Corporate revenue management today runs at a different speed and level of personalization than ever before. The key for success in revenue management today is strong integration of engagement both between departments and with clients directly. Making sure that the company has the tools in hand to ensure a unified whole from the customer level all the way to accounting is a daunting task, but in today’s business climate, it is essential to survival and success.
Fully Integrate Revenue Management At the Sales and Service Level
Successful revenue management means that at the point of interaction, having control of offerings, income, pricing, and reactive service can help predetermine a successful outcome later. While revenue management was originally a focus of airlines and hotels using pricing leverage to mitigate loss, today revenue management is used across industries so companies can have a deeper connection with their customer base.
With social media, clients have more direct access to the companies they do business with than ever, and smart companies leverage that customer data to ensure that they give an offering that exceeds their clients’ expectations. That increased level of customer data, for its part, can give analysts better predictors of client behavior, allowing them to adjust offerings accordingly, say Yuri Levin and Jeff McGill in Analytics Magazine. More importantly, clients connecting with the brands they trust on platforms they often see as personal can make better assessments of how a company can better serve their needs in the future.
Integrating Revenue Management At the Back-End
Revenue management is by nature front-facing (in dealing directly with clients), but its data collection aspects need to be successfully integrated at the back-end for it to work, says CSG International. Making sure that the sales force or service group have access to the wealth of data and flexibility needed to satisfy their clients is something that has to be dealt with in real-time. The difference in time could be fatal to a client interaction.
For this reason, using an integrated back-end revenue management system connected to policy management allows a company’s front-facing groups to impart information to their clients while ensuring that they also collect data which can then be analyzed and reviewed for potential negative or positive effects. In short, making sure that the front end has access to information that clients need to make an initial purchase or additional purchases is essential, and customer reactions to that data are vital in figuring out how successful individual processes are in relation to the whole.
Automate Billing Processes And Integrate Into Revenue Management
The single most important part of the revenue management process (next to offerings and data collection) is revenue collection itself, according to CRM Magazine. Automating this process actually further personalizes the customer experience, as a majority of clients prefer electronic billing. Whereas billing is often the least pleasant part of the customer experience, automating the process while expending human capital to directly enhance the customer experience makes the overall experience one where clients feel more engaged with their companies. Automated billing will not only improve brand image, but make billing, and ultimately accounting, far easier.
Integrating automated billing into the overall revenue management system not only improves the bottom line, it leaves the customer feeling that their personal experience was more engaged, making them more likely to stay loyal.