One of the product areas I’m keen to learn more about is billing; understanding how small businesses go about (recurring) billing. A few years ago, I used Recurly to power subscription management and payments for a music streaming service. I’ve now discovered Zuora, who aspire to “turn your customers into subscribers.”
“The world subscribed” – I really like Zuora’s vision – “the world subscribed” – and its 9 keys to building a subscription based business (see Fig. 2 below). Zuora aims to make managing subscription payments as intuitive as possible. For example, when I look at the info that Zuora provides on a specific customer account, it feels clear and clean, enabling the user to digest key account information at a glance (see Fig. 3 below).
Part of an ecosystem – The thing I like best about Zuora is the numerous integrations it has with partners and marketplace apps. As a result, Zuora users can integrate easily with payment gateways such as Adyen and link with accounting software packages such as QuickBooks. Similarly, there’s a whole host of apps and plug-ins that Zuora users can choose from.
Main learning point: Even though subscription management / billing forms the core of Zuora’s value proposition, I feel that there’s much more to it: helping people run their business operations as efficiently as possible. I don’t know whether the people at Zuora would agree with me on this vision, but I believe that, especially through it’s 3rd party integrations, Zuora can support its users more widely in their day-to-day operations.
Fig. 1 – Screenshot of Zuora’s “Quotes” overview – Taken from: https://www.getapp.com/finance-accounting-software/a/zuora/
Fig. 2 – Zuora’s 9 keys to building a subscription based business – Taken from: https://www.zuora.com/vision/the-9-keys/
- Price – Find your sweet spot. Dynamically adjusting pricing and packaging is the surest way to attract and retain customers, and multiply the value of your relationships.
- Acquire – Boost subscription rates with tools like flexible promotions, integrated quoting and multi-channel commerce.
- Bill – Subscriptions mean more invoices and more payments. Automatically generate fast, accurate bills and deliver them online.
- Collect – Get paid. Collect payments instantly through automated and manual channels, while maximising completed transactions and minimising write-offs.
- Nurture – Build beautiful relationships. Keep your customers engaged and happy. Seamlessly manage rapidly changing upgrades, conversions, renewals and other orders.
- Account – Measure everything. Twice. Zuora plugs straight into your accounting software and General Ledger. Register subscription and process deferred revenue with ease.
- Measure – No paper, no worries. Analytics make forecasting, accounting close and audits a breeze. Plus, it gives you the right insight your subscribers, so you can make smarter decisions.
- Iterate – Try something new every day. Subscriptions can involve complex customer relationships. Zuora lets you iterate and test what’s working with just a couple of clicks.
- Scale – Get growing. Zuora is built on a secure, scalable technology infrastructure. So wherever you start out, we’ll keep the system running as you grow.
Fig. 3 – Screenshot of Zuora’s “Customer Accounts” page – Taken from: https://www.crunchbase.com/organization/zuora#/entity
Related links for further learning: