Many industries have seen a dynamic shift as more businesses move into subscription-based models every day. Are you fully equipped to grow or venture into this model?
It is important to put your customers first through customer-centric pricing, excellent customer service, tailoring services to cater to different target segments, and proactively solving customers' problems.
Depending on your product or service, your billing platform should support freemium, trial management, metered billing, volume pricing, and tier-based pricing.
Businesses that provide customers with multiple options have seen tremendous growth. How many payment methods does your business support?
Branding and personalizing your invoices, emails, and hosted payment pages can help create better brand recognition.
Tackling churn can be quite a challenge, but configuring the right payment failure and retry settings will improve your customer retention rate.
In order to stay ahead of your competitors, you'll need insights on your business' health (like MRR, ARPU, and churn rate) to make well-informed decisions.
Don't forget to automate your backend workflow using APIs and webhooks to save yourself time and effort. For instance, you can automate the canceling of the subscriptions of your customers who's payments are overdue.
Finally, you'll need a comprehensive software suite that brings your sales, marketing, operations, and HR together and eliminates redundant work.
The All-in-one Subscription Management and Recurring Billing Platform