For any organisation, accounts receivable or AR is the outstanding balance of money or invoices that its customers owe. It’s essentially an IOU. While the accounts receivable process is beneficial for any business, it comes with its problems.

Therefore, it’s important for companies to devise a robust strategy to mitigate the risks associated with their accounts receivable function. This article will give insights into accounts receivable and how you can create a substantial account receivable process.

What is An Accounts Receivable? An accounts receivable is the amount yet to be collected from customers, even though sales have been made to them. Some companies operate by allowing the customers to receive the product or benefits on credit and pay after receiving the service.

This is very common for utility companies providing services such as electricity, telephone, or internet. Here, the customer pays for the services after using them. In instances where a company awaits payment for services that have already been supplied and used, the unpaid invoices are known as accounts receivable.

Accounts Receivable Process Workflow When the billing cycle is complete, an accounts receivable process initiates when a customer purchases the product or service and utilizes it, only to make the payment later. The customer continues doing so until they decide they no longer want to do business with you.

The Process Flow of Accounts Receivable is Mentioned Below-

Sale or Delivery -This is the step where the customer receives the delivery of a service or a product as a result of interaction with the company.

Invoice -The accounts receivable department then sends the invoice to the customer.

Payment collection - After the customer gets the invoice, he has around 30 days to make the payment.

Reconciliation - This process begins again once the payment for the previous month or order has been collected.

Some Other Steps Involved Might Include-

● Sending payment reminders in-between the month.

● Sending reminders for late payment.

● Escalating the matters of late payment.

10-Step Accounts Receivable Process Some businesses have an accounts receivables process in place already but have not introduced a strategy to ensure their success. Therefore, we have developed a step-by-step process for account receivables to make it effective and profitable for organisations.

Determine the Eligibility And The Source Of Credit Extension.

You should devise a strategy to determine how you will collect the receivables from the customer. At this stage, you should also decide who is eligible for this scheme. For example, some organisations run a credit check to see if the applicant is creditworthy or not.

To check this, they take necessary details such as the customers' names, contact information, employment information, address history and social security number. For businesses, data such as the contact details of the AR department or references from other companies that have extended credit must be taken.

Create a Plan for Collection - This step includes deciding upon the method of collection of receivables, whether it has to be done weekly, monthly or yearly etc.

To make this plan airtight, you should create a business agreement while considering factors such as AR cash flow, payment history of the customer, industry standards etc. Both parties should also be content with the agreement that’s put into place.

Credit Laws Compliance -The Federal Trade Commission has formulated laws to protect consumers from malpractices. Your company should meet all the standards and regulations.

You should communicate with your customers about the interest rate, billing mistakes, rules for debt collection etc.

Send Invoices -you must choose the system of sending invoices to your customers. Digitisation and automation of the accounts receivable process to make it more efficient and accurate.

The invoice must contain information such as the invoice number, date, address of both parties, description of the product, amount due and the payment due date. This step is quite essential as it facilitates a sound system of acquiring account receivables.

Choose a Management System -While some small businesses are okay with doing this work manually, you’ll need a management plan for your accounts receivables if you have a large company. For this, you need accounts receivable management software.

This software keeps track of invoices and payment due dates. The trial balance and other necessary data are present in one dashboard for easy access. All the data regarding sales are entered into the software, and invoices are created automatically.

Track The Collection Process -For businesses, collecting the money that customers owe them, becomes a strenuous task. Therefore, companies must track the collection of accounts receivables. You should start with performing an invoice age analysis which helps you identify how late the invoices are.

You should have a policy that determines how long to wait before taking action on delayed payments. For example, you can allow your invoices to be overdue by 0-30 days, 31-60 days and so on. Based on this policy, you can send collectors or take legal action against the customers that did not make the payment timely.

Log-in Real-Time Charges and Expenses - Your AR software must be capable of scanning orders, receipts, and requests. In addition, you should upload any other relevant document in the system required for invoice processing.

Give Your Customers Incentives For Making Early Payments. Giving a push to your customers is necessary sometimes to ensure a smooth workflow of your accounts receivable process.

For example, giving them discounts and incentives every time they make an early payment might encourage them to make payments timely. You can highlight these incentives when you send reminders for the payments or the business agreement.

Maintain Relationships With the Customers -

It is essential to constantly stay in contact with your customers and maintain good relationships with them if you want them to make timely payments.

The more they like you and your services, the more likely they will be to pay for them on a timely basis.

Create An Escalation Plan - You should have a plan of action ready within your account receivable process in cases where the customer is unwilling to pay despite your continued efforts. Set up a payment escalation plan by working with a collection agency in cases of unpaid invoices.

While the initial stages of the plan should be lenient, you can take stringent measures if you fail to get results even after a few tries. The collection teams can work by chasing late payments and creating or negotiating payment plans to facilitate customer debt collection.

Common Challenges Faced By an Accounts Receivables Process Untitled design - 2022-09-22T163829.696.png Setting up an account receivable process is not free of challenges. While deciding the credit limit for a customer, a minor mistake can make you lose revenue over a customer that was worthless at the beginning itself.

While extending limits for valuable customers, you must be careful as it comes with heightened credit risk. If you have to face a circumstance where you need to involve a credit collection team, you should not let them ruin your relationship with your customer.

Apart from this, multiple operational risks can hinder the AR process. These include inaccuracies such as delays in invoicing, late payments, miscommunications in follow-up, etc.

Final Words This guide has shown the importance of creating a smooth workflow for your accounts receivable process. You can take help from accounts receivable management software or a service provider who can carry out the process for you.

Everything becomes easier with automation, and the accuracy levels are also heightened, so once you’ve created the perfect strategy for your accounts receivables process, you should introduce software that can help you achieve full automation.

With Billsby, you can fully automate your invoices and the dunning process for when customers fail to pay on time. You can also seamlessly connect your Billsby account with supported accounting software to automatically populate your accounts receivables reports. So why not give Billsby a try today!

An organization's sales team takes upon itself a plethora of tasks to bring revenue to the organization. However, the journey of all the revenue streams starts from one single point- a quote.

In this article, we will read about Quote to Cash- the process that involves the numerous steps in the procurement of sales by the sales department of an organization. Also, we will discuss the facets of the quote-to-cash workflow and tips on how you can improve your process.

What is Quote to Cash? The journey of a sale from the original quote or the enquiry till it converts into sales bringing revenue for the company, is known as quote-to-cash. It involves a set of processes on the company's part to ensure that the quote that comes in is converted into cash.

