Most of the services people use nowadays are based on subscriptions. Don’t you agree? From food to entertainment every industry is now making it easy for their customers by providing them subscription management system. The most important thing for many businesses is not gaining new customers, it is retaining their existing customers. The subscription management system has become one of the most effective and efficient ways to retain your new customer and make them your recurring customers.
When a customer takes interest in your brand or products, they would visit you more frequently, if they are highly impressed with your services they may subscribe to your services. The whole point of subscription-based plans is it turns one time customers into loyal customers. SaaS companies, education portals, media outlets, e-commerce sites etc are adopting to this pricing structure. This structure has brought may big changes to the business and provided them with the confidence and stability they needed. All these businesses are using subscription management platforms to manage their subscriptions and improve customer experience.
When the business unfolds 10X times more, then the revenue stimulates the growth and they retain customers. Then subscription management becomes into focus. Wondering what is this subscription management?
What is Subscription Management?
Subscription management refers to operations such as managing trials, issuing refunds, assigning credits and making any changes to subscription plans. If a business has a pricing structure based on subscriptions, then it becomes mandatory for a company to track several issues such as payment processing, customers, cancellations, buying history, payment failures, sending invoices etc. Subscription management usually allows the teams to take actions that can’t be automated.
It is important to manage your subscriptions well if they’re poorly managed there are high chances of your customers losing trust in you. If you want your customers to enjoy the seamless experience then you must assure them that all their payments are happening securely and all their grievances should be handled well. For all this to happen a company should have a well-built subscription management system.
If you’re still not satisfied with why your organisation should have the subscription management system, then here are 10 reasons that will support the claim.
Customer is the king, you must provide them with the best user experience to gain a competitive advantage over your competitors. If you have the subscription management system in place, it gives you entrance to all the information relating to your clients such as their preferences, subscriptions, billing cycles etc. All these information will help you in understanding your customers better and optimising their experience. Once they’re satisfied with your services they would become your loyal customers in future.
When you have a lot of subscriptions you would automatically have lots of invoices that need to be managed. It becomes hard for businesses to send an invoice or receipt online when customers pay for the services. If you have a billing system such as subscription management in place then it becomes easy to manage invoices without any obstacles. It reduces time spent and errors on billing and processing. It reduces the work and helps you in concentrating on other important matters in hand.
Subscription management system not only makes it easy to manage your invoices, it even makes the payment processing easy and fast. It handles troublesome issues such as sending alerts to customers when their debit/credit card is expired or when their payment needs to be processed. It is cost-effective and reduces the cost of payment processing or any other processes.
Trials & fees
Trial periods and fees can be easily handled through an SMS (subscription management system). If you have many customers it gets tiresome to monitor every individual’s account. It automatically tracks and alerts both you and the customer in case of the trials and fees when they expire. The subscription management system will help you in processing trial periods, fees and payment packages for clients.
Discounts & Coupons
Who doesn’t love coupons and discounts? Everyone right!!! These types of offers will make your customers come back for more. With the Subscription management system in place, you don’t have to worry about manually generating them. It automatically generates these for you and you can provide them as rewards for your customers. Subscription management provides cost-effective solutions to manage activities and processes. So the businesses can use the resources to acquire new customers by providing them with coupons, offers and discounts.
Access to data
As a business, you have so many customers you need to handle daily. It gets hard to access every individual’s profile. If you have a subscription management system, it will get easier to access customers data. And it makes the work easy with less effort and saves your time too. When you have the subscription management system you will have all the required information of your customers in a single dashboard. With all of this information at your disposal, you can enhance the user experience and improve your services.
Subscriptions are the profit-oriented way of performing business. It improves your income and business. When your business increases the responsibilities also increases. You have to hire more man-power and it will surely cost more for your business. Having the subscription management system will lower the costs and offer you a stable platform to manage all the subscription-related issues.
Handles mid-cycle changes
Customer preferences and tastes change quickly. If you want your business to be a success then you must keep up with those changes. Your brand surely provides more options for your customers in the subscription plans. Out of nowhere, they may decide to upgrade or downgrade their current plan, so customers may even want to stop their subscription services. When you have the subscription management system it becomes easy to handle such mid-cycle changes. The system allows customers to perform their actions with only additional inputs from you. It offers flexibility to both you and your customers and offers your customer better user experience.
Security and integration
When your customer is paying through online, it becomes your prime responsibility to offer them secured payment gateways. It will improve the bond and build trust between you and your customers. The subscription management system will provide your customers with as many payment integrations possible to make the payments secure and convenient. You can even incorporate low-cost payment gateways to reduce operational costs.
Subscription management system makes setting your business easy. It makes your work easy as you don’t have to handle the subscriptions, payment processing and invoice all by yourself. The system will handle all of it and you can spend your time on other important issues such as research, marketing etc.
Subscriptions build steady profits for the business and make it more convenient for your customers too. It is the best way to acquire new customers and retain existing customers. With an increase in subscriptions, many issues will arise and they will need to be addressed. So if you have the subscription management system in place it would reduce effort, save time and improve business.