Revenue Cloud: An End-to-End Revenue Management Solution

It looks like we have something new huh?? Don’t get confused with the name, it’s the same! But with more features to help us with complex business problems. Salesforce Revenue Cloud provides businesses the power to make the buying process faster and easier. It also accelerates new revenue streams and improves revenue output. Salesforce Revenue Cloud brings together all the components like CPQ, Billing, Subscription Management, Partner Relationship Management, Sales Cloud & Service Cloud to help businesses take control of their revenue growth across every network.

As revenue cloud is a part of the Salesforce Customer 360 Platform, will allow organizations to link their departments like sales, partner, operations, and finance along with their talented teams to create a single source of reality for customer transactions & revenue which will go from purchase to renewal to revenue acknowledgment and appreciation.

Revenue Cloud is a combination of CPQ, Billing & Subscription Management. We will see about all of them in detail down below.

CPQ: Configure, Price, Quote

If we summarize all, then we get to know that the CPQ solution in Salesforce Revenue Cloud is all about three things-

Making Direct Sales Faster: We can speed up the sales process by giving the sales team a clear path that leads to faster sales. Let’s talk about one of the many features Salesforce CPQ offers which is Guided-selling.
- Guided Selling: In this we create a guided-selling process with the Process object and then add it to the quote. The Guided Selling prompt appears when you click Edit Quote Lines for the first time on that quote. It also shows when you click Add Products in the quote line editor. Let your sales reps select the prompt they want to use from a picklist in the editor.
Grow and nurture the customer base: You must empower your Sales and Marketing teams to contact customers with seamless contract amendments for add-ons, upgrades and swaps.
Drive growth with recurring revenue: You can drive more growth and revenue by introducing new models to your business-like usage and consumption, subscription and milestone-based offerings.

Billing in Revenue Cloud

Next, we will cover the main points of Billing in Salesforce Revenue Cloud, which are listed below-

Strengthen Invoicing: Use the data you get from customers at the time of quoting process which can simplify billing and ensure accurate invoicing.
Flexible Payment Terms & Types: Businesses are known for how they treat their customers and can have great relationships if they work according to them. In order to make customers happy and your business grow, you must give your customers the flexibility they need. Like you can schedule the payment options. Also, let your customers pay how they wanted to. Credit Card, ACH etc. There are endless possibilities with AppExchange-connected gateways.

Subscription Management in Revenue Cloud

Last but not least, let’s talk about managing the part which ensures that the business will never stop and help us make more customers and revenue. Subscription Management, part of the Salesforce Revenue Cloud, helps businesses to adjust and succeed during major market changes.

It lets our customers seamlessly buy, upgrade, renew, and pay for products across the channels like eCommerce, mobile apps, etc. This means here that customers can easily move from one channel to another and still use the same product range.

Let’s look at what a customer might experience when Subscription Management is used to merge the purchasing lifecycle, for both buy and pay.

Imagine that a customer was browsing services and pricing and putting a product in a shopping cart at a digital shopfront. They are curious about discounts and talk through Slack with their sales rep to negotiate. Now they are happy with the new price, they check out, and start using the new service with the new price.
The next month the customer logged in to the service portal again to view their entire purchase history and invoices. After a couple of months, by opening a service request, they can opt for an upgrade or renew their existing subscription.
When they check that end of the subscription term is near, they easily order a renewal from right from the app with few clicks.
Salesforce Subscription Management makes it possible to do all the purchasing across every channel that easily as everything is fused on one platform.
And by meeting customers as they want and listening to them, you can nurture revenue across all platforms.

We can summarize three points from this theory of Subscription management which are-

New Revenue Streams: We can prepare some new models like one-time or subscription-based products.
Flexible Buying: Let Customers be flexible in buying whenever they want and from wherever they wanted to. It can be any channel.
Loyal Customers: If you want your business to have loyal customers then empower them to upgrade, buy and renew on their terms.

To learn more about Salesforce CPQ in Revenue Cloud, check out some of my related blogs below!

Additional Resources

Cover Photo by Kenny Eliason on Unsplash