January 31, 2022 | Authored by: Jack Bullock
Here’s what the wish list for your subscription business should look like
Everyone’s got a wish list. Whether it’s your favorite products on Amazon, or a virtual list in your mind, we all wish for something.
If you are a merchant and you’re considering offering a subscription as part of your revenue-building efforts, then there are certain things that should be at the top of your list. Subscriptions today must be much more than just recurring payments – they need to provide amazing experiences, ease, and convenience, and they must support a great relationship between your brand and subscribers. You won’t be able to do that without these essential wish list items.
Planning on building up a subscription? Here’s what you should wish for:
1. SaaS solution
SaaS is a must – recent statistics show that over 90% of CIOs are adopting or plan to adopt a cloud SaaS solution. In the subscription industry, this trend is evident too.
Subscriptions are complex monsters, and a solid SaaS platform will enable you to control and steer your subscription offering where you want it to go. As a cherry on top, the SaaS subscription software should be easily implemented, and should integrate seamlessly with your current operations, so you can rev up your subscription engine with minimal disruption to your business.
2. Smart data
Subscription intelligence is what you need if you are to stay on top of your business at all times. The ability to gather, analyze and leverage accurate, detailed subscription data means you can offer optimal bundles and experiences, and maximize potential revenue. With 18 years of subscription data under our belt – and the most veteran data specialists in the industry – Vindicia has the depth of know-how baked into our platform to support the effective use of Subscription Intelligence to provide tailored business insights.
3. Option to expand beyond your customer base
There are lots of subscription platforms on the market, but there are very few next-gen platforms that can really help you take your business to the next level. What does it mean to be next gen? It means going beyond boring billing solutions, and advancing your ability to deliver meaningful, unforgettable subscription experiences that continually draw new subscribers and grow your customer base. In order to do this, you need sophisticated capabilities for personalization and optimized bundling that can satisfy individual customers according to their needs and preferences. A robust platform that enables customization of your subscription offering is a must for any wish list.
4. Heavy investment in the end user experience
Don’t let the words “heavy investment” put you off – with the right subscription platform, you can easily stay connected with subscribers and their interactions with your product or service, so you can do what is necessary to ensure the best possible end user experience. Subscriptions are not simply a weekly or monthly occurrence; it is important to see the journey from the POV of the customer, as a collection of connected experiences with the brand from the moment they sign up. This is the key to creating amazing subscription experiences that keep customers coming back for more.
A great subscription business will always focus on retention, doing what is necessary at all times to prevent active and passive churn. This is not just about your bottom-line revenue; by preventing the problems that cause churn, you are also staying on top of your relationship with customers, making sure they are satisfied and happy, and not at risk of slipping away from you due to unnecessary failed transactions.
There’s nothing wrong with having a wish, and if you know exactly what you wish for, it is easier to make sure you get it. Thinking of transitioning to a subscription offering? Vindicia can make your wishes come true. Get in touch.
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