Your quote-to-cash process is a decisive factor regarding your sales as it affects the company's revenue and profitability. QTC is the process of closing a sale and acquiring revenue. It is the most important last mile to complete a sale and is an indispensable component of the sales strategy of any organization.

While the sales team is the most critical component of the QTC, many other teams participate in the whole process of the quote to cash. For example, the account management team plays its role by performing order fulfilment, the supply chain management can work to ensure the presence of inventory, the logistics department takes care of the delivery etc.

The Quote-to-Cash Workflow The sales team has to undergo many steps, such as cold calling and working on leads before the quote-to-cash process begins. However, the request for a proposal by the customer is the first point where the QTC process is initiated. Mentioned below are the seven steps involved in the QTC workflow.

Configuration of The Quote

A quote's preparation begins with the proposal's configuration by setting the products or services that the customer needs. In the configuration process, a significant role is played by the sales pitch that the salesperson has offered to the client.

To make a good proposal, it is vital to understand the client's requirements and give them a proposal that meets their needs and provides profit to the organisation.

Pricing

Once you have decided on a quote suiting the customer's needs, you must figure out the pricing of each element and the complete quote. Generally, companies use software to generate automated pricing, ensuring the company's accuracy and profitability.

However, some companies still use manual help to do so. The price depends upon multiple factors, including discounts, special prices, promotional pricing etc.

Complete the Quote

Once a quote is made and the effective pricing is set in place, it is time to create a business proposal. The proposal contains all the information regarding the products and the services and the price of them all. In addition, it includes legal documentation outlining the agreement of the customer with the company. Generally, the sales teams devise a standard template to create a business proposal.

Negotiation

There are some instances where the customer or the company want to negotiate the price or other factors regarding the business proposal. After a few rounds of negotiation, both the parties come to a common ground, and both finally sign the contract.

Order fulfilment

The account manager takes up this job. The company has to deliver the product or the services within the given time and in the correct shape (without depreciation or logistic errors). This is also a lengthy process taken up by supply chain management in the logistics-related industries.

Billing and Invoicing

The end of the quote to cash cycle is marked by payment collection. The company creates a bill and invoice and sends it to the customer, who pays the accounts receivable.

Here, the bills need to be accurate, must be provided to the customer through multiple sources (email and physical etc) and the customer should be given numerous pays to be able to pay the bills.

Post-QTC Analysis

This step is generally done after the quote-to-cash process is complete, yet it is still an essential part of the process. It helps companies get valuable insights regarding their workflow.

Here the companies need to analyse the time taken by the workflow and the efficiency of the workflow. Also, if they face any workflow problem, it must be highlighted and cured for future orders.

How to Improve Your Quote to Cash Process The QTC process involves the most essential tasks that are conducted by a company. Therefore, it is vital for organisations to lay emphasis on the quality of their QTC process. Mentioned below are a few tips or best practices with which you can enhance the effectiveness of your quote-to-cash process.

Creating a Robust Quoting Process

You must streamline your quoting process with the help of up-to-date payment terms and invoice schedules etc. With this, the delivery and the finance team will have to witness fewer changes.

Set standards for terms and conditions

Your contracts should be airtight with standardized terms and conditions so that no confusion prevails in the customers' minds.

Structurise your approval process

Approvals must be quick and instant, as a slow approval process can adversely affect your relationship with your customer. In addition, your approval process must be able to notify the customers whenever their attention or signature is required.

Incorporate new services when necessary

You must have the capability to make changes to your contract according to the customer's needs. Whenever they add a new service to the list, you should be able to add it along with its price for the next billing cycle.

Use automated tools and software

To make the quote to cash processes accurate, efficient and better in multiple ways, you can utilise some tools and software for automation of everyday tasks. Final Words

Every organisation must be aware of the value that an efficient QTC process holds. Also, updation is an inevitable factor for a good quote to cash process.

The companies must be updated with the latest software and tools which can help them maintain the quality of the QTC workflow at each step, without having to put a lot of human effort into it.

Finally, an effective quote to cash process leads to happy customers and more revenue for the organisation.

What do you think about an eCommerce model that helps you make changes to it, update, and constantly stay in touch with the trends? While some commerce platforms are quite rigid and have little or no scope of flexibility, composable commerce is an exquisite option for businesses that aspire for higher levels of flexibility in their eCommerce stores. In this article, we will read about everything you must know about composable commerce if you intend to start an eCommerce store of your own.

What is Composable Commerce? Type of commerce that allows the e-commerce teams to bring together the best commerce solutions for their niche is known as composable commerce. Here, the organizations tend to handpick the best strategies and solutions for their organization and create a comprehensive eCommerce solution of their own, rather than working according to a pre-established solution.

It is most widely known as the process of selecting the best-of-breed commerce elements and composing them into a custom application. It allows the companies to inculcate modern technologies and approaches such as Microservices, API, Cloud, Headless Commerce, Javascript, Markup, etc to make their business scalable and adaptable to the constantly changing market dynamics. With composable commerce, organizations can cater to their specific business needs.

Tenets of Composable Commerce The basic tenets or principles that run the composable commerce are-

● Business centricity- Composable commerce empowers businesses to alter their digital strategy and create unique experiences and new business models without relying heavily on IT.

● Modular architecture- The infrastructure of composable commerce is top-class and supports agile delivery, enhanced experience for the customers, and faster time to market for the products and services.

● Open ecosystem- It is an open, completely flexible, and scalable ecosystem where the best-of-breed solutions are assembled using third-party apps, accelerators, pre-composed solutions, and the best practices that are tried and tested.

● Flexible - With the help of composable commerce, you can create a completely customized solution that matches your expectations. You can scale your business to adapt to changes in your environment.

Benefits of Composable Commerce Composable commerce helps the organization take the customer experience to the next level. With this, they can create their commerce strategy with the best factors, allowing them a lot of flexibility. It helps them in searching and adopting new ways to innovate businesses. Some fantastic benefits of composable commerce are-

● Personalized customer experience- Customers are more loyal to the brands that offer them personalized experiences. They remember their experience with the brands and the businesses, which makes them continue purchasing their products or services.

This is offered to the customers through a composable commerce strategy. There is a lot of flexibility in a composable commerce model; thus, the brands can invent personalized experiences for the customers, keeping them loyal and hooked to the business.

