Subscription growth hack (by PayKickstart)
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Subscription-based business model has seen an explosive growth over the past decade, spanning industries from software to wellness and even grocery delivery.
As businesses transition to recurring revenue models, creating an effective subscription management strategy becomes crucial.
It is the foundation of any business that automates billing, invoicing, and customer management tasks.
But with the multitude of options out there, how do you choose the right one for your business?
Here are a few things to consider when choosing the right subscription management software:
Before starting your search, form a clear understanding of what you want the software to achieve.
Are you operating a startup and you need a basic tool to handle monthly subscriptions. Or do you own a larger entity with complex billing cycles and multiple products?
Sketch out your requirements, including:
PayKickstart offers multiple features to fit any subscription management business needs. These include payment frequency flexibility, multiple payment method integration, customer engagement and experience tools, and many more.
Your business won’t always be the size it is now. Opt for software that can grow with you. It should not only manage your current customer base but it should also be capable of handling an increased volume without hitches.
Consider solutions that offer advanced features you’ll need down the line, so that you won’t have to migrate to a new system in the near future.
Today’s startup could be tomorrow’s industry leader. make sure that the software isn’t just suitable for your current scale, but can accommodate exponential growth. Explore software solutions to evaluate if transitioning to a higher plan (if needed) is seamless and cost-effective.
A good subscription management software will offer an intuitive user interface. Remember, multiple departments from customer support to finance will interact with the software.
It should be user-friendly, reducing the learning curve and ensuring efficient operations.
Intuitive software reduces training hours and potential errors. Assess the software’s dashboard clarity, simplicity of tasks like updating customer data, and generating reports. The easier it is, the more time and resources you save.
Explore the free trial platforms of a subscription management solution you are considering and see how easy it is to find any particular features to go through a basic set-up.
The software will handle sensitive customer data, including credit card information. It’s essential to choose a platform that complies with security standards such as PCI DSS.
If your business is subject to specific regulations (like GDPR for European customers), ensure the software supports relevant compliance requirements.
Safeguarding customer data isn’t just ethical but mandatory. Software must adhere to standards like PCI DSS. Moreover, global businesses must respect regional data regulations, e.g., GDPR for Europe or CCPA for California.
Opt for platforms that prioritize data encryption and regular security audits.
A standalone subscription tool might not be sufficient. Often, businesses need to integrate this software with other tools like CRM platforms, marketing automation systems, or accounting software.
Ensure the platform you choose either has native integrations or supports third-party integration tools.
PayKickstart offers over 60 integrations allowing users to easily add webinars, email marketing solutions, web analytics, etc.:
The initial setup and migration to a new subscription management system can be daunting.
Opt for vendors that offer robust customer support and onboarding assistance. This ensures smooth setup and provides ongoing support in case of issues.
Transitioning can be challenging. Platforms offering dedicated support for onboarding can smoothen this process. Make sure to evaluate their general customer support efficiency – the quicker issues get resolved, the better for your operations.
While it’s important not to skimp on critical features, it’s equally crucial to ensure the software fits within your budget.
Understand the pricing model – some platforms charge a flat monthly fee, some charge extremely high transaction fees upwards of 8% – 12%. Keep an eye on any hidden costs like setup fees, charges for integrations, or premium support.
Dive deep into the feature set of potential platforms. Some essential features include:
Beyond the standard features, you might want capabilities like promo code management, proration calculations, or churn analytics. Some platforms allow extensive customization, while others offer a set package. Knowing what’s essential and what’s ‘nice-to-have’ helps in prioritizing.
If your business has unique requirements, it’s worth checking if the platform supports customizations or if it’s a one-size-fits-all solution.
Finally, peer reviews can offer invaluable insights. Platforms like Capterra or G2 Crowd provide user reviews for various software tools. These reviews can highlight pros and cons that might not be evident during a demo.
Delve beyond the star ratings, focusing on detailed reviews about customer support experiences, downtime issues, or hidden fees. Authentic feedback is often the most revealing.
Additionally, consider reaching out to businesses similar to yours and ask about their experiences with their chosen software.
Choosing the right subscription management software is a crucial decision for any subscription-based business. It can mean the difference between seamless operations and administrative nightmares.
By keeping the above points in mind, you can ensure that your choice aligns with your business goals and provides the efficiency and automation that today’s business needs to thrive in the subscription economy.
Ann Smarty is the Brand Manager at Internet Marketing Ninjas, as well as co-founder of Viral Content Bee. Ann has been into Internet Marketing for over a decade, she is the former Editor-in-Chief of Search Engine Journal and contributor to prominent search and social blogs including Small Biz Trends and Mashable. Ann is also the frequent speaker at Pubcon and the host of a weekly Twitter chat #vcbuzzRead More About Ann Smarty