With an increasing number of people working from home, they are much more reliant on consistent and secure broadband and internet connections at home. Thus, managing and accurately billing a high volume of customers is an evolving challenge for broadband companies.
According to a source, 53% of software revenue is to be generated by subscription-based businesses by the end of 2022. This gives all the more reason for businesses in the broadband space to move to such a model. As a result, users will easily switch based on finding the network providers that have the best deals for easily managing their internet connection and the usage across their multiple devices.
If you are a network provider with solutions like DSL, fiber data transmission, 3G/4G/5G connectivity for broadband, as well as VoLTE, VoWIFI and VOIP based services – then overcoming recurring revenue challenges can be a difficult task to deal with, while you plan to scale your operations.
Here are three reasons why you should choose subscription billing model for your broadband company:
1. Error Free Pricing:
Let’s face it, pricing for broadband plans can be complex to manage, due to disparate service lines, variable terms and usage-based add ons. Therefore, it is imperative to have a billing platform that can keep on top of these variabilities and accurately price at each stage of the product and customer lifecycle.
Through the Configure-Price-Quote module of a smart Subscription and Billing Management platform, broadband businesses can create product offerings that can be made available to end customers. Furthermore, complex broadband plans and Broadband services like international calling can be enabled with variable or contract-based pricing. This would mean that a customer who subscribes to a specific plan benefits from a reduced offer price during the contract term and is restored back to their base pack or primary pricing plans by the end of the term. Businesses can also easily configure limited-time promotions and discounts on pricing plans to entice customer sign on and upgrades.
2. Exploring Taxation Benefits:
We’re well aware that managing jurisdictional taxes across multiple locations can be both cumbersome and resource intensive. However, with an advanced billing platform, you can let it do the heavy lifting on computing and managing your sales taxes and reporting so that you can ensure a consistent and accurate end-user experience.
You can also increase higher subscriber purchases by setting up Tax Inclusive pricing for your products on an advanced billing software. This way your subscribers see consistent prices in the product catalog even with changing taxes within the telecom industry. Furthermore, through using the intelligent billing software solution, you can also ensure the application of taxes based on different zip codes and jurisdictions too. Moving towards an end-to-end sales tax compliance and computation will definitely enable your network solutions to be seamlessly available to your subscribers with efficiency.
Setting up various taxability rules for your subscription plans can help in reducing efforts on tax filings and tax liabilities for your organization. Normally, a broadband company would prefer the use of a leased line, where there exists a private communications circuit for all data transmissions between the various offices of the organization spanned across different zip codes or a different state for that matter. A subscription management software provides an instance for you to create point-to-point connection and allow taxability to follow based on the two end-points or nodes between where the internet transmission occurs.
3. Seamless Quote Approvals and Verifications:
Research says that a sales team’s non-selling time goes mostly into sending quotes, proposals and gaining approvals from the lead or the prospect. Do you also have your sales team work on quote approvals and proposal drafts manually? It goes without saying that it must result in longer turnaround times from the on-boarding process, to closing a prospect. Having a streamlined automated process for the same reduces the turnaround time taken for approvals and fastens the sales completion process.
One way an advanced revenue management platform can help is in generating accurate quotes to send to your prospects and leads by defining quote approval levels within your team and sending out verified quotes to your end subscribers. Various integrations on these softwares will allow you to e-sign or approve every quote or an order placed, as a business. As an ISP, providing subscription based products to your subscribers, you can also have predefined quote templates created on the system so as to give your end customers a personalized experience of your brand, every time you reach out to promote or sell a new product or price plan.
OneBill’s Self-Help Portal is designed to enable a subscriber of your broadband or WiFi plan to manage payments, buy a new plan or renew an existing one, view and explore latest products and price plans available to their zip codes, purchase add-ons, and benefit from company-wide offers and sales promotions customized by you and available to your customers. Using OneBill’s solution, you can configure taxes, manage quote approvals, ensure seamless invoice management and utilize the system to its full potential, in order to manage your broadband business.
Managing the changing needs of the customers in this consumption based economy, provides all the more reason for you to create price plans with the accurate taxation applied, through an advanced subscription based billing software like OneBill. Learn more about how to revamp your broadband business and request a free demo today.