● Constant Updation- The most efficient businesses tend to change with the altering needs and trends in the markets. A composable commerce model helps eCommerce businesses alter themselves to adjust to the changing needs and expectations of the customers. As a result, they can offer up-to-date features to their customers such as buying online, picking up in-store, curbside pickup, etc.

●Reduces CAC - The customer acquisition costs are a hefty amount the businesses need to spend on acquiring each customer. This is due to the saturation of advertising channels and altering customer perceptions of advertising.

Therefore, companies now look for experience-led commerce, which helps them reduce the CAC by providing their customers with a fantastic overall digital experience.

● Avoids vendor lock-in As we have discussed above, composable commerce solutions come with a lot of flexibility options. While the monolithic software vendors do not allow the customers to migrate before the contract expires, you can swap components with composable commerce, with the high scalability it provides.

Composable Commerce VS Headless Commerce Using headless commerce is generally the first step for most eCommerce businesses while moving towards a flexible architecture. However, composable commerce is a lot more than headless commerce- in terms of flexibility, scalability, and efficiency.

The frontend stack is separated from the backends stack in composable commerce, and the best technologies are chosen to build your eCommerce stack. This frees the enterprise from the limitations or constraints on the capabilities of an eCommerce platform. Also, the frontends developers are empowered to work independently of backend teams without requiring cross-functional coordination.

The flexibility of headless solutions is nothing compared to the flexibility offered by composable commerce. The functionalities within a headless architecture are limited by business logic if the central platform is a full-stack engine. Composable commerce, on the contrary, is an API-first solution in which the software communicates through APIs to create complex business solutions.

Top 5 Composable Commerce Platforms Mentioned below is a list of some well-known composable commerce platforms that can assist you in building and deploying your eCommerce application.

Commerce Tools- It is a platform built on MACH principles that helps you assemble the microservices you have in mind for your business. All the features and functions of commerce tools are available through extensible APIs. In addition, it has its integration marketplace with supported third-party vendors, which can be integrated into your store.

Elastic Path- It is a famous digital commerce platform that supports and makes composable commerce easy and more accessible by helping you manage a multi-vendor solution.

Here, you can connect components to your composable commerce solutions with REST Level 3 hypermedia APIs. It also offers other abilities to the businesses, such as payment processing, real-time inventory assessments, omnichannel ordering, etc.

Spryker- Spryker is designed for B2B and B2C eCommerce solutions and comes with more than 500 PCBs such as product management, CMS, tax management, price management, etc., which you can utilize to assemble your solution. It also offers help in re-platforming if you ever wish to migrate from a different platform.

Fabric- It is an eCommerce platform that supports composable commerce. You can choose software to manage products, prices, promotions, and inventory, available on Fabric. This lets you build an attractive storefront with pre-built functionality.

VTEX -It is a commerce cloud and an eCommerce platform, and by combining the two, the customers get a comprehensive eCommerce solution. It has capabilities such as CMS, secure payments, omnichannel service, etc.

Final Words

Composable commerce is still a rising concept for the market but is catching on quite rapidly. It allows companies to be more agile and enhances their functionality. Although it demands higher investments and upfront costs, it also offers a better Return on Investment in the long run.

With the most efficient composable commerce platform and the best techniques, you can set up a highly efficient eCommerce platform for your business to lure in revenue and sales along with loyal customers.

The business strategy you have in place for the marketing and sales of your product is a decisive factor in its success. Some companies focus more on the sales strategy, while others focus on improving their product and services, knowing that a better product will automatically bring in more customers and revenue. So, what is the growth strategy of your business?

In this article, we will study the product-led growth strategy, and why businesses need to adopt it for themselves now!

What is Product-Led Growth? As the name suggests, when a company’s growth which is driven by the product and the experience of the customers with that product this is known as product-led growth(PLG). It is a business strategy where the focus of the organization is to improve the product and the customer experience to ensure growth and revenue for the company. Here, the strategy counts on the features, performance, and fame of the product to increase the sale.

The PLG strategy positions the company’s product as the main driver of the acquisition, satisfaction and retention of the customer, and therefore the expansion of the firm. By focusing on the product, the business can offer a personalized and innovative product experience to the customers, henceforth increasing their loyalty.

The product-led business strategy puts the product in the front and center of all sales efforts, unlike other forms of sales and marketing. For example, in freemium businesses, the product is a sales tool which attracts customers into using it without spending money. When they fall in love with the product, then they are ready to pay for it as well.

Benefits of Product-Led Growth The PLG model provides better results to the customers as well as the businesses. It emphasizes the development and improvement of the product, which in return guarantees the increased likeability of the product and the brand. The key benefit of a product-led growth strategy is that the firm can produce high-quality products and keep the customers happy and satisfied. Other benefits include-

● Increase in Median Enterprise Value

A recent study says that the median enterprise value (EV) of a company with the PLG model is twice the public SaaS index. The product-led companies create products that focus on eliminating the problems of the customers. If the model is carried out successfully, the customers become loyal and even refer your product to potential users.

● Accelerated Growth

Companies with a PLG model grow faster compared to companies with other models. Their annual recurring revenue is quite high in these companies, and they tend to expand at a faster rate.

● Low CAC

The PLG companies are not limited by high marketing or sales costs, as the resources are streamlined into the product. This helps decrease their customer acquisition cost and more returns on the acquisition of each customer.

Comparison With Other Models Traditionally, salespersons or marketing materials are used to convince the customers about the product's value. The customer purchased the product only if they were convinced and thus the selling of a product was largely based upon the convincing skills of the salesperson.

However today the PLG model focuses on acquiring customers solely based on the value of their product. They let the customers understand the value of the product by trying them for free and then deciding for themselves.

The product-led growth model encourages the users to use and explore the product without paying anything or any barriers. As they understand the value of the product, they purchase it for themselves as well as promote it with their family friends and colleagues etc. This way the product sells itself and there is no need for additional marketing strategies are costs for the sale of the product.

Let us now read about the product-led growth model vs the sales-led growth model and marketing-led growth model.

Sales Led

The main difference between the sales-led model and the product-led model is the internal alignment. Companies with the sales-led model are built with the thinking that the sales department solely is responsible for providing sales and revenue to the company.

Everything that happens in the company from employee training to purchasing the software or the different approaches of marketing is done keeping in mind the superior motive of closing more deals and making more sales.

On the other hand, the product-led model focuses on the alignment of all the facets of the organization and focuses on improving the product rather than increasing the sales, and the sales follow.

