How Savvy Businesses Keep Revenue Flowing — Even in a Pandemic

Despite the rollout of vaccinations this spring and the dwindling case numbers we witnessed in the fall, the COVID-19 pandemic and all its twists, turns, and variants continue to keep our economy and our business landscape — not to mention our lives — in a state of flux.

For businesses, the spring of 2020 was a sudden and dramatic lesson on the importance of flexibility in the face of chaos. Already agile businesses — those that were able to quickly cut costs, repackage existing offerings, discount products, and services, or roll out new offerings to support their communities and keep their doors open — were able to survive, and even thrive, during the worst months of the pandemic. On the other hand, less agile companies, equipped only for “business as usual,” struggled to evolve quickly enough to keep pace with a market that’s in constant flux. And that pattern has continued for the last 20+ months. As markets and consumer preferences and spending patterns continue to fluctuate, that flexibility has, ironically, become our primary constant.

So, how have successful companies, large and small, managed to keep cash flowing? By merging savvy sales and finance initiatives with agile, intelligent billing processes that empower them to keep revenue top of mind no matter what the market — or the universe — throws their way.

Let's look at a few best practices that impact this revenue growth approach.

Give Customers Options with Hybrid Billing Models

With consumers and businesses alike tightening their wallets, value is at the top of mind for every customer. The logical question is, "What do we do with that monthly streaming that doesn't get enough use?" We cut it. "What do we do with the subscription box with more products than needed?" Again, we cut it.

Businesses that put customer priorities at the top of their list can combine basic subscriptions with add-on options that enable customers to buy and pay for only what they need. Thus, getting the most value out of their purchases. We wrote about the power of going beyond subscriptions in last week's blog post. Check it out to learn more about how combining recurring revenue with usage-based add-ons is beneficial for both consumers and companies in an ever-changing market.

With Subscription Models, Don’t Neglect Renewal Season

Every single one of us knows that the pandemic and resulting upheavals have decreased — often eliminated — our capacity and willingness to mess with anything that's more complicated than it needs to be, and that ties directly to renewing subscriptions. Even if a customer is enjoying their subscription, the minute renewals become difficult, the less likely they are able to keep it.

So, to stay ahead during times of turmoil — and in "regular" times, too — it's important to get ahold of subscription management, starting with automating renewals. In a recent webinar Gotransverse hosted with PwC, PcW partner Jared Schreff noted that renewals should be "as much of a non-event as possible." Creating workflows that enable accurate and automated renewals — for a variety of price points and timelines — removes the friction that might cause a customer to cancel rather than renew. And adding further workflows that support sales teams with usage history provides the business the opportunity to grow many accounts during that renewal window through cross-sell and upsell opportunities.

Break Down the Sales & Finance Silos

Billing is about much more than the process of receiving and paying an invoice. In fact, the quote-to-cash process starts as early as the first conversation between a potential customer and a sales rep and touches a wide range of business departments — from sales to legal to customer service to finance. So when those departments are operating in silos, there's lots of room for information — about pricing, contract terms, customer history, etc. — can often be mistranslated or lost.

A company that wants to inspire customer loyalty even in the tough times has to break down those barriers and ensure that every department is working together seamlessly, with consistent, up-to-date information. More importantly, it is vital to have crystal clear transparency and frictionless processes to ensure every step of the transaction goes smoothly.

Keep in mind, these are just a few of the priorities businesses need to focus on to keep customers happy and revenue strong in both the best and worst of times. At Gotransverse, we pride ourselves on helping companies of all sizes implement the agile billing system they need to stay connected, stay flexible, and stay ahead of the game. To learn more about how Gotransverse equips companies to thrive in the face of disruption, we invite you to take a virtual tour of our platform today. Then, when you’re ready, request a demo to speak with one of our experts about whether Gotransverse is right for your organization.