New Product Launch Leans Heavily on Customer Retention, Monetization and Streamlining Revenue Operations
India (July 28, 2022) – Chargebee, the leading subscription management platform, today announced its Summer 2022 Product Release. The slate of new products and features is focused on enabling high-performing subscription businesses to monetize their existing customers and fend off the growing threats of a tumultuous economy. These new products help businesses build their cash reserves and maintain their customer base at a time when many businesses – and their customers – are struggling with the realities of inflation and drying up of venture capital, the lingering effects of COVID-19, and a decimated global supply chain.
The centerpiece of Chargebee’s Summer 2022 Product Release is Chargebee Retention, formerly Brightback, which along with Chargebee Receivables (numberz), and RevRec (RevLock), all acquired by Chargebee over the last 18 months, represent Chargebee’s initial foray into becoming a true multi-product company.
Chargebee Retention allows businesses to focus on keeping the customers they already have at a time when both businesses and consumers are being forced to evaluate everything in their portfolios and make difficult decisions. Chargebee Retention enables businesses to customize cancellation experiences with offers geared towards continuing the customer relationship and allows businesses to test out personalized retention-magnet strategies to minimize voluntary churn and strengthen customer lifetime value with an ROI of as much as 800%.
“For subscription businesses, acquiring new customers is at least 2.5 times more expensive than upselling or expanding an existing customer. This factor can be even higher with intelligent automation that decreases customer churn while increasing the chances of expansion.” said Mark Thomason, IDC Research Director responsible for Digital Business Models and Monetization practice. “While these retention capabilities are critical during these tumultuous times, keeping happy customers is always in vogue.”
Chargebee Receivables, formerly numberz, helps businesses improve their cash flow management processes by automating accounts receivable workflows. Subscription businesses will now be able to efficiently automate their entire accounts receivables workflow and process from purchase to payment. In addition, Chargebee Receivables also lets businesses proactively engage with customers on predicted payment failure to minimize involuntary churn and increase customer retention.
“The SaaS market in India is expected to reach as high as $100b by 2026, but to get there, we’re going to need to collectively weather the current economic storm,” said Chargebee Co-Founder Rajaraman Santhanam. “Businesses are taking an even more critical approach to reviewing every dollar in an out and looking at new approaches to build their cash reserves and maintain their customer bases. In taking our first steps towards becoming a true multi-product company, we’re developing a suite of products that will help subscription companies in India, and across the world, keep and better monetize those customers moving forward.”
The volatility of today’s market landscape has forced businesses to become adaptable and nimble in ways they hadn’t previously expected, tinkering with package and feature offerings, and providing new and different services to customers at different price points. The new Chargebee Entitlements offers businesses more control over this new path and enables them to upsell to existing customers by showing them value. Chargebee Entitlements enables businesses to “value-test” and experiment with different packaging and pricing options, better control feature launches with rollouts to small subsets of customers and go to market faster. Chargebee Entitlements helps go-to-market teams provide feature access to customers beyond their plan on the flip of a switch, which can be used to incentivize plan upgrades and free-to-paid conversions.
“We’ve spent months engaging with our customers, learning the ins and outs of their businesses and working with them to determine what types of tools they want and need to face their current challenges head-on,” said John Pearce, Vice President of Product Management at Chargebee. “In those conversations, the focus almost always homed in on retaining customers, building long-lasting customer relationships, and understanding how Chargebee can help businesses monetize their existing customer base. Chargebee Retention, Chargebee Receivables and Chargebee Entitlements are a direct result of our findings and our desire to give our customers exactly what they need to build and scale their businesses, even in these trying times.”
The complete list of features in Chargebee’s Summer 2022 Product Release, which also includes in-app purchase management, multi-entity management, integration with PandaDoc to manage quote-based subscription workflows, a RevRec integration that helps businesses recognize revenue in local currency and avoid challenges that hinder growth, and RevRec’s ASC 606 expense recognition, can be found here: https://www.chargebee.com/summer-release-2022/.