Marketing led

Marketing-led companies focus on convincing the customers to purchase their product by making it appealing to them. They understand their needs and highlight the value of the product according to these needs, making it somewhat irresistible.

They appeal and acquire leads and then send them to the sales team who closes the deals. Great marketing efforts help the brand and the product to be seen in the cutthroat competition.

However, the main focus for such companies is on marketing efforts, which are quite costly. Rather than focusing on the quality and actual value of the product, the companies focus on the value of the product that the marketing team is depicting to the customers.

The product-led companies on the contrary prioritize the customers' understanding of the value of their product by using it themselves. In such models, no marketing or sales team has to convince the customers to buy the product.

Instead, the company gives a free trial to the customers where they identify whether the product is valuable for them or not and accordingly make the purchase decision. The customers themselves understand and get knowledge about the product, discover its benefits, and identify its true value without any persuasion needed.

How To Become a Product-led Company? There is no single approach that a company can adopt to become a product-led company. However, it is a series and amalgamation of multiple approaches which form the comprehensive product-led strategy.

The process of becoming a PLG company depends upon the industry, the product, talent, resources etc. of the firm. Mentioned below are a few basic steps that can help you in your journey to becoming a product-led company.

1.Ensuring Alignment

Alignment across the organization is quite essential for any firm trying to adopt the PLG mindset. The most important is internal alignment, which often starts at the executive level.

The goals, resources and time must be concentrated on a single ulterior motive-delivering world-class product experience to the customer.

It is about designing the journey of the customer providing them with a great overall experience with your product and your brand. It involves multiple aspects such as marketing, analysis, customer success and much more.

Understand Your End User

To create an amazing product experience for the customers, it is vital to understand the requirements of the customer. You must understand the type of customer that will purchase your product.

Only then you can match the customer value and the business value of your product. Focusing on your customer base will help you improve your product in a way that will make a difference.

Analyze, Measure, Improve

It is important to make data-driven decisions based on user behavior to ensure product-led growth. You must analyze behavioral analytics, which track every touch point of experience that your customer has with your product.

This might include adding items to a cart, replacing products, abandoning a cart etc. in the case of e-commerce stores. Based on these analytics you must then work to improve the journey of the user and personalize the product experience for them to ensure a sure shot of product-led growth.

Metrics of Product-Led Growth

To ensure the success of a PLG strategy, companies need to focus on certain metrics. By accumulating and analyzing these metrics, the companies can understand the behavior of the customer and work to improve their product with each passing day. Some of the key metrics include-

Customer Acquisition Cost

For any model, it is important to monitor the number of prospects that find your product and become its users. The acquisition phase of the sales strategy is an important part where indicators like signups and qualified leads help you identify the various challenges with lead generation, and the methods to overcome them.

The goal of assessing the customer acquisition cost is to bring it as close to 0 as possible. In a PLG model, businesses achieve this goal by enhancing their product design.

Time To Value

It is easy to sign up 1 million prospects for free trials of your product or services. However, converting them into paying subscribers is not as easy. It is only with the help of a PLG model that you can create an amazing experience for the customers, which will make them purchase your product.

The time that the customer takes in finding the product useful is known as the time to value. It is calculated by determining the average time taken by a customer to purchase the product or the service. The goal for a product-led company is to decrease the TTV date to the lowest possible level.

Customer Retention

Sometimes companies tend to lay more emphasis on customer acquisition than on customer retention, failing to recognize that customer retention is less demanding and more resulting than customer acquisition. It is a cost-effective way to ensure the continuous flow of revenue into the firm.

However, to retain a customer, it is important to provide them with a seamless user experience. It is only if your customers love the product, that they will continue using it for a long time. If your product is not good enough, your customers may churn, and you might have to spend more money on acquiring more customers.

Examples of Product-Led Business Growth Mentioned below are a few companies which have gained success and broad appreciation with their product-led business growth model.

Dropbox

Dropbox is one of the most famous brands and companies offering customers a freemium model. However, based on the user experience, the customers have started shifting to premium packages. As a result, in less than ten years, Dropbox has successfully achieved more than $1 billion in word sales. This is because it has always focused on improving its product and enhancing the product experience of the customers.

2.Pinterest

Pinterest is a fantastic free-to-use app focused on improving the customer experience at each touch point. The leaders of Pinterest believe that to be most effective, they must be capable of implementing any feature they want without the support of any other team. Their PLG mindset and the autonomy of functions have made them a widely utilized application today.

Slack

Slack is a $7 billion company and has achieved this in only five years. They have one of the best freemium products in the software industry, and their early success resulted from their product-led growth model.

Generally, all the people using slack today use it for their businesses because they had a great experience with it when they started using it. Word of mouth regarding customer experience is significant; as a result, multiple companies and large industries use slack today for everyday conversations.

Calendly

This is another viral product that makes scheduling meetings very seamless. Earlier it was primarily used by individuals, but with time it gained fame in large industries. It attracts new users via a viral loop and focuses on the product-led model to increase the customer acquisition rate.

Causes of The Rising Importance Of Product-Led Growth Model The SaaS industry is about to face new challenges in the coming years. Building and maintaining the profits in a SaaS company is challenging, however, a product-led growth strategy can help you sustain and grow your business. Mentioned below are a few reasons how and why.

Start-Ups Are Becoming More Expensive

While it has never been cheap to build a SaaS company, there is no shortage of competition. On one hand, where all other aspects of creating a startup have become affordable, acquiring customers for your business is becoming more expensive each day. This means that marketing is also becoming more expensive each day.

On the other hand, while the customer acquisition cost has increased by more than 50% in the last five years, the willingness of the customers to pay for additional features has dropped by 30%.

This indicates that the expenses are going up and the profitability is going down, and combined with a high churn rate, this might be a disaster for your business. Thus, you should focus on shifting to a product-led growth model from a sales-led model.

Buyers Like to Self-Educate Themselves

People today wish to self-educate themselves and then buy through an app or an online means instead of learning about a product from a salesperson. This fact is not limited to the B2C buyers but also the B2B buyers.

Therefore, getting to know about the product and picking it out after a free trial can help the user decide quickly about purchasing the product. It is also easier for the users as they can try the product for themselves and then decide whether to make the purchase or not.

The Importance of Product Experiences is Rising

People today do not want to buy a product just because they have heard about it from a salesperson. Now, they need no human intervention at all. They desire a free trial of any product or service before purchasing it to be entirely sure about it.

