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Having a great subscription management service is like having the world’s best personal assistant. While you focus on growing your business, the subscription management platform handles all the details – orders, payments, billing, promotional pricing, taxes, refunds, tracking, and more.
Wondering if subscription management could benefit your business? Here are some things to consider.
It’s low risk; for you and your customers.
Any reputable subscription management service should be able to offer you a low-risk, no-contract way to get started. You shouldn’t have to start by giving out your credit card number, and setup should be fast – because it’s important to get an up-front look at the platform.
The Baymard Institute, which tracks ecommerce statistics, found that 69 percent of online shopping orders are abandoned before checkout, primarily due to problems with the user experience. Subscription management tackles this issue by giving your customers a pleasant way to try things like free trials, one-time setup fees, subscription options, bundles, and deals. The lower the risk for your customers, the more likely they are to stick with transactions and stay loyal to you.
It helps all companies, big and small.
Subscription management is flexible and scalable – meaning your business can benefit, no matter its size. An established business with lots of loyal clients might assume it seems trustworthy to potential new customers, but research reveals customers are wary of giving payment information to all businesses of all sizes.
Good subscription management shows you’re a professional operation handling their information carefully, whether you’re a small startup or a big enterprise. Cybercrime is booming— it’s estimated that cybercrime will cost $6 trillion every year by 2021. Your clients will know that you take their data safety seriously when you utilize a system that adheres to PCI DSS regulations.
You get options, options, options.
Subscription management offers all kinds of options, which you, in turn, can use to expand options for your customers. The ideal service offers multiple payment methods, multi-currency options, and multi-language support, so you can do business with anyone, anywhere in the world.
Additionally, you have an amazing amount of data at your fingertips. The platform can provide all kinds of reports. Wondering how many of your customers are using a certain promo code? Find out with just a couple of clicks – and make real-time tweaks to ensure you’re maximizing opportunities, every step of the way.
It offers the ultimate customer experience.
Jeff Bezos, the founder, and CEO of Amazon.com, based his entire business on customer satisfaction. Here’s what he says about customer service:
“If there’s one reason we have done better than of our peers in the internet space … it is because we have focused like a laser on customer experience, and that really does matter, I think, in any business. It certainly matters online, where word of mouth is so very, very powerful.”
In this digital world, where reputations are built and destroyed by reviews, subscription management helps you make – and keep – a customer service promise. As the platform handles subscription services, you know for certain that every customer is encountering the same top-notch experience from start to finish. When the inevitable customer service issue comes up, like a refund or dissatisfied buyer, the subscription management platform handles it seamlessly. And, of course, the whole thing is tracked and stored in the system, so you and your team can run analytics and find new ways to evolve your business.
Ready to reassess?
If you’re not sure if you need a subscription management service —or if you have one that’s letting you down— take a look and see what FastSpring can do for you.
Interested in learning how subscription billing fits into your selling strategy? Download our new guide, What You Need To Know About Selling Online.