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Media-savvy content creator, with a curiosity for all Salesforce experiences.
Revenue Cloud is a product offered by Salesforce Sales. With it, teams get automation tools dedicated to sales tasks for closing deals quickly.
Join us in the article below to discover how your business can consistently succeed in sales by maximizing Revenue Cloud for Revenue Lifecycle Management (RLM) processes.
Before diving into Salesforce’s well-loved capabilities, let’s ensure we are all on the same page concerning RLM. When we talk about Revenue Lifecycle Management in business, you can be sure we will want to explore ideas and processes that impact business income.
The revenue lifecycle should be monitored and managed throughout a customer journey to ensure business profits are constantly climbing. However, the customer lifecycle can be a long process, often including an initial contact phase, post-sale support, and even a purchase renewal stage.
To streamline the phases in the customer lifecycle, many companies turn to RLM software like Revenue Cloud to automate lead generation and other sales tasks.
With Revenue Cloud, you can optimize billing practices, the invoicing of documents, and increase your earnings by alleviating employees from manual tasks so that they can focus on customer experience and retention strategies.
You can sign up for Revenue Cloud to boost cash flows and level up your sales team’s productivity. It supports the growth of business profits with Salesforce automation tools for product-to-cash strategies.
If you are keen to add Revenue Cloud to your systems, you get new ways of working with product catalogs, pricing strategies, and configuration of processes in Salesforce.
And that’s not all. Many organizations also use Revenue Cloud to manage orders from quoting to cash and even invoicing.
This Sales Cloud product is a solid addition to any organization that wants to lower operational costs for revenue lifecycle management.
Revenue Cloud can handle automating policies and processes at a large scale as it’s a Salesforce product. It aligns your sales, finance, and legal teams so everyone is on the same page in Salesforce. Let’s dive deeper into the solutions that Revenue Cloud can provide your business.
Revenue Cloud has Configure, Price, and Quoting (CPQ) solutions to assist sales teams. The common tasks found in sales roles are quoting and selling to customers, so adding Salesforce CPQ is a great way to automate these processes accurately. Additionally, Salesforce CPQ can direct sales professionals on how to sell and set up flows for specific work processes.
Launching CPQ in teams will not cause upheaval and resistance if your employees already work in Salesforce. Salesforce users don’t have to upskill much to adapt to CPQ, and your business gets to bring down administration costs with quoting and automation tools that instantly work in your CRM platform.
Here are a few features you get from Salesforce CPQ for quotes that streamline revenue lifecycles:
With Revenue Cloud, finance and sales teams can scale operations together with invoicing solutions. Whether your customers prefer purchasing a product once off or signing up for a subscription, Revenue Cloud can support payment options so you can increase revenue in many ways.
With the Billing Growth edition on Revenue Cloud, you can collect payments and invoice customers across all sales channels. You also get automation tools that include an invoice scheduler to bill customers monthly, quarterly, or annually.
If you need new ways to manage revenue automatically, try the Subscription Management edition from Revenue Cloud. It works well for rapidly growing companies that need omnichannel sales assistance.
This edition allows teams to create self-service buying apps for websites and portals. For instance, the automation tools from Subscription Management assist with providing customers an opportunity to subscribe to products or services and add-on solutions for their purchases. Just because this edition is called Subscription Management does not mean they don’t offer once-off purchases, either.
The Salesforce Contracts add-on can be used with Revenue Cloud to run better RLM operations. Save sales professionals time and energy with Salesforce Contracts to automate processes related to opportunities, quotes, and contracts.
For example, legal teams can quickly draft contract templates based on clause libraries. Then, sales agents can quickly use these templates to create new contracts to send to clients. Sales agents can even swiftly edit pre-existing documents at any point in the lifecycle with Salesforce Contracts to get more deals closed efficiently.
When clients are ready to purchase, please don’t keep them waiting with manual contracts. Salesforce Contracts improve customer experiences by connecting sales, financial, and legal information in a single Contract Lifecycle Management (CLM) process.
There are many other apps, like Salesforce Service Cloud, that you could connect to Revenue Cloud to ensure that all areas of your RLM are covered. Let’s look at how to take your Customer 360 platform to the max for Revenue Lifecycle Management.
When you connect Sales Cloud to Revenue Cloud, you get tools to manage lead and opportunity data. These automation tools speed up the overall sales process as you can work with quotes and contracts directly in Salesforce. This means employees work faster when closing deals as their administration tasks are already handled.
Besides working with colleagues and customers, you could add the Partner Relationship Management (PRM) product from Sales Cloud to Revenue Cloud. It lets you increase profits and create custom experiences for partners at the same time.
Creating branded assets for marketing or automatically routing lead information are some of the experiences you get to build with Salesforce PRM and Revenue Cloud.
These solutions are easy to implement and make processes for requesting and approving budgets straightforward for marketing teams. There are also tools to support customer service and sales teams, as you can use Partner Relationship Management with Revenue Cloud to predict return on investments and self-service solutions for querying customers.
Demand Forecasting, Inventory Control, Dynamic Pricing, and Performance Evaluation are the four stages in a revenue management lifecycle.
In demand forecasting, researchers evaluate the need for a product or service in a market over a set period. Customer purchasing histories, as well as trends in the market, are studied when analyzing and predicting if a product or service will sell.
In the next stage, inventory control, managers and stock controllers will ensure enough products meet the market’s demand. Managers in this area of business operations will have to calculate the amount of inventory that needs to be set aside for customers and channels. This stage in revenue management also considers how much products and services will cost.
The third stage of revenue management is called Dynamic Pricing. At this phase, managers will adjust prices and services in real-time in relation to how well they are selling and how much they can provide to customers. For example, if a business has a lot of inventory to sell, they might offer discounts to customers during this stage of revenue management.
Performance Evaluation is the last stage, and it’s a time used to measure the success of the strategies used in revenue management. During this stage, managers will study KPIs and how they affect pricing and inventory for the business revenue. Performance management is an important step to gain knowledge that can be used to refine future revenue management operations.
Each revenue cycle is different, as there are many frameworks and methodologies to adopt in business. On top of that, a business has its own custom revenue process. For these reasons, the number of stages found in a revenue cycle differs drastically.
As each revenue cycle is different, you can imagine the steps will also vary. However, a typical revenue lifecycle can include these basic steps:
Thanks for reading our article on how Revenue Cloud supports RLM activities. If you are looking for a powerful all-in-one platform that can be an alternative to Revenue Cloud and many of the Salesforce add-ons we discussed in the article, we recommend checking out Titan.
Our app provides no-code digital experiences for Salesforce. With Titan, you can create custom documents, Salesforce forms, web apps, and surveys for your entire organization. To find out more about our apps to build scalable Salesforce revenue optimization solutions, contact us on our social media channels below.
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Disclaimer: The comparisons listed in this article are based on information provided by the companies online and online reviews from users. If you found a mistake, please contact us.
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