We’re sorry to begin this article with Problems. But problem creates opportunity and opportunity creates innovation. In business, if you don’t innovate, you risk being forgotten. So, it is imperative for every business to take problem seriously – not so seriously that they get occupied in it, but so profoundly that they learn to leverage on its benefits.

It is thrilling to be alive in today’s dynamic time. Trans-formative technologies are reshaping our priorities. Digital natives are no longer spoiled for choices. Instead, they are tired choosing among options. 

If you are in business, you must act NOW or there’s a sure chance someone is waiting to leave you behind. Customer retention is the keyword to stay alive. For that however, you should regularly introduce thoughtful business initiatives such as improving your billing system.  This article focuses on how a right billing system can effectively boost customer retention. Read on!

Challenges –

  • The modern shopper has very short attention span
  • They are extremely demanding
  • They want instant gratification
  • They know you are not alone in the market
  • They want high level of personalized experience

What does this mean?

You need to continually reinvent your goals, align your priorities with changing market dynamics and consistently leverage on new technologies to drive better organization-wide changes.

How can a billing system help?

A billing system not just streamlines your finances pertaining to business; it does a lot more, starting from personalizing your customer’s experiences to reducing churn rate to building trust and more.    

Let us delve into each point –

Billing system and customer experience

Make onboarding experience extremely delightful for your website visitors. Each content touchpoint needs to be thoughtful, and should increase the intensity of purchase. If the engagement is more in and around the product you desire to sell, you are on the right path. If it is anywhere else, you need to reposition your branding. 

A billing system can create richer customer experience in many different ways – utilizing customer-facing payment interface, integrating different preferred payment options, easy and simple processing system etc can make a customer feel at ease. Use a payment gateway that you can customize and enrich with newer features for future demands. The point is customer should own the billing process, rather than feeling out of sync.

Billing system and involuntary churn rate

As we mentioned above, your customers are impatient and are in quick need to finalize a purchase. A simple distraction and they would never return. This is where you can leverage on the technology. Using SaaS-based billing system, you can deliver more personalized service and help your customers save on their valued time, effort and money. 

A simple technical advancement can do wonders in creating increased audience retention. Automatic retry, account updater services, seamless payment-processing system can help you encourage your user to purchase now and in the future. The point is simple. If you show you are serious about your customer’s time and other priorities, it is likely that they would take you seriously.

Address the evolving technological priorities of changing times

Today’s digital natives are very familiar with technologies, and they want familiarity. You can not introduce a new technology to them, they already are introduced. This is very important difference. If you realize your customers have tech know-how and provide centralized solutions such as a one-stop portal where they can complete all their purchase activity, you encourage them count you.

Other than these, improving system efficiency, emphasizing on security measures, eliminating the scope of failed payments and/or addressing quick solution to a failed payment, providing your users with real-time info on billing etc are some of the most useful ways to build trust around your brand and make your billing cycle retain your customers.

Customer expectations are quickly changing. You should as well change to bring meaningful difference.

About SubEcob

SubEcob is a Cloud-based monetization platform to simplify subscription business, Quote to order, Upsell, Down-sell, Recurring Bill & revenue, Subscriber Lifecycle management, Analytics & Reporting from one single platform

Subecob empowers companies from any industry seamlessly migrate into a subscription business using a fully-functional cloud-based software platform. It frees companies to develop their own Subscription Billing and backend systems to handle ongoing subscription-based / Recurring Billing, Revenues & payments. As a result, companies achieve real-time simplicity in the management of customer subscription and payments from a single point