The Internet and, above all, the advent of e-commerce, have given businesses the opportunity to develop new sales strategies to captivate a market that is increasingly volatile and difficult to reach. building customer loyalty. One of them is subscribing to products or services online.
According to a study by Sell Courses OnlineThe global subscription market is growing by more than 65% per year and is estimated to reach a global size of around 904.28 billion dollars by 2026.
The numbers don't deceive, subscription business models are a great and fruitful opportunity for your company to guarantee more regular revenues and a more profitable business. higher customer loyalty rate.
Why is the subscription model on the rise?
This means that, as Tien Tzuo and Gabe Weisert, authors of the book Subscribed: Why the Subscription Model Will Be Your Company's Future - and What to Do About ItWhat's more, companies that bet on subscription models grow 9 times more than those that are part of the Standard & Poor's 500 index?
The answer is relatively simple, but it requires analysing several factors.
Among them, for example, is the ability for companies to personalise their customers' shopping experience by offering them products and services that meet their needs at the right time.
In addition, the ease of access to the subscription and the reduction in initial and maintenance costs end up attracting companies and customers to sales models of this type.
Since subscription models stipulate that the consumer must leave some personal data with the company at the time of subscription, this will enable the organisation to get to know its customers' wishes and needs better and thus be able to offer them a shopping experience in line with their expectations.
Benefits of subscriptions for your business
Creating and enforcing a subscription-based marketing strategy can bring enormous benefits not only to your business, but also to your customers.
Thus, the main advantages of subscriptions for companies and their customers include:
Achieve a more regular and therefore predictable cash flow
At a time when many companies are struggling with severe liquidity difficulties, creating a subscription strategy will help you maintain a cash flow This will bring your company greater predictability in terms of revenue.
Higher customer loyalty rate
Customer loyalty with subscriptions is undoubtedly one of the greatest advantages for your business.
By consistently using a product or service that offers them benefits, customers tend to develop a greater sense of loyalty to the brand and consequently seek it out when they need to make purchases.
Offering a more attractive buying journey
As well as online payment methods in line with customer needs and the size of the business, strategies for implementing subscriptions should be a way of making the customer buying journey faster, more convenient and more efficient, since the less friction there is during the purchase process, the better the experience will be and the more tempted he will be to return.
How to implement an efficient subscription model?
It's not too much of an exaggeration to say that subscription business models are here to stay, but for companies to be able to reap the expected dividends from them, it's important that, first and foremost, the creation of a strategy of this kind is accompanied by a change in internal business processes and the implementation of information systems that are able to respond in a timely manner to the needs of today's consumers.
In practice, this involves things as different as the use of digital marketing techniques and efficient e-business, as well as online payment methods adjusted to the consumption habits of their customers and the size of the business.
5 steps to increase your business sales with subscriptions
Having said that, it's time to help you understand how to increase your business sales with subscriptions through five simple steps.
Step 1: Try to identify the products/services best suited to a subscription model
From analysing your company's inventoryIf you're looking for a product/service that is likely to be purchased regularly by consumers, you'll want to start sorting. In this sense, you can start sorting by choosing items that are most in demand on a monthly or quarterly basis.
Step 2: Define the subscription plan and price
For the subscription model to be effective, it's important that subscribers get something out of it, which is why the price of the products and services included in the package is lower and gives access to other advantages.
Also in this field, consider creating subscription plans that are flexible, customisable and adapt to the volume of purchases made by the customer.
For example, plans can be scaled according to the customer's level of loyalty, starting at a beginner level and scaling up to a level for older customers with exclusive offers.
Step 3: Adapt your payment methods to the subscription plan
In order to reap the rewards of increased subscription sales, it's important to have payment methods available on your e-commerce platform that are not only suitable for the online environment, but also adapted to the needs of your customers.
In this area, pay attention to the solution REDUNIQ@E-Commerce which, in practice, is aimed at those who sell via a website and offer their customers, through a simple integration process and free of charge, the possibility of making a purchase. online card payments debit and credit cards (Visa and Mastercard) from all over the world, and the solution REDUNIQ@Payments.
This last solution was designed with the many businesses that have sprung up on the Internet, selling without a website via social networks, in mind, and offers its customers the possibility of paying for their purchases by e-mail or SMS, WhatsAppby Multibanco reference or MB WAY with Visa and Mastercard, through a payment link.
In addition, the REDUNIQ@Payments solution allows recurring payments, i.e. if your business requires the automatic collection of monthly fees or instalments, all your customer has to do is authorise the first payment and all subsequent payments will be collected in the same way, without any complications or surprises.
Step 4: Communicate subscription plans in a multi-channel way
In order to make consumers aware of your subscription plans, it is essential to take advantage of the channels at your disposal to communicate this new service, and its advantages, in a captivating way.
Among other things, do e-mail marketing campaigns, take advantage of the social networks to exploit content marketing and influencer marketing and consider investing in banner adverts on your website or on sites with high traffic.
Also consider offering initial incentives to encourage membership, such as discounts or exclusive gifts.
Step 5: Try to simplify the membership process
In order to guarantee an easy and simple migration of your regular customer base to the subscription plans you are offering, it is important that you ensure that all information relating to membership, such as payments and products, is clear and transparent.
Tips for building customer loyalty with a subscription service
As we have seen, the customer loyalty is one of the main objectives of a subscription plan, but for it to work perfectly, take note of these three tips:
Get to know your customer
Who are they, what do they value and what motivates them to do business with you? By answering these three questions, you'll get closer to knowing your customers and offering them a more personalised and attractive service;
Offer attractive rewards
In order for your subscription programme to attract consumers' attention, try to offer them rewards that they find attractive.
Among other benefits, offer discounts on products, access to special and exclusive services or even tickets to music or sporting events.
Create a points system
Because of its simplicity, a points system can be an excellent attraction for consumers. For example, for every euro spent in your shop, customers can accumulate points which, once they reach a certain volume, can be converted into discounts or prizes.
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