Keeping your product information organized and up-to-date is super important. Whether you sell online, in stores, or through other channels, your product catalog helps everything run smoothly from marketing to customer service to sales.

Product Catalog Management is the foundation of Revenue Lifecycle Management. It involves creating and maintaining a digital library of all your products and services including pricing models, bundles, features, and availability all in one centralized system.

How It Works in RLM:

• Sales teams use the product catalog to choose what to sell and set prices when they create a quote for a customer.

• While Billing teams rely on the catalog to make sure invoices match what was agreed with the customer

• Whereas Finance teams use product details from the catalog to apply the right accounting rules and recognize revenue correctly.

• And whenever something changes in the catalog like pricing or product features those updates automatically carry through to sales, billing, and finance.

Catalog

A catalog in Salesforce RLM is like a digital shelf where all your products are neatly organized. It groups products into categories and subcategories so that sales, service, and billing teams can quickly find the right product with the right options. You can create different catalogs for different regions, business units, or sales channels so everyone sees only what’s relevant to them. It helps keep things clear, fast, and accurate when selling or quoting.

Dynamic Attributes

• Attributes are specific characteristics or options that define a product.

• Attribute categories are used to group related attributes together for better organization and user experience.

Product Classification

• It is a reusable structure that defines shared characteristics for a group of products.

• It helps you quickly create and manage products that are similar but not identical

What are the benefits of it ?

• It Reduces manual work: Create many product variations quickly using shared attributes
• It Speeds up launches: New offers can go live faster using pre-defined templates
• Improves reporting: Easily track revenue by product type or category

Products

Products are Items and services sold to customers, which can be sellable or non-sellable.

Products are two types :

1. Simple Products have No associated product hierarchy.
2. Bundled Products have a Group of products sold together as one unit.

1. Static Products: Cannot be configured during runtime.

Product Selling Model

It defines how a product is sold whether it's a one-time purchase, a subscription with a fixed term, or an ongoing service that continues until canceled.

1. One-Time :

• The product is sold once with a single payment.

• Example: Buying a laptop or a training session.

• The product is sold for a specific duration like yearly or monthly

• Pricing is based on the term, and the subscription ends unless renewed.

• Example: A 1-year subscription for software license.

• The product keeps renewing automatically until the customer decides to stop it."

• Example: A streaming service or cloud storage subscription. Where you pay bills monthly / yearly

Product Configuration Rules

In Revenue Lifecycle Management (RLM), configuration rules are powerful tools that help automate and control how products are selected, bundled, and customized during the quoting process. Here are some of the key actions you can automate with configuration rules:

• Auto Add or Remove Products Automatically include or exclude products based on selections.

Summary

Managing your product catalog isn’t just about keeping things organized, it's about helping your whole business run smoothly. Every team like sales, billing, and finance depends on correct product information to do their job.If your catalog is updated and easy to use, your sales team can close deals faster, billing becomes more accurate, and finance teams can track revenue properly.
Unlock the Power of Product Catalog Management at ForceArk Academy.