In March 2014, Avangate joined the Recurring Revenue Alliance. This is a great initiative by ServiceSource, designed to help business make more money and hold on to more customers by creating best practices for subscription billing and recurring revenues.
What does the #RRAlliance mean for you?
- If you’re new to the subscription billing/recurring revenue model, the Recurring Revenue Alliance and its members can provide framework to help you better understand the complexities and necessities of a recurring revenue model with some real world examples of successful integrations and implementations.
- For those of you already there, you’ll learn how to go beyond subscriptions and build a stronger, more powerful, and more resilient recurring revenue business.
As part of the Alliance, Avangate will partner with other digital companies to help solve key issues related to the recurring revenues and renewals market.
Understanding the Renewals Space
The renewals market falls into 2 categories in general:
- High Value, Low Volume and
- Low Value, High Volumes.
B2B contracts typically are the former, and B2sB (small business) and B2C contracts are typically the latter.
Increasing renewals by automating low dollar value, high volume contracts while retaining customers, is just one of the key issues that Avangate will look to address as part of the Alliance.
Avangate brings a wealth of subscription billing and recurring revenue knowledge to the table with its complete and powerful digital commerce platform. The platform offers several automated renewal features to achieve that balance of increasing revenue with automation while reducing churn and retaining customer, such as:
- Account Updater – automatically updates credit card numbers so you never miss a billing cycle
- Global Notifications – notify customers of when subscriptions are about to expire, with grace periods, and integrated promotions
- Custom Retry Logic – determine the best time to improve authorization rates
- Intelligent Payment Routing – route to the most likely-to-succeed payment gateway with a sophisticated rules engine
Just the tip of the iceberg
The key point here is how to combine these recurring revenue-specific features with advanced marketing tools, smarter payments with worldwide coverage, distribution and fulfillment management, anti-fraud and charge-back/refund management. How do you service customers across all touchpoints? What is the right balance between automatic and personal engagement? How do you test and experiment with new things and how do you do this quickly so you can succeed or even fail fast, back-up and try again. All this while keeping a focus on your core business and your customers.
This is where Avangate really comes in. This post is the first in a series, with more to follow, as well as webinars, whitepapers and other tools you can leverage to dive deep into this topic. We’ll talk about what it means and what it takes to be customer-centric in a recurring business environment, why you need to go beyond just subscriptions or payments to improve retention and how to do it.
Between Avangate, ServiceSource and other members (such as BigMachines, Centrify, GoodData, MuleSoft, Okta, Pactera, Salesforce and Xactly) of the #RRAlliance, I’m confident we’ll share best practices and turn those challenges into recurring revenue opportunities.
Learn more about Avangate joining the Recurring Revenue Alliance.