Increase Revenue Tremendously with Oracle Add-ons
Part 1 of 3: Subscription Management
I recently went through an exercise of counting all the subscriptions and applications I subscribe to on my phone. I unlocked my phone and an Instagram notification popped up. After 15 minutes of looking at photos of forgotten high-school friends and distant nieces and nephews, I finally remembered the task-at-hand and started counting the applications and subscriptions.
SIXTY. This isn’t a stretch. Let me summarize the categories; News, Entertainment, Social, Hobbies, Religion, Sports and Athletics, Health, Music, Work, Media, Grocery, Maps, Weather, Travel, Finances, Podcasts, Shopping and Shopping. That’s 17 categories if you only count Shopping once. You can imagine within each of these categories, there are multiple subscriptions. It’s a lot.
Clearly there is a trend towards subscriptions. Album sales may be back in full-swing but streaming and subscription services are only getting more popular. Even products that were once sold as one-time purchases have found ways to add-on subscription services to stay relevant. Pay-for-VIP service have been around for ages in certain industries, but new and successful companies are also discovering ways to capitalize on this idea. Finding a way to capture and sustain reoccurring subscription revenue requires a solid strategy that you should capitalize on with a Subscription Management tool.
Subscription Management is in my top 3 favorite Oracle Cloud add-ons that will add value to your business.
The Value of Oracle Subscription Management
Creating a business strategy to add subscription management to your products and/or services adds revenue streams you may not have had before. Not all subscription tools in the market can accommodate at a global scale with multi-language, multi-currency or other multi-faceted requirements. Whether the use-case is simple or complex, Oracle’s Subscription Management tool can accommodate both.
Sustained Revenue & Automation
Track and increase your revenue streams with a model that allows for repeatable purchases. Whether you had a subscription model before or this is new territory, a product that can track and help automate scheduling of your renewals relieves manual headaches and allows for better forecasting.
Innovation & Time-to-Market
Your product development team can produce creative product innovations that may best be served by subscription services. Don’t hold back on the release of global products because you don’t have the systems to accommodate your new innovations. Beat your competitors by being first to the market with your new ideas with flexible payment models.
Competition vs. Loyalty
Modern customers want flexibility with their service and payment models. Also, reduce competitive risk and make it easy for customers to remain loyal by purchasing multiple-year renewals. I have over 60 different brands and outlets pining for my attention, so companies have to create ways to keep an edge and make it easy to be loyal. Oracle’s Subscription Management will allow you to provide different payment models for your customers to make sure you can compete in today’s market.
Developing new revenue streams, creating new strategies for products or services that have flexible subscription-based models, and automating renewals are all ways to increase the revenue for your business. Beating your competitors to the market and keeping customers loyal add additional value.
Is subscription management something you can afford not to subscribe to?
CX Products Addressed:
– Oracle Subscription Management Cloud
Sample KPIs Addressed:
– Employee Satisfaction
– C-SAT Scores
– Retention Rates
– Win Ratios
— Increased Sales Efficiency
— Increased Time-to-Market
No proprietary information has been shared. This post and this blog are solely the opinion of the author.
Part One of Three: I will dive into other add-on functionality that adds direct revenue value to the business in my next post.