Are you tired of not having full transparency with your revenue channels?
Good news – a solution exists. Last month, Salesforce launched the Salesforce Revenue Cloud. This was its first big cloud launch in eight years.
The new cloud comes with various benefits. Sales teams can gain deeper insights into their revenue streams’ performance. After looking at these analytics, they can make necessary tweaks. Businesses can also use the tool to automate manual, time-consuming tasks.
Keep reading to find how you can benefit from the Revenue Cloud and grow your bottom line.
What Is Salesforce Revenue Cloud?
Salesforce released the Revenue Cloud on November 12, 2020. It’s different from the Service Cloud; it integrates revenue-focused services into one interface.
Aside from existing tools, the Salesforce Revenue Cloud also combines several new features.
Salesforce launched the Revenue Cloud to provide reps with transparency on sales cycles. This would then allow companies to make the buying process easier for customers. The tool was also developed with regulatory compliance also in mind.
At the time of the cloud’s launch, the company mentioned that the pandemic played a role in its release. In particular, they wanted to address challenges related to forecasting B2B commerce trends.
The existing Salesforce tools integrated with the Revenue Cloud are:
- Salesforce CPQ & Billing
- Partnership Relationship Management (PRM)
- B2B Commerce
New features included in the integration are:
- Multi-Cloud Billing
- Customer Asset Lifecycle Management
- A connector for CPQ and B2B commerce
How Does the Revenue Cloud Work?
Revenue Cloud users gain access to a backend with an overview of their sales statistics. Members can find a channel-by-channel revenue breakdown. Included in this are direct sales, partner sales, or self-service.
Users can find a display of revenue in the Revenue Cloud interface, broken down by each product. Earnings within a specific timescale (e.g. quarterly) and past records are also accessible.
The tool also includes a graph that identifies recurring revenue trends.
You can use Salesforce’s integration update to keep catalog products and pricing up-to-date. Businesses can also collect payments from various channels.
Common reasons for using the Salesforce Revenue Cloud include:
- Analyzing business sales trends to tweak for the future
- Automating payment processes
- Managing customers
The Salesforce Revenue Cloud will help you if:
- You’re losing revenue because you’re not billing the right amount
- You need to free up time and don’t want to do admin work
- You don’t have a clear picture of where your revenue is coming from
What Are the Benefits of the Salesforce Revenue Cloud?
The Salesforce Revenue Cloud offers full transparency on the lead-to-sales cycle.
It doesn’t matter if the sales process takes place over many platforms. Teams can see the full customer journey and how earnings change across their channels.
Now that sales teams know their buyers’ habits, they can tweak their strategies and capitalize on current trends. Moreover, they can also think about how their customers’ buying behaviors might change in the future. Once they know that, they can prepare well in advance.
The Salesforce Revenue Cloud also helps businesses to open new revenue streams. If one offering does well, your team can choose to spend more time promoting this to your target audience. When trends change, you can then shift your strategy to sell services that match your customers’ new needs.
If you have access to detailed sales analytics, you can also get more creative in monetizing existing services. Why? Because you know what customers are looking for. If you run a subscription model, for example, you may think about charging come customers for consumption.
Aside from improving your bottom line, the above two points also encourage innovation within your company.
Through its automation features, the Revenue Cloud will also let your team focus deeper on important tasks.
Orders will carry over between platforms within Salesforce. Invoicing is taken care of too. And the platform also includes a customizable billing engine.
Thanks to complete transparency, Revenue Cloud Users will always charge each client the right amount. Meanwhile, partners can use the Revenue Cloud to offer strategic discounts and subsequently complete more sales.
How Will the Salesforce Revenue Cloud Solve Existing Problems?
Businesses will be able to provide a more consistent lead-to-sale process. This is essential when you consider that 80% of buyers believe the experience they receive from a company is as crucial as the service they’re buying from them.
When it comes to buying, the Salesforce Revenue Cloud also helps businesses enable buyers to make payments easier. Since the sale is completed faster, the onboarding process can start quicker, and focuses can shift towards a long-term relationship.
The Revenue Cloud also helps businesses to keep all of their revenue data in one place not just for them, but also for their partners. Regardless of how many channels the buyer completes the sales process from, all parties know where they stand.
To Make The Salesforce Revenue Cloud Work For Me, What Challenges Will I Need To Deal With?
Like with any tech integration, you’ll need to reconsider what you currently use. Think about where Salesforce will fit into your plans and how it serves your needs.
You will also need to look at your existing lead-to-revenue cycle and identify gaps. Where do frictions exist, and what will you do to remove these? Once you’ve decided on that, you can get started figuring out how the cloud fits into your plans.
Making Revenue Tracking Easier For You
The Salesforce Revenue Cloud will make using its existing services much easier for your sales team. Extra revenue insights allow you to find new opportunities to make money. You’ll also know exactly how much cash is coming in.
Using the Revenue Cloud will also allow you to automate time-consuming processes. Because of this, you can manage your customers better. Your partners will also receive total transparency on every sales process.
At Smart Data, we offer various solutions and software to help you get the most out of Salesforce. If you want to make the Revenue Cloud even more reliable, our team is ready to help. Contact us today.