ServiceSource today announced the Winter Release of Renew OnDemand, the leading cloud-based solution for recurring revenue management. The Winter Release changes the game for growth-oriented companies by continuously providing renewal teams with prioritised sales plays to optimise recurring revenue and customer retention. Combined with enhanced Salesforce integration, the Winter Release helps sales leaders and teams achieve unprecedented sales performance from both existing customers and new prospects.
With the emergence of the cloud and pay-to-use business models, B2B companies are realising that the “one-time sale” is no longer a sustainable strategy for long-term growth. As a result, companies are refocusing their efforts to increase value to their customers and drive recurring revenue from subscriptions and service contract renewals. Research has shown that companies that consistently engage their customers ultimately boost retention and renewal rates. The Winter Release of Renew OnDemand helps companies align their data, systems, metrics, processes and sales cultures to enable renewal sales teams to drive additional insight into every customer interaction through:
- Optimised sales execution with the right play at the right time. Renew OnDemand is the only SaaS application that leverages data-driven insights to manage critical sales activities that support recurring revenue businesses. Integrated playbooks and alerts prompt immediate focus on the next best action to drive deals forward and unblock revenue barriers, while empowering reps to generate more revenue in a time-sensitive renewal sales environment.
- Dynamic sales management to instantly implement new sales strategies. Sales managers can easily create and manage ‘Focus Categories’ to prioritise their teams’ renewal activities. This enables renewal sales teams to prescriptively jump to the deals that yield the best sales results. Over 70 renewal-specific metrics empower renewal sales leadership to stay agile with their business, identify trends that impact the bottom line and maintain a satisfied customer base.
- Combined revenue visibility through seamless Salesforce integration. With the Winter Release,sales leadership gains a joint view of both renewal and net new sales. For sales reps, a single consolidated interface creates a holistic view of customers to understand the entire account and manage new and renewal sales. By accurately understanding a customer’s installed base, both new and renewal sales teams can tightly coordinate sales activities between upsell, cross-sell and renewals to maximise revenue and customer lifetime value.
Renew OnDemand is the first cloud application purpose-built to maximise recurring revenue, ensuring that renewal teams are engaging with customers at the right time, using the right data. Built upon 14 years of best practices and experience, Renew OnDemand today manages over $1B of recurring revenue opportunities for the largest technology and B2B brands in the world.
“Renew OnDemand allows our team to have both the intelligence and the renewal-specific tools to better serve Polycom customers and partners,” said Chris Dickerson, Director of Services, Polycom. “With Renew, we make it easier for our customers and channel partners to do business with Polycom while driving customer retention and recurring revenue.”
“Whether you are a new business offering subscription services or transitioning your legacy business into the cloud, most organisations in 2014 need a strategy to support the recurring revenue economy,” said Elaina Stergiades, Research Manager for IDC's Software Support Services program. “As part of this shift, IDC sees an increased focus on value-selling and consistent customer engagement. Solutions like Renew OnDemand from ServiceSource can create a strong foundation for this recurring revenue sales culture by integrating disparate customer data, orchestrating targeted sales initiatives and augmenting existing CRM systems.”
“Recurring revenue today represents a massive $600 billion market opportunity for B2B companies,” said Mike Smerklo, Chairman and CEO of ServiceSource. “Unfortunately, most companies today struggle to capitalise on this opportunity because they were built and organised around the one-time sale. Our latest release of Renew OnDemand delivers expanded insight, management and automation capabilities that every B2B company needs as the engine for their recurring revenue business.”