This means that the customer's experience with the product has become more essential than any other thing. Therefore, to get more customers, you must focus on your product, for which the product-led growth model is perfect.

Problems With a Sales-Led Strategy The sales-led strategy is the most famous for any business, especially SaaS businesses. This is because business owners believe that they must focus on selling their product over enhancing the product experience.

However, there are a few loopholes with the sales-led strategy. Let us read about them below.

The customer acquisition cost in the sales-led businesses is out of control. The sales cycles are incredibly long and tedious, and high-touch sales are one of the leading indicators of CAC.

However, to ensure that the companies continue getting profit from their high-touch sales models, they must ensure that the lifetime value of a customer is high enough to compensate for the cost spent on acquiring each new customer.

To reach that LTV, the sales-led businesses charge their customers a heavy premium. It is to be noticed that the price of the premium is not high because of the value of the product or the solution but because the customer acquisition model of the company is more expensive.

This way, the company with the sales-led model is less preferred by the customers than those with the product-led growth models.

A Leaky Customer Acquisition Model

There is a big leak in the customer acquisition model of sales-led organizations. According to research, approximately 98% of marketing-qualified leads never convert into business.

This is because the MQL model has a few flaws. First, it encourages marketers to alter the content to achieve their MQL goals. They believe that the consumption of content is the leading indicator of intent.

As a result, the total process rewards create friction in the buying process. This leads to a disconnect between marketing and sales.

Hurdles in Product Development In This Organizational Structure

The product is often not the center of attention. Instead, it is an afterthought. The first focus is on making sales and improving or changing the product is the second. This hinders product development and the comprehensive development of the brand.

Is a PLG Strategy Good For Your Business? If you are considering starting or shifting to a PLG business strategy, you must identify whether it fits your business. Below are the primary characteristics of a successful company with a product-led growth strategy. To determine if your business is a good fit, you must adhere to some of these characteristics-

The chances of product-led growth strategy succeeding or higher when the marginal costs for every user or low, the users have direct influence over purchase decisions, or the existing solutions fail to meet their needs. In such pre-existing market conditions, your PLG strategy can bloom.

2.The product you are offering to your customers should be a uniquely valuable solution that can be customized based on the needs of the individuals. It should benefit them in one way or the other and helps them do their everyday tasks more efficiently.

3.If you provide a freemium model to the customers with very few or no features that are helpful to them, they might not comprehend the actual value of your product. Thus, you should ensure that your free models are also equipped with the essential features to make your product lucrative.

Your product should have the features and functionalities that eliminate the need for the marketing, sales, and onboarding teams separately.

The product should be easy to understand, adopt and evaluate for a user to fall in love with it.

The marketing funnels of your business lead to product engagement and not engagement with the sales team.

Networks and large companies can use your platform or product.

There are product champions within your customers' companies that promote your product's adoption.

Final Words The product-led growth strategy benefits you if you wish to enhance your brand and your sales and revenue.

This is because it focuses not only on the monetary aspect of the business but also on its overall growth and profitability. As a result, your product and brand find their place in the stifling competition, and you get loyal customers for your business.

Therefore, you must focus more on improving your product rather than spending a lot of money on marketing and sales to ensure your business's and your brand's comprehensive growth.

SaaS or software-as-a-service is cloud-based software that can be accessed from any device with an internet connection. Here, all the databases, servers, and codes for the software application are held on a single platform, which can usually be accessed by the customer through a subscription.

It is different from software or a product that is on-premises and available to the customers on purchasing a license, installing them on the computers, and hosting their servers.

In the SaaS industry, product management is a function responsible for managing the products of the company from their ideation to decline. It is the center point, and the intersection of three aspects- user experience, technology, and business.

In this process, the product manager plays the most essential role by advocating what the customers want and ensuring that the resultant product or service matches the customer's needs by working with the designers and developers.

Tasks Included in SaaS Product Management SaaS product management is a comprehensive process that includes the development, launch, marketing, and improvement of the products and services of the company throughout its lifecycle. The tasks including in the process of SaaS product management include, but are not limited to-

● Researching

Conducting research to understand the company’s product/service, market, user personas, target audience, statistics, competitors, etc.

● Product Vision

After understanding the objectives of the product, the product manager creates a product vision. This vision includes the goals, high-level discussions, and other essential information about the product. Based on the vision, they must create a plan.

● Sharing the Vision

Product managers work to understand market research and customer feedback to define the features and requirements of the product. They then need to share and communicate the vision with the higher-level teams to facilitate internal planning.

● Developing a Robust Plan

After creating and sharing the vision, the teams must develop a plan under the leadership of the product manager. The plan must include motives and objectives and be presented to the key stakeholders. This part involves teamwork.

● Creating a Product Maintenance Roadmap

It is essential to create a roadmap based on which the product and its plan will be maintained to lead to the success of the product.

● Working to Improve Product

After the launch of the product, the product managers monitor customer feedback and conduct data analysis to understand the plus-points and the shortcomings of the product. Based on the data, they work with the teams to improve the product by fixing any development bugs.

SaaS product management is a separate function for which the companies must have a secluded department. It is essential for an organization to have a separate product management expert, just like any other department, such as sales or marketing, etc. It is a highly strategic function that answers a plethora of questions about the product.

Who is a Product Manager? The person on the staff who is responsible for the internal and external product vision and caters to all the activities in the process of product development is known as a product manager.

They identify and draw out customer requirements, team up with the stakeholders in the organization, and coordinate amongst multiple teams and departments to undertake the management of the SaaS product including the creation and improvement of the product.

The product manager is the person who is entrusted with taking care of all the tasks in the product lifecycle- from start to the end.

What Does a SaaS Product Manager Do? The responsibilities of a product manager in the process of SaaS product management include ensuring that all the facets of the organization have a shared goal - the development and improvement of their products.

They work to communicate the product objectives and the current scenario and updates to the rest of the team. The key functions of a SaaS product manager can be seen below:

Identifying Opportunities

A product manager must identify lucrative opportunities for the product. It might include developing a new product or improving an existing one, which can be done after getting constructive feedback from the customer.

For this, the product manager must be aware of the latest trends and data along with an understanding of the market. Accordingly, they can create amazing strategies for launching a new product or an update of a pre-existing product in the market.

Devising a Product Strategy

To ensure a seamless launch, a SaaS product manager must have a long-term plan and strategy for the product. Creating a constructive product strategy is the first step to initiating a successful product launch.

