What is
subscription management?
Subscription management refers to the process of handling & organizing the billing, payments, & delivery of a recurring service or product, often on a monthly or yearly basis. It involves the management of subscribers, their billing information, payment history, & service usage, as well as tracking & renewing subscriptions, & handling customer inquiries & support.
The goal of subscription management is to provide a smooth & efficient customer experience for subscribers & to ensure the sustainability & profitability of the subscription-based business.
A subscription management software gives you an assortment of features & tools. It ensures a simple & customizable customer experience. Typically, subscription management may be a mixture of automated & manual actions.
Value
Recurring Revenue
Recurring revenue is a type of revenue that a company receives on a regular basis from its customers, usually in the form of subscription fees or recurring payments for the use of a product or service. It is considered a stable & predictable form of revenue that provides a company with a steady stream of income over time.
Recurring Billing
Recurring billing refers to the automatic billing process where a customer is charged on a regular schedule (daily, weekly, monthly, etc.) for a subscription-based service or product. This process can be set up for customers to make payments for a fixed amount or for an amount that may vary depending on usage. The billing information, such as credit card information, is securely stored to allow for seamless & continuous billing.
Customer Loyalty
Customer loyalty refers to the repeated & ongoing purchases made by a customer over time, despite the presence of other competitive alternatives. It is a measure of the level of trust, satisfaction & commitment a customer has towards a brand, product or service, & the likelihood of them to continue using & recommending it in the future. Companies aim to cultivate customer loyalty through effective marketing strategies, quality products & customer service, & by building strong relationships with their customers.