Anil Kondla
Last Updated on July 15, 2024 by Team Experts
If you run a business or are part of a booming business you will be quite familiar with the term subscription management. For some companies, subscription management is breezy – just like taking a walk in the park, but for some, it is a right nightmare.
Want to be on the breezy side of the company? You just need to find a subscription management software that fits you best!
Let’s take a run-by-run account of what features should be a must whilst selecting your subscription management software.
1- Readiness of the software
Only the best software would do it for you. Nothing subpar can even come close to the real deal. So, how seamless is the software you are selecting is a deal-breaker. There is no point in selecting software that is going to cost you time and not add value. The most precious quality in any business is their time and cost-efficiency. Falling short on that is a big NO! Choosing a best subscription management software that is operational for your company in days rather than months is the first right step.
The second step is to make sure that the chosen software is quick and efficient for your employees. They don’t need to pour days into understanding the basics and nitty-gritty of the software. It should not only be feasible but should cater to each team’s needs.
2- Integration Identification and Implementation
You need to make sure that the subscription management software is tailored to your company’s unique needs. It is a glove fit and not all flappery or slimy. It should offer your company a pricing model that caters to the ever-shifting market strategies and product growth. It should also offer you options that may be very well needed by you in the future, not just the present.
What this does is offer you a single platform where all your needs are met and spare you from spending an extra ounce of energy and time in the future because you want to shift to a more enhanced subscription management software. It offers you a fixed, recurring, quantity-based, and usage-based model. If you want a combination of multiple methods, it’s there for you to use. Your potential vendor must be able to accommodate all your needs under one single platform.
3- Promotions, Incentives, Ads
The best way to get clients is to give them an offer they can’t refuse. The most efficient way to do this recurringly is to keep a complete check and balance of the active and non-active promotions and the traffic they generated. Your chosen subscription management can manage, monitor, and incorporate all bundles, discounts, promotions or coupons, or billing methods and pricing models offer to your customers.
Not only that but it also provides you key insights into the efficacy and relevancy of the promotion you are offering. This reduces the customer churn by a significant percentage and keeps the company’s revenue locked in the right place.
The right subscription management software also offers YOU free trials, promotions, and discount vouchers, so that you can test the software before fully jumping on board and you get to have the right subscription billing solutions with a single click.
4- Online Payment Gateways
Gateway routing is as important as the software itself. You want the software to provide you with optimal gateways depending on your transaction type. This means your gateway is not only optimal but also gives lower transaction and higher acceptance rates. It routes payment depending on geolocation and spares you the extra cost hassle (or is cost-efficient).
5- Revenue Recovery
Let’s be honest. The main reason to hook up to a cloud server such as subscription management is to maximize the revenue and minimize customer churn. If the software recovers more money from your customers than you are investing in it, then it’s a keeper. How to know that? Just look at the revenue metrics and you will have your answer.
6- Time Efficient
The best thing about this software is the automation process that leaves little to no room for human intervention. Once you are subscribed, the software will do the work for you, which in turn gives you ample time to work on your business growth. Time efficacy is not very quantifiable, but case studies and testimonials are a good way to understand and know the software you are choosing.
Decisions, Decisions…
This might seem a lot to take in but this is just a few square feet of the ground we have covered. Whenever you want to select a new subscription management software remembers to look at all these basic points. You need to set the base right before doing more groundwork.
Read more: 5 Benefits of Implementing Enterprise Asset Management Software for Your Business.
