Spring ’23 Product Updates: Unlock the Right Growth Levers to Thrive Through Economic Uncertainty
6 MIN READ
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Updated on July 17, 2024
The threat of rising interest rates and the ongoing economic uncertainty have left businesses reevaluating spends and operating frugally. And, with conscious spending taking over the consumer mindset, customers are now postponing new purchases or subscription renewals unless it’s essential.
While it may be challenging to acquire new customers, it’s not impossible to ride out the storm if you keep delivering value for money, prioritizing customer experience, and investing in the right growth strategies.
Retention is the new growth lever: research says that returning customers spend 67% more than new customers, and a 5% increase in retention can make your business 25-95% more profitable over a period of time. But when operating with limited funds, it’s essential to take a targeted approach to retention rather than spray and pray that your workflows will be effective.
How do you prioritize which customers to retain first?
Does your Collections team know which customers to recover payments from first?
Chargebee’s Spring ’23 Product Release helps you answer precisely those questions with new features that give you the visibility and confidence you need to prioritize your focus, maximize cash flow and customer retention, and strategize for long-term growth.
With this release, Chargebee’s solutions can help you invest in the highest ROI retention programs and prioritize accounts for payment recovery based on customer LTV, payment behavior, past engagement, and more such critical parameters.
Real-time insights to retain the right customers and increase LTV
What?
Chargebee Retention’s Retained Revenue Cohort Report enables you to track how your customer retention strategies drive revenue impact over time while measuring the performance of your various offers.
Why?
In a tough economy, it’s critical that you invest in high-ROI retention offers for the customers who are likeliest to stay, so you can increase their lifetime value and create a stable stream of recurring revenue.
How it helps
With Chargebee Retention, you can analyze ROI from retention experiments and understand cohort performance over time, and answer critical questions like:
- “How much value am I getting out of each cohort?”
- “How long do saved customers really keep spending?”
- “How much value am I getting out of each deflection cohort?”
Get visibility into average save rates, first-time repurchase revenue, and revenue from subsequent purchases to quantify the success of your retention programs. This report is currently available for Chargebee Billing customers with Retained Revenue reporting enabled.
Unlock working capital with increased AR visibility
What?
Chargebee Receivables’ Payment Metric Dashboard consolidates all your payment-related insights — like customer LTV that’s at churn risk, and outstanding and overdue payments — into one place and helps build a personalized follow-up journey to recover payments. Chargebee Billing users can view this information for all their sites in a single dashboard.
Why?
The most efficient way to survive economic uncertainty is by going after the low-hanging fruit – accounts receivable. Identifying the areas and causes of revenue leakage and building an effective collection process helps you get paid on time and maintain a healthy bottom line.
How it helps
Get real-time insights into:
- Customer LTV that’s at risk of churn, and customer LTV saved after retries and Receivables’ engagement
- Revenue stuck in accounts receivable dues to payment failures, late payments, and overdue
- Revenue recovered due to retries, average retry attempts, and the time taken to recover
- Complete visibility from payments to failures to collection to bad debts
Optimize payment recovery and maximize revenue
What?
Chargebee Receivables provides an interactive dashboard that offers clear visibility into the revenue (likely to be) stuck in payment failures, the reasons behind failures, and customers who have churned due to payment failures.
Why?
Payment failures are silently stripping away your loyal customers and recurring revenue. With the right recovery strategy in place, you can win back revenue from failed transactions, prevent payment failure proactively and extend customer lifetime value.
How it helps
With real-time insights into customer payment behavior, you can detect potential revenue leaks and customer churn ahead of time, engage with customers with automated workflows, and address the situation proactively to avoid revenue loss or customer churn.
Gain a deep understanding of how much revenue is recovered across payment stages, the common payment method used, and payment error distribution across those methods, along with retry attempts and recovery time. You can also monitor the customers who have churned due to payment failures and quickly identify the reason behind that churn.
A single source of truth for one-time purchases and subscriptions across web and mobile platforms
What?
Capture one-time payments as well as recurring subscriptions for App Store purchases. Implement in-app subscriptions for your apps built on React Native in Chargebee.
Why?
While maintaining a steady cash flow takes center stage during uncertain market conditions, it is also the best time for businesses to experiment with new strategies to thrive. One-time purchases are a great way to reduce entry barriers to your company and generate quality leads. They can bring in money for the short term while also having a great potential to convert into a steady stream of recurring revenue in the future.
How it helps
Chargebee helps launch in-app purchases for your subscription business and consolidates all web and mobile subscriptions in a single platform. The new launch adds one-time purchases made via App Store to this unified view, helping you gather all critical insights about customers, their subscriptions, and recurring and non-recurring revenue in one place. These insights also help you make informed decisions on pricing and promotions.
This release also enables you to launch in-app subscriptions on the Play Store and App Store for your apps built on React Native with drastically reduced development costs.
Improve customer experience with localization
What?
Multibrand businesses can now customize their invoices, emails, and other customer touch points with entity-specific branding.
Why?
Consistency in end customer experience gets lost with mergers and acquisitions or expansion of product lines. Research shows consumers will likely continue subscriptions from businesses offering the best customer experiences. Localization can also spotlight your brands individually and help you gain a competitive advantage while ensuring customer happiness.
How it helps
You can now customize branding with entity-specific logos, color themes, and more across customer touch points like checkout, invoices, credit notes, self-serve portal, and email notifications.
Compliance is extremely critical to expanding operations globally. With this release, we also comply with the negative invoice (cancellation invoice) requirements for voided transactions that are mandated in France, Germany, and Nordic regions.
Enhanced RevRec reporting for better visibility
What?
Enhanced reporting capabilities to address complexities pertaining to foreign currencies, audits, and security.
Why?
Adhering to changing accounting regulations can be a challenge, especially when dealing with subscription changes and foreign currencies. It’s essential to have a system that can seamlessly manage these complexities and ensure accurate revenue recognition based on GAAP standards.
How it helps
Analyze trends, explain changes, and confidently plan for growth. From a standard set of accounting and control reports to the GL for revenue and expense recognition, view all revenue perspectives simultaneously — Booking, Billing, and Revenue.
- Track the monthly trend for key metrics such as Revenue, Unearned Revenue Balance, Billing, and Booking.
- Recognize the currency translation gain and losses for reporting purposes.
- Get a complete audit trail of everything happening within your RevRec site by capturing all data-level activities of every user. You can also filter information by Data Type, Data Id, Event Type, User, or Event date when needed for an audit. Track every activity the system performs at every user level and export reports to share with external auditors.
With this release, Chargebee is also introducing a new tax integration with Anrok for accurate tax calculation and automating sales tax compliance end-to-end. You can also use our new Tax APIs to integrate with any taxation tool of your choice to automate address validation, sales tax estimation and filing, and compliance.
These are just the highlights. With every release, we’re adding updates that will strengthen your core billing engine, minimize revenue leaks and help build a steady stream of recurring revenue for your business so that you can strategize efficiently for long-term success.
