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If you're an SMB with a tight budget and stretched resources, you probably struggle to thrive and grow. This article talks through the most common challenges and impacts faced by subscription and membership-based SMBs. It also shows how the right platform can cut operational costs, improve customer experience, boost incoming revenue and growth, and provide reliable financial management.   In this article: The Challenges That SMBs Like Yours Face   How Automation Brings SMBs Major Gains  The Problem of Money  What Microsoft Dynamics 365 Business Central and Bluefort Does For You   If you run a small or medium-sized business (SMB) with very limited resources and budget, you probably feel like you’ve got both arms tied behind your back.   It can be difficult to take action, improve customer relationships, or strengthen finances because any time or resources spent in one area drains another.   Constantly stretching your money as much as possible can be completely exhausting.   The good news is that you can get more out of what you have, even with just one thing: a little automation.    Curious to see how it works?  The Challenges that SMBs Like Yours Face   A tight budget controls everything.   That means you are stuck making tough choices and cutbacks. You may have to delay important things.   It’s pressure that’s demoralizing and keeps you in a state of frustration. You and your teams work hard, juggle roles and jobs, but no matter how hard you all try, things skip through the cracks.    Here are some of the areas where SMBs feel it the most:   1. Resource allocation - Resources involve trade-off. For example, should you invest in marketing or sales to drive growth, or update the technology you desperately need? Or should you bring in stellar talent to get the job done? It’s all decisions about what can temporarily suffer for the sake of something else.  2. Staff morale - Consistently overworked employees battle low morale and burnout. They’re stuck with tasks that are outside of their talent and expertise. And they’re far more likely to quit. Ánd employee turnover is disruptive and expensive for an SMB.   3. Inefficiency in your operations - Limited resources create operational problems. Everything from data entry, sales strategy, invoicing, reconciliation, and compliance are slowed down and prone to mistakes. That boosts costs and leaves you vulnerable to upsetting customers.   4. Limited tech - Outdated tech creates more problems than it solves. You might have a Frankenstein situation with multiple solutions and none of the information flowing between them. That puts you at a huge disadvantage to any competitor that has their tech solution specifically geared toward driving efficiency and keeping an eye on rivals like you.   5. Struggling customer service - Good relationships with customers is so important because each customer counts. But it’s hard to keep up with all queries, returns, and problems in a timely way. That’s a recipe for churn, which robs you of revenue in the short and long-term.   This cycle can be hard to escape.   But if you’re stuck, how can you get your way out of these challenges, let alone accomplish things that will build and strengthen your SMB?   How Automation Brings Your SMB Major Gains    The more your resources are stretched, the bigger the transformation that automation can bring.   It’s a game-changer. Automation uses cutting-edge technology to do three things:   perform time-wasting repetitive tasks  streamline and integrate multiple processes  boost efficiency and cut costs   For SMBs, the right choice of automation provider can make the difference between treading water and winning gold in the 400m individual competition at the Olympics.   Let’s look specifically at how that works for an SMB:  It streamlines the boring, time-stealing administrative tasks  No one likes doing admin. Data entry, scheduling, tracking and processing usage, invoicing, and emailing take the joy of your day.   They also stop you from doing what makes most of your talent and passion.   But automation takes care of these things for you. Let’s look at invoicing. Automation takes the contract terms, monitors for any changes and usage, creates reminders for your customers, correctly calculates the invoices on time, sends them, and collects the payments for you.    How much time would that save you? And how much of a cash flow situation would that improve?  And that’s just one function.  A better CRM  You know how important customer relationships are to your SMB. And that requires consistent management.  Your SMB might struggle to keep track of all interactions with every customer. Things might fall between the cracks. When a customer feels neglected or ignored, when you reach out with sales tactics, it turns them off.   A good CRM:  manages sales pipelines   creates personalized experiences and offerings  keeps track of communication with customers  constantly pivots to continue a good business-customer relationship.   Without automation, that’s a big ask.   But with automation, you’ll know that nothing’s forgotten. It even spots customers at risk of leaving and creates tailored suggestions for offers and interactions to keep them on-side.  The personalized experience   Customers love and expect personalization. It can be hard for SMBs to even think about personalization because of the resources needed.   But with automation, it’s done for you. It will cater to their individual and collective needs and preferences.   Personalization includes:   customized content and marketing   tailored products and offerings  pricing based on patterns and needs  getting feedback  recommendations  loyalty programs  It also manages emails and lead generation using segmentation filters (that can be as niche as you want) that consider patterns, needs, and demographic information.  And it’s so effective. When SMBs offer a personalized experience, they boost customer satisfaction and loyalty, improve retention rates, and increase their overall Customer Lifetime Value (CLV).   Why? Because most of their competitors can’t bring the same experience to the table. Brings sales opportunities  SMBs with stretched budgets and resources need as many sales opportunities as possible. They simply cannot afford to miss anything.   But keeping track of all your customers, what products they use, what they need, what they don’t want can be a formidable task for whoever handles sales in your business.   Which means that sales opportunities will be missed.   Maybe not all, but some. And that is costly.   Automation is built to combine customer data and CRM to spot sales opportunities, and this goes beyond personalized marketing.   The system will take contract terms, customer usage, competitor offerings, and customer behavior and engagement, to spot what types of products and offering combination would better suit each customer’s situation.   So if the solution noticed the customer wasn’t using a particular product, or there’s a new product that would better meet their needs, the system will create a special offering, and channel it to the customer at the best time.   All sorted out for you.   It’s a proactive approach that not only revs up your sales, but makes customers happier, because who doesn’t love something created just for you?  Better financial management  It’s challenging for an SMB to keep up with the financial side.   With subscriptions, manual invoicing alone takes up a huge chunk of an accountant’s time. And they’re also expected to:  chase sales and customer service for contract terms and usage   create and send invoices  change any incorrect invoices   collect and chase payments  reconcile back to the ledger  recognize revenue  create reports for strategic decision-making   predict cash flow trends   assure financial compliance   prepare for audits   pay inbound invoices   All this accurately and on time.   And take reliable numbers to stakeholder meetings. That’s a lot for a small team with no tools.   But automation can take care of all these tasks and ensures it’s all on time and error-free. And on top of that, you’ve got numbers you can take to the bank. And your business will stay compliant, so those vulnerabilities to fees, fines, and lawsuits are no more.  Automation can completely change how your SMB operates and bring you all these benefits.   But we know you’ve still got one big concern about it.   The Problem of Money   It’s likely that you love the idea of automation, but you’re worried about the cost. After all, your budgets and resources are already stretched.   And making the leap is a lot easier than you think when you consider ROI.   Here’s what you get in both the short and long-term (insert links to relevant articles on the site):   Lower costs - Automation reduces the need for additional staffing related to the automated processes (even if you scale). It minimizes payroll and sales expenses. It spots cost-saving opportunities thanks to data analysis.  Efficiency gains - everything runs more smoothly, and all repetitive tasks are taken care of.   An end to revenue leakage - because invoicing is correct and timely, you’ll never suffer from the revenue leakage caused by forgotten invoices and under-invoicing.   Better sales - opportunities are spotted and created, so your inbound revenue is higher   Higher customer satisfaction and retention - personalization and data insight give your customers the experience they want and stick around for. You won’t have to rely on high-cost acquisition because your churn will be lowered.   Saving money and boosting inbound revenue in both the short and long-term is an irresistible prospect.   If you can see the value, which solution should you choose?  What Dynamics 365 Business Central + Bluefort Automation Does for You   Business Central is the perfect ERP system that automates so much for SMBs. It's also flexible and it grows with you.   Bluefort are experts in automated recurring revenue. We can implement Business Central for you with all the customization you need to get the most out of everything the platform automates.    We're here to help you:   free your time and resources   cut costs and churn  build your customer base   bring in more revenue   expand your business  make your life a lot easier.  D365 Business Central and Bluefort are a comprehensive solution that delivers the best that automation has to give to your SMB.  By implementing these powerful tools, your SMB can not only reduce churn but also foster long-term customer loyalty and growth.  Conclusion   The constant pressure of running an SMB with stretched budget is stressful. There are so many challenges you must solve, without the resources that you need to do so.   But it doesn’t have to be like this.   You can get so much out of automation. Like enhanced efficiency, cut costs and churn, higher customer satisfaction, optimized processes, and better productivity.   You’ll get a sense of predictability and stability, and the time you need to focus on the future.   If you’re ready to take the next step and find out how Microsoft Dynamics 365 Business Central + Bluefort can change your SMB for the better, book a discovery call today! 

