Start-up scene 02/21/2022 • 3 min. Reading Time • Display
The Potential of the Subscription Business
Young companies in particular, such as startups, are increasingly recognizing the great potential of a subscription business, also known as a subscription business . Because the associated recurring income provides the basis for achieving business goals and moving the company forward. But that only works if customers’ subscriptions are managed correctly.
3 Tips for the Subscription Business
1. Customers Like Trial Versions
Trials for subscriptions help customers to make an informed purchasing decision. Because if they have the opportunity to try out products or services before they have to decide on a recurring subscription, then they are more likely to actually take out a subscription.
2. Coupons Attract Customers
Offering a coupon is a popular way to attract new prospects or motivate existing customers to make further purchases. Coupons are also a good way to reward subscribers for their loyalty. This appreciation has a positive impact on business. Because customers are more willing to extend a subscription if they associate it with a good buying feeling.
3. Customers Prefer to Choose Between Several Payment Methods
Customers from Germany prefer the direct debit procedure. But there are other payment methods, such as credit cards, Paypal or similar, which are preferred by the younger generation. Customers from abroad also tend to prefer payments by credit card or smartphone app. Companies should take this into account when implementing different payment methods for their subscription business.
More customers means more work. Data collection, billing and posting to the right account are just a few of the factors that come with a subscription business. But with Subscription Billing by nexnet.cloud , customer subscriptions can be managed flexibly. In addition, startups have full control over the design of their offerings.
Bring everything under one roof :
- Manage customer data
- Recognize payment dues
- Review incoming contributions
- make a tariff change
- Offer add-ons
nexnet.cloud offers the all-in-one solution for company billing processes. In this way, they always have an overview and can easily manage their subscription business. If companies are looking for even more individuality, then Subscription Billing Enterprise provides the solution. Whether your own invoice formats or testable monthly statements – everything is just a request away.