For businesses like yours that offer subscription-based services, it’s essential to manage the subscription and the recurring revenue. The Odoo Subscriptions app is ideal for exactly that. With this module you’ll be able to automate your subscription management process. This article explains how to manage and optimize your recurring revenue with Odoo, so that you can simplify the process and increase productivity.
Managing Subscriptions
To begin managing your subscriptions, start with “Create Your Product”, and make sure the “Sales” and “Subscription” are enabled like in the image below.
Now you can, “Create a Sales Order” with your Subscription Product, selecting the Recurring Plan and the end date.
Once the sales order is confirmed, a subscription is automatically created. You can then adjust the subscription settings, by either updating the next invoice date, changing the recurring plan, or renewing the subscription.
Your customers will automatically receive their invoices via email, and be able to pay through whatever integrated payment gateways you use.
Monitor Subscription Metrics
With “Subscription Dashboard”, you will be able to track different metrics like revenue, retention, Revenue KPIs and more. The image below gives you an example of what this might look like.
Optimizing Recurring Revenue
Quotation Templates
You can offer multiple subscription plans with flexible pricing and options using the quotation templates. With this nifty feature, you’ll be able to offer plans to your customers based on their budget and usage.
Reduce Churn Rate
Reducing the churn rate is really important for companies that work with subscription products. To reduce your own churn rate, simply implement automated renewal reminders and customer follow-ups.
Upsell
With Upsell, you can suggest additional services to your customers or even premium plans based on their usage.
Conclusion
Odoo Subscriptions is a powerful tool for companies that work with subscription products, and allows them to manage their recurring revenue. Automating your billing and monitoring company subscription metrics will help you reduce the manual workload and improve customer engagement.
Additionally, offering upselling opportunities, flexible pricing models, and automated renewal reminders will help you optimize revenue growth. By following these best practices, businesses can establish a sustainable subscription-based revenue model and also maintain a strong customer relationship.
If you want to know more about the Subscriptions Module feel free to Contact us
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