Customer churn is dangerous problem, particularly for SMBs with memberships or subscriptions. It can cause substantial financial loss and damage that an SMB could struggle to recover from. This article covers what churn is, what causes it, and how it impacts a business. It then gives seven strategies SMBs can action to cut churn. It also shows a step SMBs can take to have these strategies performed for them.   In this article: What is customer churn?  Causes for churn specifically for SMBs  Dangers of churn for SMBs  7 strategies for tackling churn   How Dynamics 365 Business Central and Bluefort can help For a subscription-offering small or medium-sized business (SMB), every customer counts.   That’s why every time you lose one, it feels like a big deal. And when you lose a few? You can go into damage control mode.   It’s no wonder; churn can cost you both money and growth.   Customer churn is something that an SMB will always have to worry about, unless they have the right strategies and tools to tackle it and turn things around.   This article will talk through what churn is, the causes, the impacts and strategies you can use to negotiate churn once and for all.   Let’s dive into the details.  What is Customer Churn?  Churn is a measurement of the loss of customers over a certain amount of time, usually annually or quarterly.   Here’s how it’s calculated: Choose a time period to evaluate and find the original and end number of customers over that time. Then use this formula:   Number of Lost Customers / Total Customers at the Start of Time Period) × 100 = Churn Rate   An SMB needs to keep an eye on the rate, because churn is like a leak in a boat. First it can feel like a little dribble. But eventually there's a tipping point and it's too late to stop.   The first step to tackling churn is understanding what it is. And the second step? Knowing what causes churn.   Causes of Churn Specifically for SMBs  Why do customers leave SMBs?  We work with SMBs of all kinds. 9 times out of 10, churn isn't technically their fault. They just lack the resources to avoid these problems.    Here are the most common causes from the circumstances we hear:   They don’t see the value: You know the value of your products and business because you’ve worked so hard to build it. But that value isn't obvious to customers. They act only if they know they’re getting value for money.   They’re not engaged with you: When customers don’t talk to you (through social media or staying in touch with questions or feedback), chances are they don't feel attached to your brand.   They notice your competitors: SMBs often don’t have the resources to study competitors or fight them off. But better-equipped competitors can swoop in and poach customers with temporary offers and discounts, or better service.   Mistakes and bad customer service: When an SMB’s resources are stretched, mistakes happen in things like invoicing or contract terms. Customer service might be stretched, or not available 24-7.    Their reality doesn’t meet the expectation: We can fully intend to fulfil promises when we make them. But circumstances change. And then you’re stuck, unable to fulfil, which breaks trust. According to YouGov, 31% of consumers have switched brands because a company was lying about product performance   The good news is that all of these problems can be tackled and solved. But before that, it’s important to look at the impacts of churn. If these causes of customer churn aren’t tackled, what are the problems your SMB is vulnerable to?  Dangers of Churn for SMBs  Churn can damage your SMB’s health and sustainability.   Churn makes your customer acquisition cost go through the roof because you miss out on the benefit of repeat purchases. This forces you to acquire new customers, which costs five times as much as retaining a customer you already have.   This demands you beef up your already limited marketing budget, which means less budget for another part of the business, like product development, training, infrastructure, or employee quality.   And there’s no guarantee it’s going to work either.   Churn wears away your long-term inbound revenue streams. You need a predictable income; it’s absolutely key to your financial stability.   But when a customer leaves, you lose the Customer Lifetime Value too. That’s the amount you would get from them over a long period of time.   That lost revenue will force you into hyper-work mode, struggling to catch-up and find that inbound revenue money somewhere. You may struggle to be able to focus on anything else.   In fact, it can impact your overall operational efficiency because marketing, sales, and customer service now must scramble and figure out what to do, then spend extra time doing it. That’s less time and focus on building a strong customer experience and long-term relationships with them.   It can also siphon off mental and emotional energy, so you haven’t got the ability to problem-solve and make decisions. SMB workers are particularly susceptible to burnout so it’s important to be careful about anything that can cause it.    You’ll also be vulnerable to reputational damage. When customers leave a business, they have a tendency to tell friends and family, and write online reviews.    Without a good reputation, you’ll get stuck in a loop where you can’t attract the new customers you need to help improve your reputation.    Any of these impacts can have a big effect on the stability of your SMB. And if you’re suffering from multiple impacts, you probably already feel unstable.   What can you do to put your SMB back on the path to stability and cut down customer churn for good?  7 Strategies for Tackling Churn  As an SMB, you need to be able to take action to solve a problem fast.   Here are the 7 most important strategies you can use to improve your customer churn rate:  1. Don’t ignore your data. Use it. Customer data sits there in your system waiting to be used. It can provide invaluable insights into customer behavior, buying patterns, segments, and engagement levels.   And specifically, it helps predict churn by spotting at-risk customers (and larger patterns) so that you can proactively take care of issues before customers go.    2. Make it personal: Customers both value and expect a personalized experience. They will give loyalty to a brand that makes them feel valued and understood. Using that data, you can create entirely unique in everything from communication, offerings, pricing, customer service, loyalty programs and everything in between.   3. Roll out the red carpet: Customers should feel beyond valued and appreciated. Invest in your customer service rep (or team). Give them the training and resources they need to make sure that every customer problem is either anticipated or sorted out right away.   And tap into the value of customers’ feedback - that information is gold because they’re telling you what they want. It also reinforces brand positivity.   4. Mean what you say: Sometimes black swans happen. Unexpected events can stretch your SMB’s resources, push back deadlines, etc. That can’t be helped. But when it comes to regular communication about your products and services, mean what you say.   Don’t overpromise on product offering, launch dates, performance, or whatever else. It instantly destroys trust and once they leave it can be hard to get them back.   When you treat trust as something that’s non-negotiable, it will never backfire on you. So when things go wrong, communicate with your customers and offer solutions. Don’t wait till they contact you wondering what’s happening.   5. Reward loyalty: We live in a world where we don’t see a lot of loyalty. And when we do, there isn’t a lot of reward for it. So be different from most SMBs. Reward your loyal customers with specialized discounts, exclusive offers and products, and early access to your new offerings.   The more special and appreciated you make your customers feel, the more likely they are to stay. Why would they go anywhere else?  6. Stay flexible with subscriptions: Subscriptions are a great way to build long-term relationships with your customers (link) because you stay in constant communication with them. They’re regularly exposed to the value of your products and brand.   When you do offer subscriptions, give control to the customers who want it. Flexible subscriptions allow them to change or pause when they need it so that  they won’t have to cancel outright. It’s an extra that helps avoid churn.   7. Keep an eye on your competition: It can be hard to cut down on churn if you don’t know what your industry landscape is like. What are your competitors doing? What advantages do they have over you? What are weaknesses? And how are you different to them.   Competitors can be ruthless. They’ll comb through your social media and the comments people leave on it. They’ll study your reviews. They look at message boards to find what people are saying about you. Then they scoop down and poach those customers with what they’re looking for. Can you do the same back?  After looking at this list, you might be thinking, “My resources are already stretched to the limit. How on earth am I supposed to add all these to the pile of work we already have?”  And you wouldn’t be wrong. It is a lot of work. Unless you have a tool that can do everything for you.   How Dynamics 365 Business Central and Bluefort Can Help  Imagine a little fairy who can swoop down, wave their wand, and take away the work for you and your team.   Sounds impossible. But that’s what the right cutting-edge solution will do.   Business Central is the perfect ERP system for SMBs. It's flexible and it grows with you.   And Bluefort are the recurring revenue experts. We can implement Business Central for you with all the customization you need to get the most out of it.   Here's what the combination brings:   Better analytics: Reliable, in-depth analytics to pinpoint customers who are at-risk of leaving your business. Then it creates tailored suggestions for offers and interactions to keep them on-side.  Complete revenue recognition: No matter what the terms, how often customers change their contracts, or how fast you're scaling.   Personalization: Customers are analyzed and segmented giving an experience that's as personalized as possible. Each customer gets the pricing models, offerings, and communications that they want, when they want it.    Feedback and loyalty: Feedback collection avoids nasty surprises. You won’t have to wonder what they want or what they’re thinking. And you can give them the bonus of loyalty programs specifically created for them and their needs. That puts you in a proactive instead of reactive position.  Customer service that stands out: The tools will integrate the personalized customer experience with what your customer service teams need to ensure that any problems that arise can be dealt with fast.  Flexible subscriptions and memberships: Easy subscription management, giving customers the flexibility they need to stay with your business.  Accurate, timely, and optimized processes and operations: Silos between sales, finance, and customer service silos are gone. So are the delays and mistakes they cause. In their place you have streamlined and automated information flow and operations- from contract terms, to invoicing, payments, reconciliation, reporting, and compliance.   You'll finally have the time to focus on creating more amazing products, building relationships, and creating collaborations.   It’s not often that something that is complex, like customer churn, can be made simple with one decision.   But with the right tools, you can end up working less and in a much better position with your customers.   And it can get better as you scale too.   Conclusion  Cutting customer churn is about more than just hanging on to your customers.   It’s about building the types of relationships with your base that last the test of time by consistently demonstrating the value of your products and your brand.   That comes down to seeing what causes the churn in your SMB, and getting down to those strategies before too much damage is done.   You can have growth. You can enjoy excellent relationships with your customers.   You just need the right tools. And the D365 Business Central and Bluefort combination equips you with the way to cut churn and thrive against your competitors.   Curious to learn more? Ready to tackle churn head-on? Request a Discovery Call with our team today! 

