In this episode of SaaS Connect by Cloud Software Association, Omar Nawaz, Chief Product Officer at Chargebee—a subscription management platform—provides a value-filled presentation on growing and winning new revenue in your subscription-based business.
The lessons come directly from what he has learned at Chargebee, which today boasts more than 230 employees, with 1,700 customers from 53 countries around the world.
Discover nuggets throughout the talk about the following topics:
- The organizational design for a subscription-based company or a SaaS company, and how it’s different from a traditional business. For example:
- Subscription-based customers’ needs are dynamic and ever-changing, so your model needs to be dynamic in order to react to requests in real-time, across all your teams, and throughout the lifecycle.
- Processes and systems must align to the customer experience you want.
- Some of the key business levers that are available, whether customer adoption, expansion, retention, or something else. And what to focus attention on to maintain revenue growth. (Tip: increase customer lifetime value; up to 70% of your revenue comes after the initial sale from up-sells, cross-sells, and renewals.) Omar provides tips on how to do this, such as:
- Empower relevant teams to engage in sales activities for up-sell and cross-sell opportunities when they interact with customers.
- Tie all business activities to LTV.
- Automate processes for renewals; around 13% of the subscriber base is up for renewal at any given time.
- Ideas for new initiatives to drive revenue.
- Key metrics to measure profitability, and tips, such as:
- Measuring your pricing according to the value customers derive from your product.
- Changing your thinking from selling products to delivering outcomes.
- Aligning your pricing model with the benefits you deliver.
- Examples of successful companies who change their pricing on a regular basis vs those which don’t. Examples include HubSpot and Netflix.
- What to measure in SaaS and how it differs from a traditional product company.
If you own a subscription-based business, this presentation is so value-filled, you won’t want to miss it.
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