3.Team Management

A SaaS product manager must manage multiple teams which are involved in the creation and launching of the product. This helps them ensure that all the stakeholders of the team work together to achieve the desired product.

They must facilitate communication amongst themselves to create a plan that works best for everyone. They must also know how to handle urgent requests to meet the expectations of the stakeholder and the customers.

Marketing Information

They must have information regarding marketing activities and trends. Market activities are the foundation of product success, and thus, SaaS product managers must take upon themselves tasks such as doing market research, collecting competitor information, checking industry trends, determining a price, creating a UX-friendly product, analyzing customer feedback, etc.

Product Improvements

An essential task performed by product managers is the constant improvement of products. Before, during, and after the launch, they must work on the projects and analyze it to identify the scope for improvements. They must be updated about the improvement work and up to date on the strategy.

Final Words SaaS product management is essential for organizations who want their product to be A-one. It is easy to have a professional or a team of professionals constantly work on your product and create a better version of it now and then.

Therefore, product management for SaaS is inevitable and must be considered seriously by any organization that is about to launch or has already launched its product in the market. With the information above, you can roll out the perfect SaaS product management strategy for your organization to witness excellent outcomes.

Almost everything businesses do today, they do with automated solutions. So why not billing? A billing automation software is mandatory for your business, keeping in mind the efficiency and accuracy it provides to the billing and invoicing system of your business. It helps your customers be happy, thus bringing in good revenue and timely payments.

With a well-automated billing system, you can focus on other tasks and leave the task of billing to the softwares. In this article, we will study in detail billing automation softwares, and why and how you can get one for your business today!

What Are Automated Billing Systems?

A software solution that takes up on it and sells all the functions related to the billing and invoicing process is known as billing automation software. It only requires a little manual input and data, and based on that, it can generate invoices, collect payments and take care of approvals. It is used to streamline the billing processes to improve efficiency and reduce the time taken in the billing process.

Automated billing software is suited most to businesses with subscription and business models. In these models, the billing is uniform and charged at regular intervals by the customers. Apart from this, service providers such as health facilities, law, consulting firms, e-commerce stores, etc., also benefit from billing automation softwares.

Why Should You Use Automated Billing Software?

Automated billing software makes billing and invoicing a really easy and streamlined process for businesses. They help businesses track actual and billable hours and convert them into preparing an invoice.

They also schedule and create late invoice reminders on a recurring basis. With automated billing software, the sales, pre-payment, credit invoices, etc. or created and sent to the customers as PDF files.

Also, they automatically compare several budget scenarios with the actual revenue, expenditure, or profit and generate accurate forecasts for the business. All in all, the automated billing software makes the complete process of billing software and database, and there is no scope for human error.

Also, the time of the employees is saved, which they can spend on more important tasks. This improves the overall operational efficiency of the business.

What Does Good Automated Billing Software Do? How can you recognize whether the automated billing software you are using is amazingly efficient or not? With the help of the features and characteristics of your automated billing software, you can identify whether it is worth your time and money or not. Some of them include the following-

● Simplifying Complex Billing

The automated billing software knows when and how to bill and how to tax the bills. This saves time for the individuals as the comprehensive billing solution is provided by automated billing software. If your software simplifies the complex billing and does the essential maths for you, it is a good billing software and it can help you keep the problems at bay and scale.

● Helps you stay on top of your company's finances

With automated billing software, you can stay free of the stress of missing out on any penny, payment, or expenditure. You can manage the finances of your business with ease and stay on top of the finances of your company. You will also receive real-time reports that will help you make an analysis of the multiple aspects of your business and its finances.

● Adaptability with other workflows

Your business and your billing has to deal with multiple software and tools for the best results. A billing automation software must be adaptable to other workflows, such as add-ons and tools. It should be compatible and help you streamline the comprehensive workflow by working in synchronization with all the other essential tools and softwares.

● Adherence with security

The security policies of the market and the sector revise and updated each year. Good software for automated billing stays in compliance with the different policies across the globe.

They've never failed to meet the security and compliance guidelines and, thus, reduce the stress of adhering to the rules for you. They provide the utmost data security to your customers and does, help you gain their faith as well.

Benefits Of Automated Billing Software Mentioned below are the essential benefits that automated billing software provides to its customers.

● Consistency

Automated billing software encourages consistency by promoting timely payments as the invoices and bills are generated and provided to the clients in a timely manner.

● Efficiency

With automated billing software, you can cut down on your administrative staff and create a more efficient and paperless office and billing digitally. It helps you in a minute the time-consuming nature of manual billing and invoicing.

● Dunning Feature

The dunning feature of the billing automation softwares sends notifications to the customers regarding expired or declined cards so that you do not end up spending a lot of time chasing down valid payment details.

● Accuracy

Humans often make errors and mistakes in billing and invoicing, which can cause your customer to be upset. However, with automated billing software, you can reduce the incidence of human error and generate reports and incorrect billing information.

● Management of Data

Billing automation software also works as a database to store all your data regarding your new customers and their accounts, billing, usage, etc., at a central location.

● Compliance

With the billing software, you can be stress-free in complying with the generally accepted accounting principles, especially regarding revenue recognition.

Essential Features Of Automated Billing Software Let us now have a look at the essential features of automated billing software that make it worth using.

● Simplicity

The main goal of having automated billing software is to eliminate the need for an accountant. With the billing software, any person can conduct billing and invoice without expertise.

Thus billing software is simple and keeps the billing process streamlined for you so you can handle all the transactions easily.

● Usability

Automated billing software is easy to use and navigate. Its user interface is intuitive, and it comes with many features that can be customized according to your needs. It enhances your comfort level with billing and invoicing and helps you choose the layout and functionality you prefer.

● Functionality

If you work with multiple plans, add-ons, subscriptions, or coupons in your business, this feature is highly beneficial. With automated billing software, you can ensure that the changes in your business and billing or implemented quickly and frequently.

● Reporting

Having automated billing software also eliminates the need for different software to generate metrics essential for the business. With in-depth reporting, you can determine the health of your business.

Thus, billing software provides you with revenue reports such as MRR, churn rate, lifetime value, Active subscriptions, cancellations, upgrades, downgrades, etc.

● Customization

You can customize automated billing software according to your requirements to check each subscriber’s status. You can also customize your billing amounts and the billing period to meet each customer's billing requirements.

● Fraud Protection

Billing and invoicing is a step that involves the sensitive information of the customers, such as their credit card/debit card numbers, etc. With the help of automated billing software, you can detect fraud and block fraudulent transactions to assist your customers. This gives you and your customers peace of mind and enhances their trust in your business.

