A subscription business model is useful and valuable for many organizations because they improve buyer retention and encourage customer success. Companies like Microsoft, Netflix, and Spotify have all found great success with subscription models.
If you think it's limited to huge companies, you're wrong. Your company can join the bandwagon and start using a subscription business model, too. Whether it's a new business or you're transitioning an existing one, this guide will show you how to create a successful subscription business model in four easy steps with Subflow.
So, what are you waiting for? Let's get started!
With Subflow, you can create, price, and publish subscription products quickly and easily. You have full control over the subscription experience, from sign-up to cancellation. This is important because it allows you to create a seamless customer experience that meets your unique business needs.
Why? Because when you have control over the subscription experience, you can create a unique customer journey that leads to long-term customer loyalty. Unlike other subscription platforms, Subflow gives you the flexibility to change your subscription products at any time. This means that you can experiment with different pricing models, features, and packaging until you find what works best for your business.
But before that happens, you must identify who your target market is and what they want. Even if you already have existing customers, you must understand who they are and what motivates them to keep buying from you.
You need to define who'll buy a subscription to your service or product and what needs and wants they have. That means going back to basics and knowing what your users' pain points are.
And you can do that by conducting market research. It's a process of gathering data about your target market, their needs, and how they make decisions. Here's how you can do it:
Once you know your target market, it's time to define your core offering. This is the main product or service that you're going to offer with your subscription.
For example, if you're a SaaS company that provides software for project management, your core offering would be the software itself. Or, if you're a beauty company, your core offering could be a monthly subscription box of makeup. These subscription box businesses have been taking off lately, and for a good reason – customers love getting new subscription boxes delivered to their doorsteps regularly.
Once you've defined your core offering, you need to create different tiers for your subscription. This is important because it allows you to segment your customers and offer them different levels of service at different price points.
Let's go back to our previous examples about subscription companies or subscription businesses. If you're a SaaS company, you could have a basic tier that offers the bare minimum features of your software and a premium tier that gives users access to all the features.
And if you're a beauty company, you could have a standard tier that comes with five makeup products and an upgraded tier with eight products.
The key here is to offer enough value in each tier so that your customers feel like they're getting their money's worth. But you also don't want to overdo it and include too many features or products in a single subscription.
You need to strike the right balance so that your customers are happy and willing to keep paying for your service month after month.
Once you've created your subscriptions, the next step is to generate a custom landing page for each one. This is important because it allows you to drive your audience to the right subscription for them.
For example, if you're targeting small businesses, you would want to create a landing page that's specifically designed for that target market. You would include information about how your subscription can help them save time and money, as well as testimonials from other small businesses that have used your service.
On the other hand, if you're targeting individual consumers, you would want to create a landing page that's designed for them. This landing page will be focused on how your subscription can make your customer's life easier and more convenient.
Whatever your target market may be, you must create a landing page that speaks to their needs. It's the best way to convert them into paying customers.
It's time to send your subscription content via SMS messages. When creating your SMS messages, there are a few things you need to keep in mind:
Thankfully, Subflow makes sending text messages and content to your audience effortless. With Subflow, you can create and send SMS messages with just a few clicks. You can send it in bulk or individually, and you can even schedule your messages in advance.
Lastly, securely get payments at whatever frequency you like with a payment gateway. For example, setting up payments with Subflow is a breeze- all you need is to connect your account, and you're ready to go.
Each payment for a subscription package will go directly to your bank account. Hence, you can get paid weekly, monthly, or even yearly- it's up to you!
Creating successful subscription business models can be the key to unlocking new revenue streams for your business and fostering better customer relationships. In addition, it's a great way to segment your customers and offer them different levels of service at different price points.
But before you can start reaping the benefits of a subscription business, you need to set up your subscription tiers, generate custom landing pages, create SMS message content, and collect payments. Thankfully, Subflow makes building a subscription business easy. Sign up for a free trial today to see how the Subflow subscription service can help you take your business to the next level.