Salesforce Subscriber Lifecycle Management: The Definitive Guide
Subscriber services are on the rise. As a subscription provider, you will need effective tools and processes to compete with others in your industry. Salesforce offers a Subscriber Lifecycle Management software that will help your organization effortlessly develop and launch new service packages for your subscription services.
Not only must you manage these tools, but you will also need to ensure they integrate seamlessly with your CRM, CMS, and other business processes. What will that take?
You will need to know what makes subscriber service models successful, how this software will empower your organization, and its features and benefits. You should also know what add-ons are available through Salesforce so that you can customize your customers’ experiences.
What are the Most Successful Subscriber Services?
Subscriber service models are a booming industry where organizations offer goods and services as a subscription for their customers billed on a monthly or yearly basis. There are four types of subscriber services:
- Boxes (like BarkBox or Blue Apron)
- Accessibility (like Netflix, Spotify, etc.)
Amazon Prime is an excellent example of how organizations use the various subscriber services models. They offer entertainment on-demand with their streaming services (including Amazon Music).
As an Amazon Prime member, you also benefit from discounted (or free) shipping as part of your subscription. You can even sign up to have goods like socks, razors, and hygiene products sent to you at regular intervals.
The chart below shows the largest subscription companies on the market:
How Subscriber Lifecycle Management Empowers Media Companies
According to a survey conducted by Chase, two-thirds of customers sign up for subscription services and simply forget about these memberships. Of those who utilize these services, nearly half (45%) will cancel these services for various reasons.
Ensuring customer satisfaction will help to retain their memberships, but you will need more than offering a good subscription service to keep their business.
Subscriber Lifecycle Management, a Salesforce Media Cloud product, helps your organization maximize the lifetime value of your subscribers and keep them loyal to your services. Here are some of the ways this Salesforce offering empowers media companies to keep customers happy:
Streamline Subscriber Acquisition
Onboard new subscribers easily with an industry-specific product catalog so that you can customize the acquisition process. Quickly launch new products or services using the customizable interface. That way, your customers receive advanced pricing options and current promotions through the discount engine. The Salesforce Subscriber Lifecycle Management tools help drive engagement with intelligent recommendations and personalized subscriber journeys.
Drive Retention and Grow Lifetime Value
Avoid excessive customer churn with an AI-powered predictive analytics tool to help your team develop informed retention strategies. Intelligent triggering and upselling recommendations allow your company to increase the lifetime value of your subscribers.
Deliver Customized and Efficient Subscriber Care
Scale your self-service options by integrating data for proactive case management and personalized customer care. Leverage resources like Slack to elevate subscriber care when issues require action from your team members to troubleshoot.
Flexible Billing, Upselling, and Cross-Sell Opportunities
Seamlessly create and launch new service packages with flexible enrollment and payment options that integrate into Revenue Cloud. You can also boost sales with intelligent upselling and cross-selling tools based on data from your customer’s previous activities.
Features and Benefits of Salesforce Subscriber Lifecycle Management
Salesforce Subscriber Lifecycle Management software costs $75 per user per month (when billed annually) and allows you to accelerate new customizable launches. Deliver scalable personalized journeys to monetize your audiences more rapidly with this Salesforce software.
These are the features you get when you launch your subscriber service with Subscriber Lifecycle Management software:
- Industry-specific data models: Fast-track deployment and reduce time spent on customization with a data model built specifically for subscriber management.
- Complete 360° subscriber view: Provide customers a personalized onboarding process while offering a complete subscriber view of customer data, care concerns, and interaction history.
- Process library: Accelerate time to value with the comprehensive library of business processes with deliverable integration procedures.
- Prebuilt customizable templates: Customize the prebuilt subscriber interface with your own branding.
- Personalized offers and next best actions: Leverage insights on customer profiles, purchases, and current services to suggest the next best action in sales and service interactions.
- Targeted selling and recommendations: Offer customers a personalized experience with recommendations tailored to them based on prior purchases, individual interests, events, and current promotions.
- Guided service and troubleshooting: Provide customers full- and self-service channels for care and support concerns with access to forums, communities, and access to a knowledge base.
- Digital commerce for high-volume transactions: Offer catalog-based goods and services that accommodate high-volume transactions for both B2B and B2C customers that allow customers to purchase in large quantities.
Salesforce Subscriber Lifecycle Management offers advanced pricing, discount engines, and promotion that bundle with your media-specific CPQ. It seamlessly integrates with Salesforce Revenue Cloud, which allows you to accelerate time to market with flexible enrollment and payment options.
Add-Ons for Subscriber Lifecycle Management Software
Expand the capabilities of your brand and services with the following add-ons for your Subscriber Lifecycle Management software from Salesforce:
- Customer Lifecycle Analytics
- Field Service
- Service Cloud Einstein
- Service Cloud Voice
- Sales + Service
- Appointment Assistant
- Digital Engagement and Digital Engagement for Essentials
- Visual Remote Assistant
- Sales Enablement
- Salesforce Surveys Response Pack
- Elastic Services
There are also additional sales and marketing add-ons available along with more service add-ons. For a detailed list of the Salesforce Subscriber Lifecycle Management software add-ons and pricing, click here.
Tools You Will Need to Optimize the Lifetime Value of Your Subscribers
For your subscriber services to thrive, you need to do more than simply acquire new customers. Retention and expansion are also necessary for pricing, understanding metrics, and reducing churn.
For example, your subscriber service could miss out on the growth of 30% (or more) if you haven’t optimized your prices based on competitors’ pricing, market demands, and specific offerings.
Therefore, along with the Salesforce service add-ons, you will want to include the following:
- Price optimization software
- Metrics and reporting tools
- Churn reduction software
- Revenue and payment delinquency tools
Integrating Salesforce Subscriber Lifecycle Management Software with Your Current Infrastructure
At Rainmaker, we can help you achieve your goals that will ensure the success of your subscriber services. We provide industry-specific solutions so that you can integrate the Salesforce Subscriber Lifecycle Management software with the rest of your business solutions.
Contact us to learn more about how we can help!