Your subscription-based business is growing, and you’re looking for a billing platform that can help you streamline your subscriptions and boost your growth. It is important to find the right subscription management platform that can support you as you run your business while also giving your subscribers the features and experience they are looking for. This checklist is a good starting point when choosing a subscription management service to elevate your offerings. If a platform checks these seven boxes, you know you’ve found a good one.
A Variety of Recurring Billing Plans
When you first start offering a subscription, it might feel simplest to give customers just one fixed-price choice. However, as you grow, partnering with a platform that lets you introduce new recurring billing plans is vital. Whether that means a variety of fixed-price options, usage-based models, or even a hybrid choice, it can help you intrigue new customers with plans catered to their needs.
As your subscription-based business grows, you will inevitably reach people who have never heard of your company. A great way to help them learn about your brand and get them interested in a subscription is with a trial offer. The best billing platform enables you to configure your trials to find what works best for your business model. Whether 7-day trials or ones that last a whole month, this attracts new customers who want to get a feel for your product or service before purchasing.
Promotions, Coupons, and Gift Subscriptions
Promoting loyalty and bringing in new customers are both incredibly important in the recurring billing world. Offering promotions, coupons, and gift subscriptions are effective ways to keep both target markets interested. Current subscribers will see how valued they are when you offer them an extra discount for sticking around. At the same time, new customers love to try out a coupon and get your subscription for a temporarily reduced price. A good subscription management platform makes giving your subscribers these discounts easy.
A Billing Platform with Automated Tax Solutions
The more your business grows, the more intricate your finances—especially the taxes—become. Make sure your billing platform of choice has automated tax solutions right from the start or offers integrations with tax software to help you meet international tax mandates. This helps save time and lets you focus on guiding your company with big-picture business decisions.
It is essential that every step of the subscriber’s journey is personalized and feels true to your brand. That’s why you should be able to customize your invoices easily. This is on the checklist because it helps streamline each subscriber’s experience and helps you consistently shape the image of your brand.
The best billing platform can help you expand your business. It also makes it easy to keep up with billing across new demographics and regions. Find a partner that offers many payment gateways and the ability for your customers to pay in their preferred currency. As a result, when you scale, all your customers can have the same smooth experience, no matter where they live.
You should make every decision for your subscription-based business with analytics in mind. Data can tell you how successful you are and if your choices are the right ones. That’s why you need a platform that gives you all your analytics in one intuitive place. When you need to make a big decision, you can use the data to help guide you. With the right partner, it is easier to see how healthy your business is and how you can continue growing.
Now that you’ve checked off all these boxes, you know you are partnering with a billing platform that has all the tools and features you need to succeed. You can evolve your brand confidently, knowing you have the right support to grow your subscription-based business.
If you are ready to take the next step with your subscription-based business, it’s time to partner with Recurly. The world of subscription services continues to expand every year, and Recurly can help you stand out from the crowd. They offer the insight you need to refine and streamline every step of the recurring billing process for your business. From optimizing the subscriber experience to invoice management, Recurly is the best subscription management and billing platform to help you grow your business. They have helped manage over 40 million subscriptions and have been a leader in the industry for more than a decade. Their range of smart tools and data-driven solutions can help you scale and increase the lifetime value of each customer. Whether you want to run a churn calculation or implement a new pricing model, trust Recurly to help you do it.
Get all the features you need for your subscription-based business to succeed at https://recurly.com/