The number of companies that use the subscription business model is increasing every day. It is not easy for entrepreneurs to establish their name in the already highly competitive market. Also, the situation for the already existing subscription-based enterprises in the market is becoming intense. However, if you use your subscription management software properly, you can perform better.
Many subscription handling software are too complex to use. Even if the employees are given the training, things remain obscure for them. Resultantly, you lag behind your competitor. Opt for subscription management system that is easy to understand and feasible to use.
In this article, you are going to know the ultimate ways to use your recurring billing or subscription handling software so that you can become the market leader.
Role Of A Subscription Management Software
Recurring Price Improvisation
Though sales and marketing executives play a huge role in deciding and improvising the price for your services or products, SaaS subscription management software that you use can also help. These software are designed and developed by using artificial intelligence algorithms, and they can provide useful business insights.
You can use these business insights to improvise the price of your product or services. You can also study the customer purchase behaviour and set the strategy for the future. If you succeed in improvising the price of the software at the right time and in the right way, you have a fair chance to leave your competitors behind. All subscription businesses need to update pricing with time. However, doing it the right way is the secret to success in getting more recurring revenue.
Multiple Subscription Plans
Today, the form of a subscription business environment is not that simple. With the advent of new and different businesses in the market, the shape of the subscription business model has evolved. Now, if you need to compete with other subscription business enterprises, you need to offer multiple subscription plans to facilitate customers as much as you can. Though subscription billing is affordable for customers, dividing subscription into more subscription plans makes it more affordable.
Also, you can use your subscription management platform to offer your customers to switch subscription plans when they want. For instance, Netflix offers a different screen for its video streaming services. The subscriber chooses the subscription plan as per his choice. However, if he feels that some other screen would be more feasible for him, he has the choice to switch his subscription plan—this process is called proration. Proration is managed and handled through cloud-based online subscription management software that you use.
Multiple Payment Gateways
You should try to integrate multiple payment gateways with your subscription management system. The basic function of payment gateways is to encrypt customer sensitive information and help retailers use it for recurring transactions for subscription charges of the subscribers. the benefit of using multiple payment gateways is that when one gateway is down the other ones that you have will help in maintaining the backup of the recurring payments.
Moreover, the payment of the subscriber will not get failed, and your customer retention rate will increase.
Multiple Currency Support
All subscription businesses whether they are catering to local or international customers should offer their customers multiple currency support. They should utilize their subscription management platforms and multiple payment gateways to offer subscribers multiple currency support. Customers prefer using local currency to pay off their recurring charges.
Those subscription businesses that deal with just local customers can enhance the chances of entering the international market if they have multiple currency support. So, get ready to find a new customer base in some other region of the world. Multiple currency support will help you immediately facilitate the new customers.
Subscription Cancellation Experience
When you are in the subscription business market, you need to plan everything for the customer from his onboarding to the cancellation of the subscription plan. Make the subscription cancellation for the customer as easy as the onboarding. Why? Because subscription cancellation is itself a customer experience.
You can use your subscription management platform to optimize the experience of those customers who are leaving you. Make it easy and quick for them. Why do you need to care so much for the leaving customers? Because today new customers listen to word of mouth. They believe in what the other customers tell them about your products and services. They read reviews and get referrals. So, if you need to beat your competitors in the market, then think innovatively to maximise the customer experience even for the leaving customers.
Third-Party Application Integrations
There are various businesses that are opting for a subscription business model. Other than the major subscription billing and payment management system, there are many other business requirements. If you have some specific business requirements, you can integrate third-party applications with your subscription management software. You can ask your subscription management platform experts about the integrations that they offer. However, the integration of the applications with your subscription handling software depends on the scalability and flexibility of the software that you use.
If software lacks flexibility, then it will be quite difficult to integrate the required applications with your subscription management software. The integration with third-party applications and gateways enhance the functionality of the core software for subscription management.
