Hybrid subscription models that include usage are on track to grow 33% by 2018, according to MGI Research. Making the switch means implementing an agile monetization platform that can handle more complicated rules, and deliver the capabilities needed to track (and report on) usage in near real time. Fortunately, with billing moving to the cloud, it’s not as difficult as it may seem to adopt, implement, and launch an intelligent billing solution designed to meet your changing business needs.
Follow these 21 steps, broken into three manageable phases, to see what’s involved:
- Select the right team and partner.
- Define your usage-based model.
- Choose an agile monetization platform.
- Establish a flexible, adaptive product catalog.
- Determine a method of rating usage data.
- Automate your revenue recognition.
- Integrate native invoicing within your platform.
- Gather product requirements.
- Develop an iterative timeline.
- Take a phased approach.
- Create a detailed project plan.
- Build in end-to-end integration.
- Set up regular reporting intervals.
- Recognize milestones and achievements.
- Shore up your support functions.
- Update your website and marketing materials.
- Enable your sales teams with tools and training.
- Prepare your executive leadership and shareholders.
- Orchestrate a series of customer communications.
- Conduct User Acceptance Testing (UAT).
- Develop and stick to “Go/No-Go” criteria.
Ready to implement a hybrid billing model that helps you get the most out of your products and services? Download a copy of the full checklist here.