The article talks through what small-to-medium-sized businesses (SMBs) have to gain from bringing a subscription model onboard. It also highlights some of the obstacles that transitioning to a subscription model can bring, as well as advice on how to overcome them. And finally, it makes recommendations for solutions that can take care of these stresses so that SMBs avoid overburdening themselves.    In this article What Subscriptions Can Bring Your SMB  How to Get Ready for Subscriptions One Thing Can Do It All For You  What Dynamics 365 Business Central + Bluefort Does for You It can be extremely challenging to run a small-to-medium-sized business. Stretched resources, competition, and a host of other problems can contribute to shaky revenue.   And that’s the last thing an SMB needs.   Most of the time, a great product offering isn’t enough. You need to be able to offer your products in the way the customer wants to buy them.   And for a lot of businesses, that means subscriptions. But if you aren’t used to a subscription model, it might feel a little overwhelming. How do you know where to begin? Or figure out which type of model is right for you?     That’s why we’ve written this article. Not only are we a subscription company, but we work with SMBs that offer subscriptions. We understand the issues and approaches that can work best.   We also know how subscriptions can enhance your business and boost your bottom line.   Keen to find out more? Read on.   What Subscriptions Can Bring Your SMB  You might suffer from the most common problems SMBs face, including unstable revenue, high customer churn, a lack of predictability, and not connecting with your customer despite your best efforts.   Fortunately, these are things that subscriptions can help solve.   Here are some of the benefits that subscriptions can bring to your business:  1. Customer insight that will help you reach them where they are: Sometimes understanding what customers want feels as easy as throwing darts blindfolded.  Customers can be fickle. They can be easily poached. They cost money to get or keep.   But there is a cheat code- your customer data. Harnessing data helps your business because it gives insights on demographics, preferences, buying habits and behavior, and feedback. It puts you in your customers’ minds.   Data gives the information you need to personalize your offerings and effectively communicate with them.  2. Customer convenience, loyalty, long-term value: Subscriptions also bring value and convenience. Customers don’t have to remember to nip to the store, or re-order, or try to remember which website they bought what from. The products just show up.  And subscriptions bring even more convenience with self-service customer portals, which give them the opportunity to control their accounts, what they have, what to order, and what to add-on. That relieves pressure off your sales team.   You can also offer a loyalty program that will keep your customers feeling engaged and appreciated.   Because subscriptions have a long-term customer relationship built into the concept, it’s a great chance to show them the value of your products/services and your brand. There’s a far better chance of lengthening your Customer Lifetime Value, which will bring in a lot more revenue.  3. Stable revenue: Inconsistent sources of revenue, like the kind you get from one-off purchases, make it really tough to predict when money’s coming in. And that has multiple knock-on effects. It’s harder to rely on your numbers and future projections. It makes strategic decisions tough. It can create supply chain problems, because when you can predict what you’ll sell, you’re vulnerable to over and under-selling.   But with subscriptions, you’ll have a revenue stream that is consistent and much easier to predict. That means better cash flow management.   That guaranteed income makes it more possible (and easier) to meet your own bills and reinvest in your business.  You’ll be far more likely to get off the financial rollercoaster.  4. More selling opportunities: Subscriptions give additional opportunities for revenue that you don’t see in one-off purchases.  There’s a wide range of options you can offer your customers including upselling and cross-selling, upgrades, changes in plans to better meet needs. All of these are great opportunities to continue to show the value of your brand, and to boost your CLV.  5. Scalability: You know what it’s like to be pinched if too many customers make too many one-off purchases at the same time.  It’s not like that with subscriptions, as long as you have your subscription management down. Though there might be small changes like upgrades or add-ons here and there, for the most part you’ll know where you stand.   So when new customers jump on board, you’ll know what’s expected of you and your teams. You can expand offerings across your country, greater regions, and internationally without needing a huge amount of investment.    And you won’t get that panic caused by stock problems.   These benefits sound great, right? And this is just the beginning.   But if you’re now more interested in bringing subscriptions, your thoughts will probably turn to how to get your SMB ready to bring in the model.   How to Get Ready for Subscriptions     There are a few things you can do to prepare for subscription success   To confirm that your SMB is ready, discover what your customers want. You can do this through personalized messaging, wider surveys, and even focus groups. These can help you find out what types of product offerings, terms, and subscription models will appeal most.  No matter how small or large your SMB team, they’ll need to be prepared and ready for change. Subscriptions operate in a different way, and although they are more stable and predictable than one-off sales, they will require some adaptation. So have a closer look at:   inventory management and fulfilment   ability to scale  subscription management including sales, customer service and finance teams ready   billing, payment, and reconciliation processes  reporting and strategy processes   knowing which types of pricing models will work best with your products and customers.   It’s important to be aware which subscription models you’ll choose. And whatever the nature of your products and services, your customers will need to know about them.  Whether these customers are in your fold already, or you’re aiming to acquire them, they will need to be confident about your offering’s value. That means that even if your SMB is smaller, you’ll need a strong strategy for marketing and customer support on hand.     Of course, it’s also important to check what kinds of regulatory and compliance issues will arise. And not just for your industry; the recurring billing and customer data protection guidelines have to be clear, understood and heeded.   Clarity is a non-negotiable. Contract terms, including cancellation policies, need to be as transparent as possible to avoid legal complications.  And similarly, subscriptions bring the complexity of recurring billing and consistent recognized revenue. It piles on to the responsibilities of your finance person/team because they will have additional processes like different billing cycles, keeping track of changes to subscriptions, issuing correct and timely invoices and handling payments.   For SMBs this can be a big issue, especially if your team is stretched already.    Before you go any further. We’d wage that your brain might be scrambled; after all, this sounds like an immediate drain on the already-stretched resources you have.   And we agree. At first glance, it’s a huge amount to do.   The good news is this. You can get all the benefits that subscriptions have to bring WHILE not draining your SMB of the time and resources it already lacks.   It really can be done. And easily. Curious to find out how?  One Thing Can Do It All For You  You need a simple software solution that takes care of everything for you.     Here’s what the right automated subscription management can do for your SMB:    Operations optimized: It covers the end-to-end from marketing, to recommending the best subscription models and offerings, integrating with your supply chain system to ensure a reliable flow of products, and ensuring streamlined delivery where relevant. The silos between your sales, finance, customer service, and any other operations teams are gone for good. Information will free flow. No more chasing or errors.   Data crunched and customers put front and center: AI-driven advanced analytics make the most of the customer data sitting in your system. You'll learn your customers’ wants, needs, and behavior so that you can give them the experience they want. It can also segments your base so that you know who you’re targeting and how. This creates a personalized experience for each customer with no additional time required of you.    Sales sales sales: You and your workers won’t have to get frustrated over lost sales opportunities. Automated marketing campaigns (built on segments) will send personalized offerings, combinations, loyalty programs, etc. It will also spot areas that are ripe for improvement and track contracts and terms to recommend renewals, add-ons, and upgrades at the best time.  Revenue and finance sorted out: You need a system that can handle recurring billing and recognized revenue. Without it, subscriptions could break you and your team! Subscription management automates billing, payment reminders, collection, and reconciliation. And you’ll have the reports you need to get ready for audits, strategy, and decision-making.  Know how you’re performing: SMBs don’t have the time to monitor Key Performance Indicators. But with software you’ll get a consistent monitoring of how your products and business are doing. You’ll get reliable insight into what you need to change to get better results.  Security and compliance: A good solution pulls together financial, data and regulatory compliance. The last thing an SMB needs is to fall out compliance, vulnerable to hefty fines, and loss of customers and trust.  It’s a great list to start. And you end up with a new revenue stream, and more resources and time.   What Dynamics 365 Business Central + Bluefort Bring   Business Central is the perfect ERP system that automates so much for SMBs. It's also flexible and it grows with you.   Bluefort are experts in automated recurring revenue, which is essential for a successful subscription model. We can implement Business Central for you with all the customization you need to get the most out of everything the platform automates.  We're here to help you:   free your time and resources   automate subscription financial processes   cut costs and churn  build your customer base   bring in more revenue   expand your business  make your life a lot easier.  D365 Business Central and Bluefort are a comprehensive solution that delivers the best that subscriptions have to give to your SMB.  You get end-to-end subscription management, which pulls everything together for you and your workers.   That means you bring in all the benefits of bringing in the subscription model, with less work involved.   If you’re ready to bring subscriptions into your SMB, why not learn more about how it could help your unique SMB and circumstances?   

