What Is Revenue Lifecycle Management?

WHAT IS REVENUE LIFECYCLE MANAGEMENT? Revenue Lifecycle Management is a journey. It's the process that shows you the best-practice ways to connect your company with your customers in ways that help you keep them, year after year after year. Revenue Lifecycle Management isn't a product, isn't a technology, and isn't an outcome. Instead, provides a holistic approach to analyzing your business, seeing and understanding your data in context, and creating a directed plan for customer engagement that's tailored to the unique "fingerprint" of your company. And it's the only, consistent formula for continuous improvement in customer retention and revenue growth. The Revenue Lifecycle Management Journey 1 It starts with looking at the revenue lifecyle: How are you retaining and growing revenue customers? from your existing Next, you need to analyze and accurately benchmark your business to understand: a. Issues with customer data availability, accuracy and context b. How effectively technology is being used to address these challenges c. How your company approaches (segments) your customers and market d. Your current levels of adoption, upsell, retention and renewal This shows you the specific revenue lifecycle maturity (i.e., how sophisticated your approach to the revenue lifecycle is) for your company, allowing you to create the right plan, drive the right actions and establish the right metrics based on where your company is starting from. what maturity level are you? 5 2 From there, you can implement tailored programs and technology designed to help your unique business increase its revenue lifecycle maturity through improvements to... 0102 10110 0101T TECHNOLOGY DATA KPIS When you improve every area of the revenue lifecycle, you'll ensure that: PEOPLE PROCESS • You are looking at the right data (customers, subscription, user, usage, support, etc.) • The data is in context (normalized, finely segmented, correlated to other relevant data) • Any solution uses your data to direct specific actions (specific sales plays, prioritization, automation) When you accurately measure your company's progress, you'll drive continuous improvement and achieve greater revenue growth, customer retention, and renewal rates. In fact, research has shown that Companies gain 7.9% points in customer renewal rate for every additional step up in maturity level!* * Based on 2015 study of revenue lifecycle maturity and outcomes for 25 global, B2B software, SaaS, technology and life sciences companies. THE 3 RULES OF REVENUE LIFECYCLE MANAGEMENT to increase customer revenue and decrease costs ... V You must benchmark to succeed. / Data must be right, timely and have useful context. Solutions must direct specific actions. Service Source