As the coronavirus (COVID-19) continues to spread, we’re seeing trends in how subscription companies are reacting and adapting for their customers. What we’ve observed so far is both uplifting and promising that the wider subscription community can learn from one another in this situation.
To bring the Subscribed community together, we hosted a series of Customer Webcasts and Office Hours for Zuora customers on timely topics. Here’s what we discussed and how companies are using Zuora to respond to COVID-19.
1. The request to suspend a subscription
Consumer memberships, SMB Software, and other subscription companies have seen a spike in customer requests to pause their subscriptions. While the freedom to pause a subscription is certainly a benefit for the customer, it can also help companies reduce potential churns.
2. The need to refund or credit a large number of customers
Some companies have seen a spike of subscribers who can’t pay on time, which leads to a need for invoice adjustments, credits, and refunds. It becomes challenging for finance departments to keep up with these requests when each transaction has to be carried out manually.
3. The opportunity (and goodwill) to quickly change pricing
Due to COVID-19, the demand for certain subscriptions has spiked (such as Communication Software, Digital News & Media, and OTT Video streaming) while the demand for other subscriptions has suddenly fallen. Whether you want to offer an extended free trial or update pricing for all existing subscribers, the current situation requires you to act fast.
4. The need to automate processes and streamline operations
Companies leverage Workflows in Zuora to automate a variety of processes, whether it is to automate fraud responses, cancel overdue subscriptions, send notifications, or process gateway reconciliation. No matter the use case, Workflow takes the manual burden off of individuals, and can free up your team to tackle other challenges amidst COVID-19.
5. The need to report revenue since the impact of COVID
As companies adjust to COVID-19, revenue is a lagging indicator of the impact on your business. It’s now as important as ever to report on these impacts accurately so that you can leverage this data to make strategic financial decisions.