Addressing Inventory Challenges with Subscription Management Tools Retailers must continually contend with the complexity of inventory management. But when they also operate on a subscription model, they must navigate the intricacies of subscription management, which further compounds the difficulties. Is there a way out? This article explores these issues, highlighting the pitfalls of manual processes and the costly consequences of inefficiencies. It then talks through how automation can turn inventory obstacles into opportunities for customer satisfaction and growth.Retailers who have a subscription model understand the benefits it brings. But without the right tools, it brings challenges too. Especially when it comes to inventory. If you’re suffering with this scenario, you’re probably nodding your head because you understand how difficult things can get. But you don’t have to worry because we understand your dilemma. We’ve worked with subscription companies for a long time, and we know what works. This article will plunge into your biggest inventory problems, and then shed light on the best solutions about how to deliver lower costs, operational efficiency and sustainable growth. The Problems With Inventory Though subscription-based retailing gives a business a reliable revenue stream, it ups the pressure on inventory management. There are some of the biggest hurdles in the manual processes we see out there: Accurately predicting subscriber demand: Subscription retail is not like the one-off purchase of traditional retail. This is about anticipating continual demand for products/services over a long time. And this requires forecasting the number of new and existing subscribers, their needs, AND predicting how much customer churn there will be. When subscriber demand is miscalculated, that means overstocking or shortages. Personalising: Customers expect personalised experiences, which demands that retailers keep inventory that’s diverse enough to please all individual customer behaviour and preferences, but not too much that they suffer from overstock. Delivery management: Recurring deliveries require good, consistent coordination from stock to fulfilment. What makes it tricky is that customers change their agreements- they add things on, the change their orders, they downsize, they push back their renewals, or cancel early. That’s like walking a tightrope without a balancing pole. Supply chain disruptions: Everyone’s vulnerable to supply chain problems. But it’s much more difficult for subscription retailers, because their customers expect fulfilment on time, over and over. And when there are delays, no matter how legit the reason, customers run to the competition. Why wouldn’t they? Returns and exchanges: Hear that? It was a collective scream from every subscription retailer out there at the mention of those words. They’re not so bad in real life. But with subscriptions, it can have a knock-on impact on not only stock, but a yearly or monthly fee. Trends and seasonality: It doesn’t matter how steady the stream of revenue subscriptions bring in - if the retail offering pays no attention to seasonality and trends, it spells trouble. Change is the name of the game in retail, so subscription offerings need to be as agile as possible. Scaling: The idea of growing the customer base can be terrifying for teams that are barely keeping up as it is. Scaling means expanding product offerings and warehouse space. That’s more risk. More time. More chances for mistakes. More financial loss. Each of these problems leads to higher costs, inefficient operations, unhappy customers and churn. If this sounds like you, and you need to tackle and eliminate these inventory challenges, you’re going to need the right subscription management tools. It’s the only way to grow full steam ahead with your customers. Here’s the only thing you need Though there are multiple tools that can help you with your subscription retail inventory woes, they’re all powered by one thing - automation. Here's what the best automated subscription management solutions can give you: Advanced complex demand forecasts: AI-driven analysis looks at historical data, subscriber behavior, trends, and seasonal changes to predict future demand with a lot more accuracy. That cuts way back on expensive overstock and stockout crises. Customization capabilities: An automated CRM helps you track individual customer preferences and purchasing history, create micro-segments, and customises and personalizes the offerings your business gives to each customer. Management of recurring delivery: Streamlined and automated scheduling and tracking of recurring deliveries clear the decks for you. This includes adjusting inventory levels based on renewal dates, frequency of deliveries, and term changes. Cut back on human error. Let your customers get their products on time, every time. Supply chain visibility: Real-time visibility helps your business stay agile and proactive, instead of reactive. Monitoring stock levels at different stages and locations helps you negotiate any disruptions before they impact your subscribers. Simplified returns/exchanges: When this is automated (and integrated with your inventory) you will always be able to efficiently handle returns and exchanges. Inventory levels and subscriber accounts will be updated. Customers will be a lot happier. Scalability: You’ll welcome growth because logistically it won’t matter how much or how fast you grow. Boost your warehouses and offering. Integrate with your other business systems and get the seamless end-to-end operational flow. It’s the one all-encompassing solution to overcome inventory challenges. You get everything when and where you need it. You’ll cut operational and error-related costs. You’ll stabilise your supply chain and delivery process. You’ll crush customer churn. And you’ll have the time and ability to scale as much as you want. Conclusion The business of retail subscriptions is not for the faint of heart. That’s why you need more than just a great product offering. You need more than an excellent product offering. You need things to run themselves instead of letting them run you. Why not use automation to turn your inventory obstacles into opportunities? Leverage the technology that’s waiting for you so that you’ll have the time to take your subscription retail business to the next level.

Streamlining Operations: How Subscription Management Solutions Ease Retailers' Administrative Burdens Retailers face a unique combination of challenges. They must perform despite operating in one of the most competitive industries, and customer demand that can shift day-by-day. Stakeholders need some sense of stability, and subscription-based models offer that, by creating revenue potential while easing administrative burdens. This article discusses the top retail administrative burdens and how a subscription management solution brings relief while boosting growth and competitiveness. In this article: Complex Inventory Management Inefficient Billing Processes Customer Management Challenges Regulatory Compliance Reporting and Analytics Difficulty in Scaling Operations How Subscription Management Solutions Can Solve These Burdens Let’s face it - between the competition, economic instability, and constantly shifting customer demand, retail is one of the most challenging industries out there.   That’s why retail businesses operating on a subscription model, are always looking for ways to cut operational costs while boosting customer experience and loyalty, especially when it comes to admin.   The best retail administration is important because if it’s inefficient, it will cause a chain reaction in everything else in operations. And the end result?   Best-case scenario? Stifled growth. Worst-case scenario? Competitors close in, costly mistakes are made, and the business potentially closes.   No one wants either of those scenarios. So what’s the picture like?   What are the Top Administrative Burdens?  If you asked anyone working in retail admin what their biggest challenges are, they’d probably ask “How long have you got?”.   And when your retail business has a subscription model, it can magnify the burden on your admin team.   But these are the ones we hear about the most:  1. Complex Inventory Management Cause: Manual tracking methods and lack of real-time data. Anyone who worked inventory through the pandemic knows how everything can change at the drop of a hat. It’s difficult to continually maintain accurate stock levels across various sales channels (online, brick and mortar), throughout different seasons, launches, new competitors, and keeping up with trends. That’s why both overstocking and stock shortages are fairly common, and both are costly because there are lost sales opportunities, higher storage and depreciation costs, and disappointed customers turning to competitors. 2. Inefficient Billing Processes Cause: Reliance on outdated systems and manual data entry. We’re shivering just thinking about it. Thousands of hours are wasted thanks to handling recurring billing, invoicing, and payment processing manually. And the more the transactions, the more errors are likely. According to findings by Ascend, almost 40% of manually processed invoices have errors in them. And errors are costly- each paper invoice error costs a business around $53 to fix. And it snowballs. When there are errors, that means customer disputes, late payments, and worst of all - damaging customer trust. Imagine the overall costs if the retail admin team is processing hundreds or thousands of invoices a week or month. 3. Customer Management Challenges Causes: Fragmented data and lack of automation and analysis. With growth comes complexity in managing all your customer information and the subscriptions you have. It’s exhausting to manually keep customer records up-to-date. But if they’re out of date, you risk inefficient communication as well as problems with service and product delivery. When the customer experience is subpar, sales opportunities are missed. Customers get frustrated. And churn can go through the roof, no matter how hard the admin team is working. 4. Regulatory Compliance Cause: Evolving regulations and manual compliance processes. It’s a nightmare to have to ensure compliance to regulations and guidelines with data protection, financial reporting, and buying/selling across regions, countries and continents. No matter how efficient a team, it’s nearly impossible (and very expensive) to keep up. But it’s costly not to. Non-compliance means hefty fines, legal problems, and damage to your reputation. 5. Reporting and Analytics Cause: Disparate data sources and lack of integrated analytics tools. Good forecasts are absolutely essential to a retail business. Leveraging business data to help decision-makers is one of the most important ingredients to competitiveness. When siloed data is stuck in manual and legacy systems, you can’t get the actionable insights you need about your business performance or customer behavior. That means you can’t plan. You miss opportunities for growth in your base and efficiency in your operations. You can’t figure out how to capitalize on trends or get an advantage over your competition. And you won’t be able to tailor your offerings to meet collective and individual customer needs. 6. Difficulty in Scaling Operations Cause: Manual processes that do not scale efficiently with business growth. Everyone wants their business to grow. But it adds another layer of challenges for those manual processes. It’s hard to avoid bottlenecks once orders and/or the customer base. Delays in processing orders and subscriptions. Missing out on market opportunities. Missing customer demands. It all, painfully and ironically, damages the very growth you’re building. All of these are serious problems. They cost your business money, chase customers away, and wreak havoc on your brand. Fortunately, there are plenty of things you can do to turn things around. 7. How Subscription Management Solutions Can Solve These Burdens We’re going to cut to the chase because we see this all the time. There’s one umbrella for all the subscription management solutions that can turn things around for the retail admin team: automation. Here are all the ways one automation solution works: Inventory Management: This ensures reliable, real-time tracking of stock. Automatic restocking (or alerts) minimises the risk of both overstocking or stock shortages. You get better accuracy, lower overheads, and happier customers who get what they need. Streamlined Billing and Payment Processing: Cut the time and effort that’s wasted in manual processes. Automation delivers invoicing that’s consistent and accurate. No more manual errors. No more putting out fires. No more delayed payments. You get better cash flow AND as a bonus, your customers enjoy better (and easier!) payment options. Centralized Customer Management: When legacy data is centralised in a single system, it’s a strong foundation for efficiency and service quality. Not only can you automate personalised communication, but you personalise the experience of each customer too. Customer relationships get a lot stronger because they’re happier. And upselling and cross-selling customer opportunities are no longer lost. Compliance Management: Quite simply, automation keeps track of all the changing guidelines and laws across as many locations as you serve. Everything’s monitored and customer data is secured. No more penalties. No more damage to your reputation or your ability to legally trade. And you build customer trust because of your commitment to secure and ethical practices. Reports and Analytics: Untapping the data with automation gives you valuable insights into sales, customer behavior, and operations. That’s how to get the best information for the best decision-making. You’ll know where you can improve, plan, optimise your operations, beat your competitors, and spot the opportunities for growth. Scaling: Automation facilitates the growth you want, because when a system is scalable, it doesn’t matter how many new customers or transactions or complexity you have. You’ll always be able to adapt and grow in response to market demands. When you get to tackle these areas with automation, you and your team will finally overcome all the costly problems that have been plaguing you. Sounds fantastic, right? Conclusion We can all agree- retail’s tough. That’s why you need as many advantages as possible. It isn’t often that one solution can handle all your retail admin problems. So why not take advantage of it, and knock out your biggest challenges in one go? When you ease your administrative burdens, you’re finally allowed to focus on what you want to - giving your customers the best products and experience.

