In early November, Salesforce introduced a new Salesforce Sales Cloud component known as the Salesforce Revenue Cloud.
The Salesforce Revenue Cloud seeks to give businesses the power to simplify the buying process and accelerate new revenue streams while improving revenue efficiency. It also brings together B2B commerce, Partnership Relationship Management, and CPQ & Billing capabilities to helps businesses manage revenue from one interface.
If you’re hearing about the salesforce Revenue Cloud for the first time, below, we discuss three ways you can leverage the new platform to accelerate revenue growth. But, first, why Revenue Cloud? What’s the need for the new Cloud platform?
Why Salesforce Revenue Cloud?
As budgets tighten, B2B buyers are demanding greater “efficiency” in the buying process. They want faster and more flexible options, including when to pay. They are also demanding that the buying experience begins online since it’s less costly and overall more rewarding to get sales rep help and adjust contacts on the fly without waiting weeks for a new quote.
Unfortunately, the way the B2B environment is currently set out, there are too many people, processes, and stakeholders involved. That’s before accounting for IT and the compliance and legal implications. The maze gets even bigger as a business acquires more partner networks. Indeed, 74% of B2B organizations say they currently use multiple channels to start and complete transactions.
The Salesforce Revenue Cloud seeks to give businesses the agility to make the buying process faster, easier, and streamlined. Since it’s already part of the Salesforce Customer 360 Platform, Revenue Cloud will also provide organizations with a single source of truth for revenue and customer transactions. All your insights for revenue and customer transactions necessary for revenue recognition will be available from a single dashboard.
There are three main ways businesses, no matter the size, can leverage the new platform to fast-track revenue growth;
1. Use Revenue Cloud to Enhance the Buying Experience
The Salesforce Revenue Cloud gives customers the ability to jump across different sales channels seamlessly. Whether they’re dealing with direct sales, partners, or digital storefronts, you can jump across platforms without any impediments.
An excellent example is when a customer is buying something online with discounts in mind. The Revenue Cloud makes it possible for this customer to complete the purchase independently and reach out to ask the sales rep about discounts on their way to checkout. Since the sales rep already understands the customer’s online interactions, they can offer a deal commensurate with the customer’s worth.
The new CPQ-B2B Commerce connector makes it possible to customize digital storefronts for complex transactions. What’s more, you can configure customizable pricing to digital carts for a self-service experience. A personalized, customized customer experience can boost revenue exponentially.
2. Use the Salesforce Revenue Cloud to Accelerate New Revenue Streams
Revenue Cloud makes it easier for your sales and marketing teams to form new strategies for revenue generation. A creative sales team can develop new subscription packages and implement various pricing strategies to generate more sales.
But that’s not all. Salesforce has recently acquired several new technologies, including Vlocity, that add to the Cloud workflows aligned with revenue management. These technologies make tasks such as managing ad inventories and content licensing for media companies a lot easier.
Revenue Cloud also makes it possible to utilize data from different clouds on a single platform with the new Multi-Cloud Billing feature. Another key component of the Revenue Cloud platform is Quick Starts, which you can use to set up subscriptions in as few as eight weeks. Initially, setting up subscription products took months.
3. Leverage Revenue Cloud to Improve Revenue efficiency
Finally, tracking revenues up to now has been a manual process. Whether it’s transferring important data between systems, approvals, or reconciling data, all these processes were traditionally accomplished manually.
Revenue Cloud heralds a new dawn in this area, allowing businesses to automate most of these processes for increased efficiency and productivity. You can now automatically initiate sales orders and consolidate invoices. This alone can go a long way in preventing under-billing issues. It also helps minimize any mistakes when making changes to contacts or working with revenue figures.
Revenue Cloud also introduces a new tool to the Salesforce Cloud platform known as Customer Life Cycle Management, which visualizes customer purchases and other critical data pieces, such as open balances. These can offer unique insights into customer relationships and may be leveraged to deepen said relationships.
In a Nutshell
The Salesforce Revenue Cloud is a godsend in many ways. Though it doesn’t fix all the challenges on the Salesforce platform, it fills many gaps in revenue generation and tracking and, by so doing, opens up many new revenue opportunities.