So many of today's products and services are available on a subscription model. Perhaps the most commonly recognized subscription services and products are streaming services and smart technologies, but of course, those are not the limits. Regardless of what type of subscription-based services or products your business offers, the Odoo Subscriptions app can help you manage them.
Recurring Plans: The Foundation of Your Subscriptions
The Subscriptions app is Odoo's solution for empowering your business to easily create and manage recurring revenue streams. Getting started means setting up recurring plans, which are the time frames during which a subscription remains active before a renewal is required. In addition to a subscription's timeframe, recurring plans are also used to set:
- When an unpaid subscription closes
- If the subscription aligns to a set billing period
- If a customer can close the subscription early
- Other details of that nature
Renewals and Automatic Payments
When a subscription is reaching the end of its recurring plan, it is time for a renewal. Depending on the needs of the subscription, it can be set to automatically renew or require manual renewal. A natural extension of automatic renewals is automatic payments, and the Subscriptions app offers that feature too.
Upselling: Upgrade Subscribers with Ease
Another feature of the Subscriptions app is the ability to upsell a subscription. The upsell feature allows users to easily upgrade a subscription to a higher tier. It's as easy as clicking the Upsell button on an existing subscription, filling out the quotation form, and sending it to the subscriber. The upsell feature also offers the ability to quickly add discounts or alternative quotations when creating an upsell quotation.
Reporting: Know Your Numbers
No Odoo app would be complete without assisting with data analysis, and the Subscriptions app has its own reports page to support that. The Subscriptions reporting page helps you easily sort through your subscriptions to find statistics for specific ones. In addition to a page dedicated to the subscriptions themselves, there are also reporting pages for:
- Subscription retention
- MRR breakdown
- MRR timeline
Ready to Build Predictable Revenue?
Having advanced tools that you can utilize for your business can do wonders for improving your workflow efficiency, and Odoo is a full suite of advanced business tools. The Odoo Subscriptions app is only one of these tools that our Navigate team can help you put to work. If you'd like to learn more about what Odoo can do for your business, reach out to us here at Lighthouse IT Solutions. We'd love to give you a hands-on demonstration of everything Odoo has to offer.