Product Managers who work in a business with a subscription model need as much time and space as possible to innovate and create the best product offering. Surprisingly, the key to this opportunity lies in subscription management best practices. This article talks through 10 of the most effective tips there are.In this article: Automate Billing Processes Implement Tiered Pricing Models Optimize Onboarding Experiences Leverage Data Analytics Enhance Customer Communication Focus on Customer Retention Use Feedback to Drive Product Improvements Regularly Review and Update Subscription Plans Ensure Compliance with Regulations Invest in Reliable Subscription Management Software A Product Manager’s job isn’t easy. You juggle process paralysis. Stakeholders that don’t understand how much investment needs to go into product development. The stress of deadlines and launches. And siloed decision-making, just for a start. So when you see an article about tips for subscription management, it might seem confusing. But if a subscription-based business wants to be successful, it needs effective recurring revenue management. It increases customer retention, builds the customer base, cuts operations costs, and serves as the stabilizing factor in the relationships between customers and the products you work so hard to innovate. If your company’s subscription management could use some improvement, here are 10 tips for how to achieve a subscription management process that is seamless and makes your job a lot easier. Tip 1: Automate Billing Processes The billing process in businesses with recurring revenue can be a significant challenge. Silos between sales, revenue, customer service, and product servicing (when applicable) can make invoicing and payments collection take weeks or even months. They can also be incorrect, which creates a new set of problems from disputes with customers to revenue leakage. But automating the billing process from invoicing to payment collection can save time, cut expensive human errors, and make customers a lot happier. What you get with automation: Accuracy: Automated systems take contract terms regarding your products and translate them into correct bills you cancel confident about. That cuts the expense of re-issuing invoices, and cuts churn. Efficiency: Automation enables the free-flow of information between your teams, and takes into account add-ons, upgrades, cross-selling and any other changes in subscriptions and feeds them directly into the process. There aren’t any delays. And the teams involved have a lot more time to focus on strategic tasks. Customer Satisfaction: When customers get correct bills on time, they trust your brand more. That means they’re more likely to buy more of your products. How to get automation: Choose the Right Tools: There are a lot of options out there, but a solution that covers your end-to-end is going to save a lot more time and money as time goes on. Create Automated Workflows: Depending on the nature of your products and subscriptions, define your workflows for the payment process, including what to do with late and defaulted payments. Monitor: When you regularly review your processes, you’ll be able to spot any areas for improvement. And when things are ticking over nicely, you’ll be able to concentrate on developing the best new products. Tip 2: Implement Tiered Pricing Models Choosing pricing models can be a high-pressure situation. No one wants to get it wrong- it’s too easy to lose customers to another brand that offers better terms, a clearer subscription, or cheaper prices. As the Product Manager, the last thing you want is for customers to either be so confused, locked into terms they don’t like, or priced out of experiencing your products. And you don’t want them to be undercharged either. Your products have value, so the pricing models should reflect that. With tiered pricing models, customers will get the flexibility that suits their unique circumstances.Why tiered pricing works: Attract Multiple Segments: Though it’s great to be rock-solid with a particular segment, growth comes from attracting as many segments as possible to your products. Multiple pricing tiers give them options that meet their needs and budgets. Upsell Opportunities: Customers that you already have are far more likely to buy off you than brand-new customers. Lower tiers encourage them to upgrade as their needs grow. More Revenue: When there are multiple pricing options, no one is priced out, forced to go to your competition. That means more inbound revenue. How to get tiered pricing to work for you: Understand Your Customers: Knowing your customers, their behaviours and their needs will always pay in dividends. Whether that’s market research, or crunching data that segments and suggests appropriate tiers, you’re far more likely to package your products in a way that they will want. Make Clear Value Propositions: Your products are amazing. You spend a lot of time developing and launching them. But customers need to see their value. Tiered pricing creates multiple value propositions that can justify the price differences. Test and Adjust: Testing systems, such as the classic A/B will help you evaluate which pricing tiers work best for the customer base. That way when adjustments are needed, you know where and why. Tip 3: Optimize Onboarding Experiences Often onboarding is the first experience a customer has with a brand or a specific product. That’s why the onboarding process should be as smooth as possible. You want your customers to be able to focus on how great your products are, not when onboarding is going to happen, why it’s so difficult or confusing, or what’s the point in the product in the first place.Here’s what’s in a good onboarding process: Personalization: The process should be shaped to meet each customer’s needs, goals, and schedule. Clarity: It should be as easy as possible. Step-by-step instructions, online tutorials, 1-on-1 support, demonstration videos, and other resources can help guide them through the process. Support: The most impactful customer service doesn’t wait until there’s a problem. The proactive approach (including live chat, check-ins and even chatbots) keep things ticking along. How to create a good onboarding process: Segmentation: Different customers have differing needs. So onboarding paths can be based on customer-segmented behavior and needs, as well as usage. Interactive Content: Interactive content like quizzes, tutorials and even apps boosts retention, engagement and emotional investment in the product. Get Feedback: Customers will tell you what’s working for them and what isn’t. Feedback is essential to improve the experience. Tip 4: Leverage Data Analytics Data analytics is a powerful tool for optimizing subscription management. The surprising thing is that many companies leave data to the side. It stays an untapped resource, instead of the pure gold it can be. Analyzing customer data can inform everything from product development to targeting marketing, and a personalized CX that boosts CLV and cuts churn.Why data analytics can work for you: Customer Insight: You can get deep insight into the behavior, preferences, patterns, and needs of both your current customer base and potential new customers. Predictions: Predictive analytics can automatically provide forecasted trends, warn you of what’s risking churn, and help you take proactive measures before the problem is a real problem. KPIs: Data helps you track key performance metrics that are essential to your company’s health. These include MRR (Monthly Recurring Revenue), CAC (Customer Acquisition Cost), and LTV (Lifetime Value). How to get value from data analytics: Bring in Comprehensive Analytics Tools: There are many types of analytic tools out there, so ensure your tools are robust enough to cover everything from customer segmentation to financial data, to monitoring the current market and even what your competitors are doing. Monitor and Interpret KPIs: Analytics will keep their eye on the metrics that are most important, and translate that into dashboards that are easy for you and your stakeholders to understand. Actionable Insights: The best analytics tools will create insights and reports for you to strategize on a number of issues including pricing optimization, boosting retention, and creating the best unique customer experience. Tip 5: Enhance Customer Communication The better the communication with customers, the better the result. Customers appreciate that a business is there for them after the sale. This is especially true with subscription customers, where the necessity of long-term communication is built into the model. Communication enables stronger customer relationships, which translates into better satisfaction.What’s needed for better communication: Multi-Channel Approach: There are a variety of channels waiting to be enhanced. And that’s a good thing! Everything from social media, SMS, email, and in-app messaging provide opportunities for you to build engagement and trust where each customer is most active. Personalization: With communication, definitely does not fit all. Customers value the personal touch, whether that’s simply using their need or tailoring your communication to their behavior, needs, and preferences. Updates: When you send regular updates, customers stay informed what you work so hard on: new products, features, and subscription packages. What you can use for communication: CRM Systems: Customer Relationship Management is a godsend for busy companies. They manage and personalize communications for your company, saving a lot of time, effort, and resources. Automation: You can set up automated messaging (that can be personalized!) for everything from emails, personalized offers, renewal reminders, and loyalty schemes. Feedback: Mechanisms that make feedback effortless for customers will vastly improve your feedback rate. Surveys, pop-ups, and scoring can gather opinions on whatever you want, including suggestions for future products. Tip 6: Focus on Customer Retention Existing customers are far more likely to buy more of the products you develop, and spend more money versus brand new potential customers. That’s why keeping your existing customers is far more cost-effective than acquiring new ones. The stronger your customer retention strategy and investment, the better the potential for growth and stability.Which strategies work for retention: Regular Engagement: Things like product updates, newsletters, and personalized content will keep customers interested in what you have to offer. Loyalty: Customers love loyalty programs, so reward long-term customers with exclusive access and products, referral bonuses, and special offers. The Proactive Approach: When support is proactive, it drastically cuts the possibility that you’ll have to go into damage control with a customer. Find potential issues early before they escalate, so they can be solved before they’re an expensive problem. How to measure your retention success: Churn Rate: When customers leave, you know something’s not right, and things have to change. Customer Satisfaction: Feedback will not only let you know how happy your customers are, but why they’re happy. Renewal: You can track the renewal rates to gauge customer loyalty. Tip 7: Use Feedback to Drive Product Improvements Though feedback is always important for the health of a company, product development needs customer feedback for direction. Some Product Managers don’t get the investment they need into customer feedback to drive the best types of product innovation. But you need that - otherwise how do you know what your customers want and need?Collecting feedback: Surveys: Surveys can give the anonymity necessary to get truthful feedback. Sometimes identifiable customers don’t want to admit things about their needs and vulnerabilities, so this solves that problem. Focus Groups: Focus groups can offer in-depth conversations about what customers think about your products and their uses. Focus groups can be segmented as well, giving insights into the segments you have and the ones you want to attract with your new products. User Interviews: 1-on-1 interviews can also give deep insights into customer needs because your side can adjust questions depending on the information they’re getting. What to do with the feedback: Analyze It: Different teams will analyze and interpret feedback in different ways, so the more the feedback is read and discussed the more comprehensive the meaning of the feedback. Improve: Product Managers need the space to prioritize changes in products and development based on the feedback. That’s how to meet customer needs and solve their problems. Broadcast the Changes: When you alter your product offering based on your customer feedback, let them know! Customers want to see the value of your products, and they love to feel valued by you. Tip 8: Regularly Review and Update Subscription Plans Like products, subscription plans should change to meet both the market and customer needs. Very few people’s circumstances remain unchanged, so it helps to meet them where they are. This involves regularly checking over and updating the subscription terms, offerings, product combinations, add-ons, cross-selling, and upgrades.What’s important in the reviews: Analysis of Competition: There’s a lot of competition in subscriptions. Competitors constantly innovate their products and pricing. And their advantages can help poach your customers away. That’s why it’s essential to be on top of your competitors’ offerings, and exploit gaps and chances for differentiation. Customer Feedback: Customers will tell you what they’re hoping for, and what changes they would like to see. It’s the way you’ll understand their needs and preferences at any given time. Usage: Usage data gives a clear picture how how your products are used, which are most popular, and whether there are trends that can inform your plants and strategies What’s needed in the update: Introductions to the New Features: When you add new features and benefits (which comes to you naturally), your subscription will increase in value. So can your price. Adjusted Prices: Pricing relies on more than just the objective value of your products. Things like market conditions, your CLV and CAC, etc. can all influence it. Simplicity: No matter what changes in the offering or plan, everything needs to remain as simple as possible, so customers know exactly what they’re choosing and getting. Tip 9: Ensure Compliance with Regulations Compliance with regulations is critical for a variety of reasons. When you are non-compliant, you’re vulnerable to legal issues, fines, lawsuits, and destruction of customer trust and your reputation, no matter how excellent your products. That’s extremely hard or even impossible to overcome. The stakes are that high. That’s why your company must keep up with any relevant regulations across your company and customer locations.Key types of regulations (this isn’t an exhaustive list, just a starting point of examples): CCPA: Because consumer data protection in the USA varies by state, it’s important to keep abreast of all the states. for example, the California Consumer Privacy Act (CCPA) protects consumer privacy rights in California. GDPR: The General Data Protection Regulation (GDPR) regulates data protection and privacy throughout the European Union. PCI DSS: Payment regulations like the Payment Card Industry Data Security Standard. Strategies for regulatory compliance Audits: Make sure to conduct regular audits (internal and 3rd party) to ensure compliance with all relevant regulations. Training: Give employees the training they need about regulatory requirements, best practices, and an understanding of the consequences of falling out of compliance. Data Protection and Trackers: Ensure your own systems are secure, and that you constantly track the regulatory landscape so that changes aren’t missed. Tip 10: Invest in Reliable Subscription Management Software We understand that all these tips appear to require a huge investment of time and resources. But with the right subscription management solution, it doesn’t have to be that way. In fact, you can action ALL of the above tips and still end up with more time, revenue, and growth because the best solutions can streamline all these processes for you, while boosting efficiency, and improving and personalizing the customer experience. All with one platform.What you get from subscription management software: AI-powered Automation: The end-to-end subscription management solution will harness AI-driven power to automate billing, invoicing, and payment processes to cut manual errors. It can create offerings and pricing models and spot sales opportunities. It also monitors your KPIs and creates reports of all kinds, with numbers you can rely on. Integration: The best solutions can integrate with systems that you already have, and migrate legacy data for you so it isn’t lost. Scalability: It allows you to scale with total ease. How to choose the right software: Features: Find out whether the software meets all of your needs- through research, discovery calls, etc. User Experience: How accessible is the software? Does it feel unique to your business? Is the experience enjoyable? Demonstrations can help you see how it would work for you. Support and Training: Ensure that the software developer has ample support and training, along with continual check-ins to see how it’s going. Conclusion When your company’s subscription management runs well, your customers will be happy. That means that your products have a much higher chance of success. Implementing these tips will not only streamline the entire end-to-end subscription process, but boost customer satisfaction, cut churn, and pull in far more revenue. On top of that, it optimizes operations for cost and time savings so that you have the time and energy to continue to drive your company forward with innovative products that set you apart from your competitors. If this sounds like an ideal situation, why not book a free, no-obligation discovery call? We’d love to hear about your unique challenges and circumstances. Let’s work together to create an environment where your products take center stage.

