Still on the fence about whether a subscription and membership service is a great idea for your business? Then this post is for you. A membership program might seem intimidating, but with the right strategies you can make it a success. (Read what strategies can kill a membership program).
We've highlighted some really great benefits of a subscription service that will make you want to start one right away. (If you've already got an idea for a subscription service, you should read this post to see if your idea is viable).
1) A more long-term and improved relationship with the customer.
Recently My Books an accounting and financial services website launched a membership program with Axis Subscriptions for Joomla. They offer financial management and auditing services to their customers. Their website encourages custoemers to box up their tax paperwork, and bring them in for their executives to organize and audit and provide monthly solutions.
- A service like this establishes a more long term relationship with the customer. With monthly services being offered automatically to the client, a sense of loyalty to your business is formed. This can take you a long way in keeping your customer base going.You'll also know your customer's preferneces to market to them easily. (Check out these great Wordpress marketing tools).
You can also start your subscription service with Axis Subscription Wordpress. Also read “How to sell memberships and see success”.
2) Subscription automation introduces greater flexibility
Subscription services are extremely popular because they make it easy for users to terminate or alter the plans and schemes they've signed up for. And the best part is it is easy for you as a store owner too.
When you've got the right membership plugin, it takes care of the downgrading, upgrading, changing of plans, signups, and incoming payments on its own. So you don't have to break your head about it. Axis Subscriptions is one such plugin that does all of this for you. It is also integrated with Stripe to make the incoming payment process easy. Read about it.
- When customers know they can opt out and change their commitments with your membership plan, they feel more comfortable signing up for it. They want the flexibility to change their plans as and when their needs change. And a subscription service helps you do this.
3) Allows for more accurate prediction of revenue
A membership program introduces more stability into your business model and cash flow channel. Since a membership program introduces the concept of automated recurring billing, you have a pretty accurate idea of how much cash flow there is going to be periodically.
- Let's say a snack store owner sees a sudden boom in his business for organic snacks and he stocks them up for months. Now if suddenly there is a huge drop in customers who don't come in to buy these snacks, the store owner will suffer a huge loss. Instead if he has a subscriber base that want a certain quantity of organic snacks to be delivered every week, he will not stock up on unnecessary goods. (Check out “How to create a subscription box that adds value”).
Now you see why a membership program in your store is a great idea? And you can get started with a membership service right away with Axis Subscriptions. Once you're done signing up, check out this post on "How to get your first 100 subscribers".