A subscription platform system that controls solely digital and then makes it seem as if it’s only a decade ago before the “subscription economy” took root. Businesses began selling everything from razors to wine to furnace filters on a subscription basis. Creators searching for a subscription platform faced a few vendors.
Through subscriptions, the lifetime value of clients will improve owing to an extension of the customer-business connection.
Since consumers remain longer with the firm, they will continue to buy items or services from the corporation until the termination of their subscription.
Subscription platforms were publishing industry-specific solutions developed by software developers. Who were well-rooted in the publishing industry and had, in many instances, served the industry for decades.
However, not all subscription systems are equal. For example, the majority of publishers continue to develop and supply physical, print items in addition to digital material. While that segment of the industry is shrinking, it still accounts for a significant enough amount of the revenue mix for many publishers that it cannot be disregarded.
Publishers should seek publishing-specific solutions that address both digital and print requirements natively, rather than generic recurring payment apps. By changing the above Google search to “subscription platform for publishers,” you’ll discover options that are tailored to your unique publishing requirements.
Patreon is considered to be one of the most commonly used subscription systems by YouTubers, but it has its cons too.
Although a popular option, Patreon pays too little to new users, while there is also a delay in receiving payments, you can also opt for a more reliable alternative for Patreon.
Read on and find out what to look for, in a subscription platform, before opting for one.
What to Look For Before Getting a Subscription
1. Package Deals
To expand on past capabilities, those package components must sometimes remain synchronized. Consider a simple example: a paper magazine with online access to digital content. These may be offered as a bundle at a discounted rate.
However, since the package is composed of two independent subscriptions, additional effort must be taken to service the individual components and then renew the package as a whole.
What happens if the print run is briefly halted for two issues? Is internet access maintained? Is the subscription still active at the conclusion of the 12-month period? Does the subscriber get two more issues at the conclusion of her subscription?
These are all factors that contribute to the consistency of package components regardless of how the product is delivered. A subscription platform designed specifically for publication should be capable of handling this out of the box.
2. Upgrade and Downgrade Options
Customers want flexibility, and they want it now. For example, a subscriber who has bought online material may choose to add the print edition for weekend reading. The flexibility to expand a subscription to include two or more components provided in distinct ways is a must in today’s world.
Subscribers have the freedom to upgrade to more features. Or downgrade to fewer features for a reduced price. This option to fluctuate between packages helps the user to subscribe to a package more inclined to their needs.
Similarly, a subscriber may decide to downgrade from online access + print to online alone. Financial repercussions of these adjustments must be handled smoothly (debit in the first instance, credit in the latter) while continuing to collect money during the subscription term’s duration.
3. Ease of Billing
Keeping track of physical issues sent and access to content, and then billing the correct amount at the end of the month, is straightforward enough.
But complicate that scenario with delivery suspensions and reinstatement, or allowing the subscription to expire and then be renewed. The complexity of possible system behaviors quickly grows, similar to the synchronization model above.
You have the option of cashless payments and payment through a variety of payment methods.
4. Ease of Use
Integrating your subscription platform for paid podcasting with the other important services in your ecosystem is crucial. Not just for efficiency, but also for providing outstanding customer support and marketing. Ascertain that the platform you chose supports interoperability with other systems through an open API.
For example, amazing UX UI design helps to make apps and websites easy to use. Which is a major reason why people opt for applications or sites with a better user interface.
5. Read Customer Feedback
It’s discouraging when you’re on the verge of acquiring a new client, but they leave when they encounter an issue throughout the buying process. With a sophisticated billing platform, you can quickly get a list of these lost clients and contact them individually to inform them of the resolution. This will assist in increasing your conversion rate and fostering brand loyalty.
Assume there is an issue with your payment gateway and five clients have had payment attempts declined. With a lost opportunities report, you may get their email addresses, inform them that the problem has been resolved, and urge that they try again.
How Much Time Will You Save With Subscription Billing Software?
Choose a provider that knows the value of time. The finest subscription billing software will need little human interaction. You don’t want to be tinkering with the program in order to get all the advantages. What good are such advantages if they divert your attention away from other valuable activities?
Time savings are more difficult to assess than involuntary churn reduction. You will not get an exact measurement but insist on a vendor who will provide an estimate based on case studies and testimonials.
If a seller can demonstrate that the program saved them countless hours, they may be onto something.
Conclusion
Naturally, you want a subscription billing platform that is capable of incredible things. However, what good are such qualities if you are unable to use them?
When selecting a billing subscription, make sure that it has everything you require. Hopefully, this post will help you find the best one for you.