9 Things Growth Officers Need All too often, Heads of Growth and Chief Revenue Officers (CROs) in subscription-based business lack the resources they need to generate revenue and scale. Though this can feel like an impossible situation, there are solutions available. This article gives both insight and 9 actionable strategies to take to stakeholders that will help optimize subscription management to help.In this article: Understanding Subscription Economics Advanced Customer Acquisition Strategies Maximizing Customer Retention Using Dynamic Pricing Models (link) Personalization and Customization Enhancing Upsell and Cross-Sell Opportunities Optimizing the Onboarding Process Staying Ahead with Innovation and Trends Leveraging Data Analytics for Revenue Optimization Subscription-based businesses, particularly in industries such as SaaS and IT Services, face unique challenges and opportunities. For Heads of Growth and Chief Revenue Officers (CROs) in businesses with subscription models, the pressure is extremely high to create revenue and scale. But if you’re a growth officer, the problem is that more often than not, you’re not given the budget or tools you need to build sustainable growth. This article will give you actionable insights and effective strategies that will help optimize subscription management to drive significant revenue growth. Your Challenges As a growth officer, you’re faced with a lot of challenges. Any of these sound familiar? Sourcing investment in tech that supports scaling/growth targets Stakeholders and C-Suite do not allow bold and decisive moves Lack of information flow and collaboration between marketing, finance, product and sales teams A lack of efficient end-to-end process including operations Customer data management strategy Cutting churn and building customer base with better CLV Adapting to buyer behaviors that change all the time Struggling to function with legacy systems Unable to spot areas for improvement Missed opportunities, and revenue leakage affecting revenue targets. It’s a long list of problems. Each of them can impact whether you meet your goals. Combined, it becomes a list that makes your job impossible. The Subscription Model and Management The subscription model can be key to driving long-term revenue growth. But the success of a subscription-based business requires effective subscription management. It’s only by eliminating these challenges and optimizing the end-to-end process that a growth officer can deliver noticeable revenue growth. So what are the strategies and actions that can help you overcome the obstacles that come naturally with your job? 1. Understanding Subscription Economics Subscriptions bring in revenue, which is why it’s key to understand and monitor the specific metrics that are fundamental to its economics. These metrics are generally measured both quarterly and annually. Customer Acquisition Cost (CAC): This is the total cost of acquiring a new customer. The CAC includes the costs of marketing and sales. The lower the CAC (especially when combined with a good CLV), the more potential for short and long-term profitability. Customer Lifetime Value (CLV): This is the total revenue your company will bring in from a specific customer over their relationship with you. If you bring in good products and customer retention strategies, you’ll maximize the CLV and significantly increase your revenue growth. Monthly Recurring Revenue (MRR): This is the amount of predictable income that your company brings in every month from your subscription fees. This is an extremely hard figure to get right if you use legacy systems, but it’s a key indicator of your subscription success and health. Churn Rate: This is the percentage of your subscribers who cancel in a given amount of time. It is one of the most important metrics to get right, because it’s the snapshot for the current success of your brand. Though there are other metrics you can measure (link) these 4 are the most important. They are interdependent and must all be optimized for the best revenue-boosting results.  2. Advanced Customer Acquisition Strategies One of the most important things a company can do is attract and convert new customers. Acquisition strategies have to be more than basic afterthoughts because there’s too much competition, and customer expectation is the highest it’s ever been.   Strategies need to be as advanced as possible. These include:   Targeted Marketing - Customer data-driven analysis can create segments down to micro-segments identifying their pain points, challenges, and needs. That way marketing uses the right language and methods to help communicate how your products are exactly what they need. Personalization - It’s one step further than targeted marking, but a whole new world. Customers need and expect personalization. In fact, it’s one of the biggest factors in deciding which brands they go with. Personalization attracts and converts more leads. Leveraging Partnerships - You and your brand don’t have to go it alone. Most likely your products can be complemented or enhanced by a non-competitor that is related to the experience that you want to give your customers. Forming a strategic partnership gives you a new audience and customer base and brand trust that pushes conversion rate as well. Sales Processes - Without effective sales strategies and a good team, you won’t have any inbound revenue, period. The sales process should be as streamlined as possible to push down the CAC and boost the CLV. Automation, training, and the free flow of information between teams help this. Consultative Selling - Like partnerships, consultants can relieve some of the pressure you feel. Consultants have a strong understanding of customer needs, a good level of trust, and an already established customer base. Building a strong relationship with consultants will free up your time and give you access to new customers without additional effort. Acquiring customers is absolutely key to both the short-term and long-term success of your subscription business.   Of course, it’s also just the first step in the customer journey.   3. Maximizing Customer Retention Acquiring customers is important, but so is keeping them, because that’s the only way to achieve a good CLV.   It is far easier to sell to existing customers than new ones. They are more likely to buy more often and spend more per purchase.   What keeps customers staying, and cuts churn?  Choice and Flexibility - The best self-service portals can completely change the ease and attractiveness of a subscription plan. They enable customers to manage their subscription, whether it’s pausing it, changing delivery dates or frequency, adding products and services, or changing subscription dates. The screenshot below, from science-driven nutritional brand AG1, show the options that customers love: Proactive Customer Support - Excellent customer support is more than just dealing with problems when they occur. It’s about keeping them onboard all the time with things like clear and easy-to-understand subscription terms, bots for after-hours queries, regularly scheduled check-ins, and fast resolution when problems come up. Personalized Assistance - Customers need to know that personalization doesn’t just stop with the purchase. It’s part of their customer experience. Tailored assistance that meets their needs can look like recommendations, content, and onboarding. Unique Loyalty Programs, Referral Bonuses, Discounts, and Offers - Though it can be difficult to logistically run, when customers get rewards that are suitable for their needs and wants, they’re happier and more incentivized to keep (or even upgrade) subscriptions. Communication of Value - Subscription customers have to continue to see the value in their subscriptions because there is a lot of competition out there trying to both undercut pricing and offer them more. Making awareness of value a regular thing, through creating new features, sharing relevant and valuable content, and incentivizing them sharing their own success stories on social media can reinforce why you’re so valuable. These efforts will be appreciated by your customers because they build trust. That makes them less likely to leave for a different brand. 4. Using Dynamic Pricing Models Because the subscription landscape changes so much and so often, dynamic pricing is a must. Adjusting prices that take into account your target customer’s behavior and the market demand at any given time will make your offerings much more attractive and give you a slight edge over your competitors. Whether you decide to go with value-based pricing, tiered, freemium, flexible, or usage-based pricing, (or combinations) your company can conduct market research, create focus groups, and get current customer feedback about what they need and what ideally, they would like. You can also conduct A/B testing and pricing experiments (including personalized discounts, different price points and structures), which will give you direct evidence to bring to stakeholders about what actually works best. It also will help you understand where your customers see the value in your offerings, so that you can make future adjustments with features, new products, etc. and bring even more ongoing value. 