● Support

Having an billing automation software is like having 24x7 support from experts. You can contact the experts in cases of queries anytime through a phone, chat, or email, or get access to multiple sources of information such as onboarding documentation, video tutorials, articles, developer tips, etc.

Steps To Automate Billing Systems Read on to learn the five steps that will help you automate your billing systems.

Find Billing Automation Software

This is the first and foremost step in automating your bidding process. You must find good software with all the essential features mentioned above in the article. Next, you should identify your needs and choose software that matches your requirements.

With good software, you can quickly automate your billing process with suitable software and eliminate the complexities. You can also take a free trial of the software, if possible, before making it final.

Set Up Electronic Invoicing

Sending invoices on paper can cost a lot. Manual invoicing impacts revenue by causing revenue leakage due to human error. Automated invoicing, on the other hand, automated invoicing ensures that the customers are built accurately and helps in shortening the invoice-to-cash cycle.

Thus you should set up electronic invoicing while automating your billing system. This can help you save the time that is instead spent on generating mailing and tracking paper invoices.

Schedule Billing Reminders

Untitled design - 2022-10-20T185843.593.png In the next step, you should create an effective payment reminder process. The customers might forget to pay on time, and it is your duty to remind them of the upcoming payments. This you can do through email or your application.

4 Launch a Customer Payment Portal

You can create a self-service portal for your customers through which they can make online payments. With these portals, customers can easily pay bills, monitor balances, update their information, or manage subscriptions.

This simplifies the customer experience and facilitates on-time payment. Billsby plays a vital role in automating the billing process of businesses by providing users with a simplified billing experience.

Create Reporting Dashboard

Reporting is challenging and takes time without billing automation software. However, by implementing billing automation software, you can set up an intelligent dashboard to monitor the essential KPIs and consumer data and get valuable insights for business growth.

Final Words

Talk to the experts at Billsby today to understand how an efficient automated billing system can help you streamline the billing function of your recurring business.

Provide more efficiency and reliability to your customers by offering them an easy and simple way of making recurring payments online along with multiple payment options, accurate invoicing, and regular notifications. Bear the benefits of an billing automation software with Billsby. Join today.

Retention Rate is one of the key metrics that help businesses identify their success. It brings in a steady stream of revenue for businesses without having to put in a lot of resources or make hefty expenditures. Today, we will explore a few strategies that can help you retain your customers for longer periods and consequently add value to your revenue.

What is the customer retention rate?

For eCommerce, customer retention is the practice of extracting additional value from their customers by increasing their repeat consumption rate. The goal of eCommerce customer retention practices is to ensure that the customer continues to make purchases with your business and are satisfied with the services.

Customer retention rate is the rate at which the customers tend to stay with your business over a given period. A higher customer retention rate means that your customers tend to stay for a longer period with your business, and most of your customers come back for more.

It is an essential metric for eCommerce brands as there is a lot of competition in the market. Customers have so many choices, and thus, retaining them for a long time is quite difficult. Whenever they feel uneasy with your service, they can jump to the competitor instantly.

Therefore, you must ensure that your services are of the highest value to uphold a good eCommerce customer retention rate.

Calculating The Customer Retention Rate In eCommerce

Total Customers

You can also use the metric churn rate to understand the retention rate. For e-commerce businesses, the average customer retention rate lies somewhere around 30%.

Importance of eCommerce Customer Retention

Mentioned below are a few points indicating the importance of customer retention for a subscription business-

● Increased ROI

It helps to generate a lot of revenue without having to spend more on the acquisition. Therefore, the return on investment in eCommerce customer retention is higher than other marketing efforts.

● Increases Customer Loyalty

● Acquire New Customers

With higher eCommerce retention rates, you can layer potential buyers into doing business with you, and they will be thrilled to experience your services.

● Reduced CAC

They will gain a lot of revenue without having to make unnecessary expenditures on customer acquisition. This will help you reduce customer acquisition costs.

● A Higher Customer Lifetime Value

● Word-of-mouth Marketing

● Focus on Growth

Also, they cannot improve their products and services to the best levels as their focus lies on customer acquisition. Businesses need customers to bring in revenue, and those are unable to dedicate the necessary time and resources towards the growth of the business or product.

However, if you have a good eCommerce customer retention strategy in place, you will never worry about acquiring new customers or retaining them, or having a good flow of revenue, and thus you can focus on improving your business processes. Strategies to improve customer retention for eCommerce brands

Let us now look at a few strategies that can help improve customer retention for eCommerce brands:

● Enhance your onboarding experienc

The onboarding experience of a customer is the first touch point they have with your brand. It plays a significant role in creating the brand image of your product or service in the customers' minds, and thus it should be outstanding. Ensure that your onboarding process makes a memorable first impression on your customer.

If customers face initial onboarding issues such as mishandling information, a point of contact not being fixed, or poor customer service, it makes them feel that your service is just not worth it.

However, a good onboarding process that includes email addresses, follow-up messages, celebratory messages, etc., can help you impress new clients and retain them for extended periods.

● Offer Customized Experiences

The needs and requirements of every customer are different. They come to your brand looking for something entirely different. Therefore, you do not want to provide them with the exact solutions for their varying needs.

Consequently, you must offer a personalized customer experience to all your customers. This helps you create amazing customer relationships, which eventually increase the customer retention rate. In addition, your personalized solutions can help you solve their problems.

● Focus on Building Trust

A business can build trust over the customers by doing what they say and following through on its brand promises.

● Set up a Sound System of Customer Feedback

You can ask them to participate in user testing, make phone calls, rate your services, or ask for product reviews. After taking the feedback, you must analyze the feedback and identify the areas that need improvement. Accordingly, you must work to enhance the user experience.

● Effective email marketing

● Take up social media and content marketing

You can share relevant content which your customers can be interested in. You should add beautiful images and videos of your products and exclusive discounts and offers for your followers on social media platforms.

You can also engage with your customers through messaging or holding contests on special occasions. Apart from this, you can also create a blog for your eCommerce website to add informational and promotional posts to help your customers regarding your industry, your product, and its usage. You can also create guides, forums, newsletters, etc., for their information.

● Provide fantastic customer service

The associates should be polite and helpful, take upon the customers' problems just like their own, and provide them with efficient solutions. Also, you should open multiple channels from which customers can contact customer service, such as phone calls, messaging, chat, email, etc.

