Scale Your Subscription Business AND Keep Your Money
Dream about More Growth and Less Overhead at the same time?
Is there any point in scaling your subscription business if you have to continually hire more people to manage it?
Probably not.
But it’s not as though you’re going to turn down growth, right?
Of course, you want to scale your subscription business.
You want your name on the map.
You want to future-proof your brand.
This means you’ve got a problem- subscription management while you are scaling is an intensive process. All these issues have to be optimal, and they have to keep ticking 24-7:
- Offering customised pricing options to fit your business needs
- Maximising sales potential through strategic cross-selling and upselling while providing transparent invoices and renewals
- Ensuring financial compliance for peace of mind
- Prioritising customer satisfaction and retention with exceptional service
- Navigating the complex subscription landscape and cultivating valuable partnerships
- Implementing price adjustments and indexing to reflect market trends
- Streamlining the transition from outdated plans to new ones
- Seamless system integration for a cohesive sales, finance, and customer service experience
That’s a tall order.
And the more transactions your business handles, the stronger the temptation to hire as many people as you can to keep up.
And that can result in overheads that bite into any potential profits that scaling your subscription business can bring.
So if you want to master the challenges of scaling, keeping subscriptions ticking over, and avoiding hiring any extra people, where do you begin?
#1 – Build transparent and clear pricing models
Your pricing model can make or break your subscription business.
It’s not just about setting the right price. You’ve got to provide simple and specially-tailored discounts, upsells, cross-sells, and trials that entice your customers to subscribe. And they have to be offered at the best time in a way that encourages conversion.
However, commercial flexibility can lead to inefficiency. Because all these offers for different customers are like plates you need to keep spinning in the air. You don’t want them to crash. We see too many companies limit their offerings because it’s just too difficult to keep up.
So create a strong pricing model and implement it in a structured business application and customer portal to ensure transparency and accuracy. It can be hard work for your teams initially, but by sticking to your pricing model, you’ll create trust with your customers.
#2 – Walk a mile in the shoes of your customers and team members
In an ideal world, a subscription would be a “forever transaction” that runs on a strong relationship between your teams and your customers. And customer service is at the heart of this. But it must go beyond getting on the phone with them when they have a problem.
It’s about creating a balance between customer satisfaction and how much of an investment in time and resources you need for your team to keep customers happy.
This means you’ll need to figure out the best way to communicate with your customers. And it varies- a high-volume subscription with low prices at scale requires a different approach than a low-volume, high-value subscription.
By building an omnichannel customer service approach, you can plan workloads and provide a personal touch at the same time.
And if your customers have multiple ways to communicate with you, you’ll be able to funnel requests into a case workload and use smart elements to route cases to agents. This helps you gain more customers and keep control of your service level.
#3 – Automate your subscription lifecycle
Once subscriptions are in place, there’s a huge number of processes and actions that have to be (if we’re being honest) endlessly repeated.
And this not only drains you and your teams of time but opens up the possibility of mistakes that can cost you money and your reputation. No one wants to be stuck in repetition limbo and no one wants to be on awkward phone calls with angry customers.
And what’s worse, when you’re scaling your subscription business but still hand-cranking the operation, you and your team don’t have the time to do what you’re good at – sales. Innovation. Future-proofing the business and expanding brand reach.
And then you’re stuck with that temptation of destroying your profits by paying new people to try to keep up with everything.
But this can be solved with one thing – automation.
Automating these tasks is essential to keeping your finance team focused and efficient. You’ll save time and resources by automatically generating billing, revenue recognition, security deposit requests, purchase order lines, and cost recognition.
Automating your renewal approval, price uplifting, and monitoring entitlements will also help you scale your subscription business faster and more efficiently.
And because the end-to-end is automated, you won’t have to spend your time and money hiring an endless line of new employees to continue those old manual processes.
Because our solution is perfect at scaling with the growth of your subscription business. You’ll always get what you need when you need it.
By investing in subscription lifecycle automation, you’ll build a foundation for growth and success.
Mastering subscription challenges requires heart and dedication, but with the right approach, you can scale your subscription business with confidence. And you won’t have to increase your human resources overheads to do so.
Why struggle with challenges when you no longer have to?
Keep your money!