5. Personalization and Customization Personalization and customization are so important to the customer experience, they actually deserve their own section. Both enhance everything from the first marketing messages throughout the life of your relationship with each customer. They drive higher satisfaction rates and customer retention. And that means better long-term growth. Aside from the personalized marketing already discussed, what can personalization and customization look like? Personalized recommendations for product combinations and servicing. Content-based filtering. Onboarding that is created, shaped and scheduled to meet needs. Follow-up tutorials and training based on subscription products. Preferred communication including emails, in-app messages, notifications, etc. Payments based on each customer’s preferred methods. Any of these make the customer experience much more enjoyable and cut churn. They also make it far more likely that you’ll benefit from word-of-mouth as well. How does optimizing selling opportunities further your revenue growth? 6. Enhancing Upsell and Cross-Sell Opportunities There’s more to subscriptions than just the one subscriptions. The nature of most subscriptions includes upgrading and buying more. There’s so much revenue to be had through upselling and cross-selling. When these offerings are well-chosen it’s easier to sell them than it was to sell the subscription in the first place. And both boost your CLV. Here are a few options: Product bundles. Exclusive products only available to existing customers. Upgrades to the subscription or just to the next shipment or service delivery. Limited-time offers and discounts. One caveat here: it doesn’t matter how tempting the add-on, upgrade, cross-sell is if the timing is wrong. If your customer is busy, has a really tight budget, doesn’t use the services they’re already paying for, or - heaven forbid - unhappy with your products and service, they might reject it outright. So your sales process needs to understand the best timing for the offerings. One thing that can also boost the rate of success is a self-serve option, because buyer intent is already much higher. Once you sell your subscriptions and subscription add-ons and upgrades, onboarding becomes a very important next step. Especially if this is a new customer. 7. Optimizing the Onboarding Process Onboarding is the first experience they have of your service, so to increase revenue it’s important to get it right every time. No one needs a damaged reputation before the products are even used. The best onboarding processes happen fast. They cut complexity and friction and give the customer as seamless an experience as possible. Here are some things that can help make your onboarding as pleasant as possible: Streamlined Sales-to-Service Process Unfortunately, one of the biggest hinderances to onboarding is siloed information between sales, customer service, finance, and servicing teams. For example, onboarding can be delayed if your finance team is still waiting for contracts and terms from sales to set up invoicing and payments. That can delay onboarding by weeks or even months. Information must flow freely in real time to combat this extremely common problem. Self-Service Resources There are huge chunks of the onboarding process that could be automated and self-service. This not only saves tons of time but meets the pace and needs of your customers. It can be anything from FAQs, information hubs, video tutorials, onboarding process examples, knowledge bases, and video tutorials. Interactivity Interactivity (whether self-service or guided) steeply increases customer satisfaction and absorption of necessary information. Walkthroughs, augmented reality experiences, webinars, guided tours, segmented product demos, and even step-by-step instructions and training sessions with service teams really help. Feedback Loops Though it can be tough listening to some customer feedback, it’s essential for long-term improvement. Checking up at each stage, one-on-one chats, surveys, even pop-ups through the process will give you the information you need to improve the experience of each customer. Workflows Sometimes it’s just about keeping the customer (as well as your teams) informed where they are in the process. Workflow information and personalized onboarding plans ensure that the customer doesn’t feel forgotten or confused about what’s coming up in the process so that they can adjust accordingly. 8. Staying Ahead with Innovation and Trends It sounds like such a cliche, but without innovation, growth isn’t going to take off. There are so many competitors out there, and it’s very easy for them to find and reach out to your customer base. That’s why staying ahead of what is going on in your industry and investing in leading-edge products is the firm foundation you need to boost and drive sustained growth. It’s an attitude that must be embraced by everyone in the organization, from the C-Suite to your customer service reps. Everyone gains from acting on a growth mindset, and everyone has a unique point of view about which products and processes are ripe for improvement. Growth officers struggle to get support from stakeholders about investing in knowledge and innovation because it tends to be invisible to them. All they look at are success rates for the products. Sometimes they need to see why seizing opportunities to get ahead of the competition leads to growth. Whether that’s creating case studies, finding the money for investment by reducing the costs of operations, pointing to similar companies who have failed because they didn’t invest, or some other strategy, stakeholders must understand that this isn’t a negotiable. This can involve multiple strategies: Process Optimization - Automating routine tasks and streamlining the workflows helps create the space and revenue needed to redirect investment. Product Innovation - Doesn’t have to mean all new products all the time. It could be better performance, new features, or expanding to a different market through collaboration. Industry Analysis - Everything from trend and regulation monitoring, attending industry events, creating a clear brand voice that is involved in thought leadership, to understanding tech and market shifts allows for both proactive and reactive strategizing. Technology Adoption - There are a vast range of technologies out there specifically designed to make innovation and keep up with the landscape much easier and even pain-free. They range from artificial intelligence to machine learning and real-time analysis, to cloud computing. When companies make the investment in their future, they’re far more likely to get a good return. 9. Leveraging Data Analytics for Revenue Optimization So many companies don’t make use of one of the most powerful tools that there is to build growth - data. With the right platform, data can both identify and create opportunities for you to build growth. Here are just a few ways: Segmentation You can segment customers based on their buying behavior, preferences, engagement, usage, and demographics like regions and countries. All these allow your company to tailor marketing, product, experience, and retention strategies that will cut churn and boost your base and revenue. Prediction and Forecasting Predictive analytics can forecast everything from customer behavior to finance and revenue outlooks. No matter what the nature of predictive reports you get, the insights inside help you to take preemptive measures that will help you make more informed decisions, avoid possible disaster, and gain a competitive advantage. Regulation Regulations, guidelines, and laws change. And the stakes are high - without compliance, you risk fines and destruction of your reputation. If your customer base reaches across regions, countries, continents, and industries, you’re subject to a host of rules that it’s your responsibility to keep track of. But data and analytics can do this automatically. Revenue Insights Revenue data can provide a lot of insight to spot revenue opportunities. Through product performance and customer profitability analysis, you’ll be able to understand which products deliver what revenue so that you can pivot, lean into what works, and change what doesn’t. Data and analysis give an excellent foundation to drive growth. They also give you the numbers you can take to the C-Suite and other stakeholders. Don’t leave those numbers by the wayside. Conclusion Driving revenue growth in subscription-based businesses will always require a holistic and comprehensive approach. It will involve everything from acquisition to customer retention, use of data and analytics, the right pricing and product offerings, optimized operations, personalization, cut churn, and innovation. But with all that, Heads of Growth and CROs need the support and tools necessary to achieve significant revenue growth by optimizing end-to-end subscription management. That’s the way things get done, and things get better as time goes on. If you’re ready the growth of your subscription-based business to the next level, you’ll need the best of breed Cloud ERP Subscription Management solution tailored to your company’s needs. Something you can take with confidence to your stakeholders. Why not book a 30-minute discovery call with us to explain your unique circumstances and what’s needed to help you drive significant revenue growth?

