Published on April 17th, 2019 | by Sunit Nandi0
Benefits of Using Automation Software for Your Subscription Business
The subscription business thrives when there’s a tool to manage all the activities involved in the business model. It’s easy to retain clients when they’re sure someone is listening and taking action when there’s a need for one.
In addition to customer satisfaction, management of subscription keeps your business orderly. You’re aware of the actions taking place such as upgrading, downgrading, or canceling the subscriptions and the cost implication to the company.
Any delay towards the customer in subscription services translates to poor customer service and incompetency in business. The efficiency of a subscription software also relieves the business from the burden of credit collection. Here is a significant reason why you need automation software for your subscription business and what to look for before incorporating one into business.
Why You Need an Automation Software for Subscription Business
The history of subscription dates back in the early 1960s during the computer era. Those who could not afford the enormous computer subscribed for its time and storage. At the time, it was like the modern cloud computing.
Fast forward to the current age where people don’t necessarily want to own items but instead, pay for their services for some time. Kindle, Netflix, Spotify among others are some of the most popular subscription services that have made use of automatic subscription management and billing software.
Therefore, if you have a subscription business model, below is the primary reason you’ll need an automation software to manage the clients’ subscriptions, discounts, and bills.
Customer Satisfaction and Experience
Customer satisfaction will determine if the clients stay with you or leave for the competition. All customers come on board with expectations. As a Subscription Company, they expect you to be prompt with feedback and information.
Most people in the subscription market are millennials who are looking for instantaneous responses. They’re probably juggling a lot of things and keeping them waiting can get your products or services dismissed with immediate effect.
Having automation software takes most of the pressure from instant feedback. It ensures that customers get immediate feedback incase of an inquiry, prior information in the event of changes in prices or packages and many others.
Customer experience and satisfaction is a significant reason for automation subscription management. In the end, client retention will determine your growth and bottom line as a subscription business.
Tips for Spotting a Suitable Software for Subscription Business
Good software is one that is most flexible towards the customers. The clients need to feel in control to change from one package or the other, pause or annul the subscription altogether. It should also allow for exclusive discounts, one-time charges without necessarily going through the rocket-science kind of a procedure.
Subscription services and products must be secure to allow for safe payment. The information on your web page must be encrypted to keep the client’s data safe from identity theft or phishing.
Technology changes regularly and with it comes significant scaling of online businesses. A subscriptionsoftware should be scalable thus grow as the business grows. That saves the business money of incorporating a new software every time there’s an upgrade.
Consultative support is part of the customer service experience. There’s already too much that would make a client disqualify your business and move on to the competitor. Not offering them a way to reach you and make inquiries is a move against your business. Ensure the software has a portal for customer support for when they need it.
It’s an essential part of the software because it determines how you make money. A good software should support several banks and credit cards so that none of your clients is left out because their preferred payment method isn’t supported.
It’s impossible to achieve a 5-star performance in subscription business without suitable software for back up. With an increase in the number of subscription companies, there’s going to be stiff competition in the next few years. The best way to be distinct is by offering quick feedback and giving the client the freedom to choose packages. A subscription management software helps increase customer satisfaction by providing efficient service and secure platform for both the business and the client.