NetSuite is a powerful Enterprise Resource Planning (ERP) platform that gives organizations a way to use one platform for countless essential business operations. However, it also offers a goldmine of revenue-increasing capabilities. These 20 methods for increasing revenue reveals the true potential of using NetSuite for critical business processes.
1. Improve Customer Lifetime Value
Increase the revenue generated from each customer by using Netsuite to dive deep into sales data and better understand how to encourage repeat sales from existing accounts. Use these insights in the CRM tool to improve these relationships through strategic, personalized campaigns.
2. Upsell and Cross-sell Products
Netsuite’s CRM capabilities can surface upsell and cross-sell opportunities for the sales team. Complementary products and services, accessories, add-ons, warranties, and other items can significantly increase the revenue from a customer.
3. Create Recurring Revenue Streams Through Subscriptions
Consistent, predictable revenue streams through subscription products and services are beneficial to companies, but they can be difficult to manage. Netsuite includes recurring revenue management functionality to make it simple for organizations to pursue this avenue for additional revenue.
4. Manage Value Added Services
Value-added services come in many forms, from repair contracts to consultation services. Organizations differentiate their experience with these enhanced features, which can attract more customers and increase the total revenue generated in a sale.
5. Forecast Sales Opportunities with Historical Data
Organizations can use SuiteAnalytics to look through their historical sales data and identify new opportunities for the sales team. Salespeople can focus their efforts on the right mix of accounts to maximize revenue.
6. Increase the Effectiveness of Email Marketing Campaigns
Email marketing is a powerful tactic for building ongoing relationships with potential and current customers. Reach customers more effectively with Netsuite’s targeted marketing automation tools.
7. Provide Full Data Visibility
Netsuite centralizes data into a single, powerful ERP for an organization. Eliminating data silos and improving visibility leads to better decision-making and revenue planning.
8. Respond to Leads More Quickly
The sales team has the tools they need to quickly follow up with leads, providing a quality customer experience from the start of the relationship.
9. Align Sales and Marketing Goals
The CRM and marketing automation tools have excellent integration in Netsuite, which allows the sales and marketing teams to easily work together.
10. Centralize Control of Pricing and Promotions
Organizations have easy access to a range of price management capabilities in one platform. They can make pricing adjustments, create a range of promotions, develop customized pricing strategies, and more options for increasing revenue. Region-specific and even account-specific pricing are all available through NetSuite's tools.
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11. Manage Multi-channel Marketing Campaigns
Reach customers more effectively through marketing campaigns that are integrated on multiple channels. Each touchpoint builds brand awareness, keeps the company on the customer’s mind, and creates more sales opportunities.
12. Put Self-service Analytics Into Everyone’s Hands
Netsuite offers many ways to put data to use, with self-service analytics tools that are approachable for business and technical users alike. They can pick and choose the information they’re looking for to create customized queries that fit their unique use case. By getting the data they need at the moment, they can make better decisions faster.
13. Create Data-driven Customer Segments
Highly targeted marketing and sales efforts avoid one-size-fits-all approaches that don’t generate as much revenue. Leverage Netsuite’s data to develop buyer personas based on actual customer data.
14. Use Marketing Automation to Scale Campaigns
Creating scalable, repeatable marketing processes helps organizations execute campaigns faster and reach their audience more effectively. Netsuite offers powerful and versatile marketing automation tools that can power large-scale efforts. Another advantage of standardizing these business processes is that the marketing team can easily compare the performance of different campaigns. They can experiment with the right strategy to reach the organization's target audience, even if that involves millions of individuals.
15. Shorten the Sales Cycle
Netsuite streamlines and automates many sales activities, which allows the sales team to focus on closing rather than administrative work. When this team can quickly check lead scores, access highly qualified leads, and schedule follow-ups on the same platform, they’re better able to keep sales coming in.
16. Automate Inventory Management to Avoid Out of Stock Products
With an inventory management system integrated with other back-office tools, organizations can better optimize their product deliveries to avoid customers running into stock issues.
17. Offer a Comprehensive Customer View
Netsuite offers customer data from every touchpoint they have with an organization, creating a full view of each account. From the products they own to the content they’ve interacted with, this data is available to create an ideal customer experience.
18. Personalize the Ecommerce Experience
A personalized shopping experience guides customers to the products and services that best suit their needs. The entire process is streamlined and hassle-free to keep the customer happy. They get all the information they need to make the best purchase decision for their needs, thanks to NetSuite’s e-commerce tools.
19. Focus Resources on the Best Sales Opportunities
The sales team can use Netsuite to identify the opportunities that should receive the most resources, such as those near the end of the sales funnel or VIP accounts that require careful handling. The improved resource allocation also allows the sales team to match the right staff member to each account.
20. Equip CFOs with Real-Time Financial Data
CFOs and others in financial leadership positions in an organization can act on real-time data rather than planning their moves based on older reports. This business agility makes a key difference in reacting to the market, expanding to new customer segments, deciding on pricing, and other financial planning tasks that impact revenue.
Get More Out of Netsuite Through Integrate.io Integration
Netsuite opens up many opportunities for organizations to increase their revenue, but it can become even better when it’s combined with Integrate.io, a cloud-based Extract, Transform, Load (ETL) platform. Integrate.io makes it simple to migrate Netsuite data into data warehouses or databases to help with analytics and business intelligence efforts. Making the most out of this information can lead to even more revenue-generating opportunities. Find out how Integrate.io can help with a 14-day trial.