different. How? The same customer comes to the same retailer again and again because the retailer monetizes the recurring need of the customer. But one must know the features of the CRM that he needs to look for while he is running a subscription business. Whether you need CRM software for small businesses or a large enterprise, the following are the features that you need to always look for:
6 Features of the CRM Software For Your Subscription Business
1. Workflow Automation
As it has been mentioned that the workflow of the subscription businesses is different. The same customer is to be billed recurrently. And payments against the invoices are to be made again and again. Discrepancy just for once in this billing and payment processing can affect the customer relations for which a subscription business might have spent years and a huge resource. And a CRM for SaaS business is the ultimate solution to manage this workflow without any issues.
2. Third-Party Software Integration
The CRM that you are looking for should be flexible enough. When the CRM is flexible and scalable, it can be integrated with third-party software. These software and applications will increase the functionalities of the core software. That way, businesses do not need to look for different software or applications. All business processes can be managed and handled through this single platform. it has to be understood that businesses improvise their pricing plans, and billing methods, and expand with time. When they do so, the flexibility of their CRM matters a lot. If the software is scalable, only then you can integrate other applications with it.
3. Lead Management
As the name of the automated system is customer relationship management (CRM), you must not misunderstand that the software will be limited to the management of the customers. The system should also manage the leads. Leads turn to be customers and the software and the onboarding process decide whether your customers are going to turn to be loyal customers or not. So, you not only need to work on the customers but also on the leads so that your customer lifetime value (CLV) is better.
4. Reporting & Analytics
Reporting & Analytics is an important features that many businesses need to monitor the performance of their business. CRMs use AI-based algorithms. So, they monitor the customer data to help businesses see how they are performing. Also, this software help to foresee the business market. CRMs offer the feature of reporting & analytics. Companies need this feature to monitor their customer behaviour, sales, churn, revenue, and many other business metrics.
5. Sales Forecasting
On Black Friday, many businesses do record sales. Sometimes, they keep getting orders, but they become out of stock to serve these orders. So, it is important to monitor the data of previous sales so that businesses can predict the sales of Black Friday in the coming year and companies have enough stock to serve their customers. And this monitoring of the sales data is done through the SaaS CRM platforms. Companies can monitor the data for a year, a month, or a few weeks depending on the need of their business.
6. Email Marketing
Companies need CRMs for email marketing. They need to not only send emails but also track these emails. This tracking of emails is important so that a link of communication between the customer and the SaaS subscription business remains maintained. These emails can be marketing emails. Nonetheless, they have to be planned, and scheduled, and must have a specific template. And when this activity needs to be planned, you need software for this.
CRMs are the way to manage all these activities from the same platform. If you are running a subscription business, and you need a CRM to manage all business activities, then opt for SubscriptionFlow a SaaS billing platform. It is one of the best software to manage subscription businesses. Also, you will get everything managed from a single platform. There will be no need to adopt this software or that software to manage billing at, payment, and a
