Are you keeping the record on the correct metrics for your performance indicators? If not, then you’ve got the right place to know.
This blog will share the most common problems that we find in many tech & SaaS, and subscription-based business contends and how one can solve them. Continue reading to know how you can resolve the issues quicker with Zoho Solutions.
So, let's read to avoid the pitfalls and make potential revenues faster.
Problem 1
Business Losing Track of Recurring Revenues
Many businesses use deals to keep track of annual contracts and subscriptions. However, depending on the contract structure, this can also lead to counting those revenues that didn't even surely reach us. It's good to keep your eyes on KPIs for the short term. It will give you more accurate results of your business health.
This can be sorted out by keeping the track record on Monthly Recurring Revenues.
Fix
Monthly Recurring Revenues
Besides having the subscription model, the monthly recurring revenues as the KPIs measure will be fundamental for your business. You can take the total number of paying clients by the average revenues of every customer to achieve the accurate figure. Also, by keeping the monthly recurring data, you can straightforwardly measure the executive dashboard metrics.
In Zoho CRM, you can also bring the KPI center and front depending on your business needs. With this specificity, one can quickly drill down for the species when you are in need. Moreover, you don't lose track of the subscription revenues as quickly.
Problem 2
Your Job Costing, Quoting, Sales Process is Complex
As the marketing space is expanding for the Tech and SaaS businesses, you need to have business organizations' service and product offerings. Moreover, if your business models also included some complex software services and physical equipment and some installation issues, then the quoting and sales process may become complex.
Fix
Use Zoho CPQ Tools
With a solution such as Zoho Creator and Zoho CPQ tool, your organization can see your triggers, factors, and calculations. Hence, with the help of this, you'll be able to assemble the quotes that include hardware, software, and service.
With complex quoting and businesses, the complexity often persists for the long term sales process. This is why having the right tool like Zoho helps handle the right KPIs that will help sort out the complexity of the businesses.
You can start by asking yourself some geared questions about business problem-solving. For instance:
How many deals are you having in pipelines now?
Which deals are going to close next week?
Do you even have a deal that started out promising and now going stale?
Use sales pipelines in the Zoho CRM and custom Zoho CPQ tool to quickly connect and insight the data in the sales and deals process.
Net Promoter Score
Zoho Survey is the most ideal and perfect tool for measuring the KPIs. With the single question, the customers can quickly identify the passive, promoter, detractor, and many more. Moreover, we can also suggest adding the comment in the field to collect the statements and the qualitative comment data.