Retail has been transformed by the subscription model. It offers multiple benefits including stable revenue streams and a better Customer Lifetime Value. This article takes a look at retail subscription brands like WineCollective, Stitch Fix, and BarkBox to show how it has elevated retailers to a new level of success.   There’s been a massive shift in retail in the last few years thanks to the subscription model.   They’re now everywhere in retail. And it’s no surprise - when done right they bring a lot of benefits, with very little drawback. Subscriptions have unlocked new ways for sustainable growth and revenue streams.   They can be a great addition to a retail business. In this article, we’ll explore how subscriptions have impacted the industry, the benefits they bring to a business, some success stories, and some tips for bringing in subscriptions to your retail business.   How Subscriptions Have Changed Retail   Generally speaking, retail has been a transactional industry. One-off purchases have defined the business/customer relationship.   But once things went online, customers’ expectations began to change a lot and often. It was all about convenience, flexibility, lower cost, and personalised experiences. Once retailers cottoned on to the potential of subscriptions to meet these expectations, they started reaping rewards they wouldn’t have gotten otherwise.   Because subscription models can charge customers on a recurring basis, they have transformed the way retailers think about revenue too.    If we look at the benefits of subscriptions, it’s easier to see why they’ve become so popular in retail.   The Benefits of Subscription Models   Whether you want to add a subscription model to your retail business, or you’re tempted to start a solely-subscription retail business, subscriptions can bring a lot of goodness:   Predictable Revenue - One-off purchases make it hard for retail businesses to make accurate revenue predictions. But with subscriptions you’ve get a more stable revenue stream. You’ll be able to manage your cash flow better. And it will help you with forecasting, and even inventory and supply chain management.  Customer Insights - Subscriptions bring you an ongoing relationship with your customers. With the right tools, you can get deep insights into consumer behavior, preferences, and trends. This can help with product development and customising an offering even further, boosting loyalty in the long run.   Increased Customer Lifetime Value (CLV): It can be difficult and expensive to boost your CLV with one-off purchases. But subscriptions up the CLV because it is a lot easier to sell to existing customers. They tend to buy a lot more if they trust you and see the value. According to BIA Advisory, your current customers spend 67% more than new ones.   Market Growth & Potential: The subscription market has exploded because customers like subscriptions. When you offer a service that customers like, you open yourself up to organically growing your customer base.    Let’s have a look at the benefits in action with three real-world retail subscription success stories.   Three of Our Favorite Retail Subscription Stories   WineCollective WineCollective is a Canadian subscription service for wine enthusiasts who want to try wines from around the world. Their subscribers get a personalised selection, recommendations for food pairing suggestions, and information about the wine and where it comes from.   Because the program focuses on discovery and education, it’s great for anyone from wine newbies to proper oenophiles. It’s actually clever customer base building because as each customer’s wine knowledge grows, so does their satisfaction with the brand.  WineCollective started in 2009, and since have become so popular that they’ve been featured in Huffington Post, Globe and Mail, Maclean’s, Toronto Life, and the Canadian Broadcasting Channel, just to name a few.   Stitch Fix Stitch Fix is happy to offer personalized clothing and styling services through its subscription model. After they define their taste, needs, and budget, customers receive curated boxes of apparel and accessories. They keep what they like and return what they don’t.   Founded in 2011, Stitch Fix grew so quickly that it went public within 5 years. Stitch Fix is now worth $1.638 billion. What’s the key to their success? Using a data-driven approach to fashion retail. Combining AI and interactive quizzes and other interfaces, Stitch Fix solves a problem everyone who buys clothes online has - how will I know that this will suit me and if I’ll like it?    BarkBox BarkBox is a monthly subscription service providing dog products, services, and experiences to 2 million dogs and their owners. They’re extremely popular, having tapped into the huge pet owner market by offering themed collections of toys and treats.    Founded in 2011, it has shown explosive growth. Revenue growth from 2020 to 2022 was over 41% and annual revenue is now $535 million. And it’s no wonder- BarkBox is known for high-quality products that pets and their owners need (and want!).    Like these companies show, there is a lot of potential. But of course, it has to be done right.   So what can you do to boost your chances?    Implementing a Successful Subscription Model  We’ve worked with a lot of subscription businesses, and here are some of the things we see with the most successful ones.   Know Your Audience - An ongoing relationship with your customers demands that you understand them. That includes who they are, what they want and don’t want, what they value, and what they’ll pay. That way you’ll be able to tailor your offerings to meet their specific needs and preferences. Why would they go anywhere else?    Offer Exceptional Value - Unless you’re very lucky, there’s a lot of competition out there, so you’ll need to stand out. The way to do that is to offer something so compelling that customers feel like it’s a no-brainer. They’ll need to see clear value in the products. Things like exclusivity and personalised pricing are part of it too.    Focus on Customer Experience - Customers have never been so picky. Expectations are high. It’s important to give them a seamless, hassle-free customer experience that extends from the sign-up through customer support, renewals and cancellations, to payments and feedback. It should all be designed with convenience and satisfaction in mind.  Leverage Data for Personalization - Customer data is like gold. And most people don’t make the most of it. But it’s the data collected through your subscription service that allows you to continually make your offerings better. And that brings loyalty.   Innovate and Evolve - Your customers’ needs and wants will change over time, so your subscription offering needs to stay as agile and flexible as possible. Keep an eye on market trends, your competition, and your performance metrics to keep your offering innovative.    Use Automation - Automation makes the entire subscription management process a lot easier, but it also cuts costs, boosts efficiency, makes your customers happy, and scales as fast as you need.   Automation streamlines inventory management, so you don’t get caught out. It creates sales opportunities and keeps track of contracts and terms.   All the data needed is fed in real time to finance for automated (and correct!) billing and payment. It also recognises revenue   and reconciles everything back into the books. And monitors your performance and ensures compliance.   And on the marketing and customer service front, personalized automated email campaigns can enhance engagement and retention, while AI-powered chatbots offer instant support, improving the overall customer experience.  Your numbers will be reliable, you’ll have excellent forecasting and reports, and your workers won’t be burdened with manual tasks that are error-prone and rob them of all their time. You’ll all be able to focus on high-value work that drives the business forward.  Done right, subscriptions are a great addition to a retail business.   It’s a chance at more sustainable revenue and growth. It builds long-term customer relationships.   Though there are best practices to make subscription models as successful as possible, the potential for rewards is worth investigating.   Curious to learn more? Why not book in an exploratory phone call with us? We’d be happy to show you how you could grow in extraordinary ways.