How To Build an Excellent Customer Retention Strategy

1.Use customer service tools to ensure that your customers do not end up waiting to talk to a human for a solution. Instead, they get a solution instantly through technology and automated bots.

2.Not fail to apologize whenever you make a mistake. Sometimes, a simple and straightforward apology can help retain a customer for a long time.

3.Have a mission and a vision for your brand. With this, the customers can connect with your brand in a better way.

4.Provide as much convenience as possible to your customers. For example, offer them multiple payment options for billing, making your products accessible to them as they desire, and other such conveniences.

5. Offer personalized recommendations to customers based on the data you’ve acquired from their previous purchases. If customers get exactly what they want through your recommendations, they will purchase it and continue doing business with you for a long time.

6.Constantly engage with your customers through multiple sources. Listen and connect with your customers, understand the problems they face, and make improvements based on their feedback.

7.Set yourself apart from your competitors by providing your customers with something different. If you want your customers to be retained, you must ensure that you give them something that your competitors cannot.

8. Provide exemplary experience and special treatment to your customers time and again. Customers never forget how you treated them, and that good treatment means higher eCommerce retention rate.

9.Connect with your customers through multiple social media platforms. The internet is quite creative today, and your brand must know how to use social media platforms best to engage with your customers.

10.Educate your customers with things regarding your brand as well as your industry. If the customers find your services more informative than the others, they tend to stay with you for considerably longer.

11.Exceed your customer's expectations by surprising and delighting them. Offer them additional gifts or benefits which can help them be more engaged in your services.

12. Do not forget to thank your customers for every purchase they make.

13.In case you offer a free trial to your customers, or their monthly or yearly subscription is about to end, you must engage your customers to ensure they are lured into renewing their membership and not explore what your competitors have to offer.

14.Create a community or a forum around your product or services where all your customers can engage with each other. Having a community helps you build trust with your customers and gives them a place to get essential knowledge.

15.Make your product or service an inevitable part of the customer's lifestyle. When your customer is hooked on your service, they will find it difficult to detach from it, and thus, they will continue doing business with you for extended periods.

16.Enhance and upgrade your product or service. Apart from your marketing and customer experience services, you must also focus on improving your product and service so that the customers find it amazingly satisfying.

Final Words

You might have understood the importance of creating a masterful eCommerce retention rate strategy for your business, and the growth it drives for your business. Therefore, you must start working on creating a strategy for your business and customers if you haven’t already. From the key points mentioned above, you can devise the perfect game plan to ensure your customers keep doing business with you for longer periods, and you can thank us later!

An important component, that over time proves to be advantageous and essential to most subscription businesses, is understanding the procedure of customer churn analysis. Every organisation must keep a record of how many clients are leaving, and it’s essential that they follow up with this information at every turn, as it prepares businesses to tackle the concerns of the customers while making a churn combat plan.

Lower rates of user churn analysis mean your customers are satisfied with the products and or services your business offers, eventually meaning higher revenue generation. However, the higher the rate of churn analysis means a large portion of customers are not content and are leaving for some other subscription services.

What is Churn Analysis?

Customer Churn Analysis is a method of measuring the rate at which customers stop consuming the products and services a business has to offer, along with finding the reason behind their exit.

User Churn Rate = Bygone Customers / Existing Customers (Make graphics of this)

Analysing these factors doesn’t only mean getting hands on with the withdrawal information, but also utilising it to fix the issue and work on reducing the rate at which customers are leaving.

Answers to all your Which, When, Why and What of Churn Analysis.

Which clients are choosing to leave and When?

Out of these, it is possible that some of these customers may voluntarily decide to terminate the use of services. The various reasons are mentioned below addressing the same issue. This churn can happen at any interval of time, be it beginning of the journey, mid-way or after the completion of services for the desired time.

Additionally, there are times when many of the customers do not even wait for transaction completion and change their decision in the middle. This kind of churn takes place prior to the initial phase.

Whilst involuntarily exits occur for a variety of reasons like - checkout issues, payment failures, forgetting about renewal of subscriptions etc, and there is no fixed time constraint to these exits. It's accurate to describe them as situational call-offs.

Customers are leaving, but why?

●High cost of the product or service as compared to what is offered by the competitors is the major reason behind the churn. People will not pay more to you for the same kind of services they are getting at the cheaper rates somewhere else.

●Customers not getting their needs met with the service provided.

●No upgrade options in the services with changing customers’ requirements can take you down the lane of churn, eventually losing your source of revenue.

●No subscription based model acquired by the businesses is the tremendous mistake a business can make. This will not only allow customers not renewing their subscriptions but also cost you a customer and money as well.

●Not maintaining customer relationships is a road to nothing but churn. This puts a negative impact on a business's status when a customer does not get good customer support, and there are high chances of them not thinking of considering you again.

●Difficult onboarding process irk the customers and may lead to the dropout of the services right away.

●Providing services to the wrong consumers type who don’t need the product or service you’re offering not only leads to churn, but also wastes the money used to acquire them in the first place.

What steps can you take to lessen user churn?

●The first and foremost step to reduce the churn rate is to analyse the churn effectively to look for the issues where customers decide to leave.

●Asking for feedback from customers frequently is another finest and the paramount approach towards keeping customers hold on to your services.

●Analysing customer behaviour patterns helps in understanding the mindset of the customer.

●Ensuring a systematic communication path so that customers can reach out easily with the problems encountered.

●Watch out for the competitors. Yes. You read right. Looking out for what advancements are being offered by the competitors which may tempt your clients is crucial too.

Why is it important to predict Churn?

Yes, it is all connected.

Understanding the potential causes behind the churn rate and identifying customer churn analysis may not always be an easy road to take. Considering past data along with current factors could also not result in accurate estimates.

It is uncertain whether the churn will follow the same pattern as in the past, but it is still imperative to have these computed figures on hand in order to be ready for the same. Needless to mention that the future is unclear and that it is challenging to anticipate consumer behaviour.

It is crucial to follow and go through the entire customer journeys, accumulate the highlighted reasons, and map out a plan to obstruct them.

Final words

Churn Analysis is a strong technique to be followed and Churn Rate is a potent statistical metric that needs to be tracked down in order to rectify the situation. Every business, regardless of its size or age, old or new, big or small, should take the steps to reduce their churn rate.

Having a positive outlook towards the situation and rectifying distinctive issues to your product or service will keep your customer churn rate down and will keep you on track towards increased revenue in the future.