What Is Subscription Management? 4 Best Software
A lot of the services we use today are subscription-based.
You could well be using business software such as Slack or Asana. Or maybe you’re relaxing at home listening to Apple Music or settling down in front of some Hulu.
These software as a service, or SaaS, companies are finding great value in the market. They are turning what used to be one-time purchases into returning, loyal customers.
This has turned subscription-based businesses into huge earners. In fact, it’s estimated that the U.S. are spending around $2.1 billion a month on streaming services alone.
So when your business relies on subscriptions, retention and customer satisfaction becomes vital. That’s where subscription management software comes in.
But what exactly is subscription management? And what’s the best software available? We’ll take a look at the top 4.
Here’s What We’ll Cover:
What Is Subscription Management?
Subscription management is the process of managing your customers’ subscriptions. It involves making sure that they have a seamless experience with your product and they are kept happy.
Subscription management allows a business to support dynamic purchasing. They also allow ownership and maintenance of their products.
A subscription management solution tends to work on top of a payment processor to support recurring monthly billing.
It’s vital to manage your subscriptions. If a paying customer decided to leave their subscription, that isn’t equivalent to missing out on a sale. You’re missing out on the whole Lifetime Value, or LTV, of that account. Therefore every lost customer represents a large portion of money.
What Are the Best Subscription Management Softwares?
FreshBooks is the perfect service for any small business owner.
FreshBooks is software that provides accounting solutions for any type of business.
Their client management tool integrates your invoices, payments and other financial information. This makes it easy to keep track of your employees and your clients.
With FreshBooks, you can manage your clients and your subscriptions with their easy-to-use client portal.
Over 30 million business owners have used FreshBooks. This just goes to show that it’s a tried and trusted software that will make your subscription management easy.
FreshBooks offers a free trial. This means you can try it out to see if it fits your business before putting any money down.
Once your trial is up, FreshBooks’ basic plan offers its ‘lite’ services for just $7.50 per month.
Chargebee is an easy-to-use, user-friendly recurring billing platform. They are perfect for SaaS and subscription-based services and businesses.
Their service allows you to automate your customer billing and manage various subscriptions. You can also send out tax-compliant invoices to your customers.
Chargebee offers both a free version and a free trial period of their premium services. If you decide to go ahead with their service, their pricing plan ‘Rise’ starts at $249.00 per feature per month.
Zoho Subscriptions allows you to handle your customer subscription billing life cycle from one end to the other.
You can manage all of your billing cycles, automate your invoicing and analyze your business growth. You can also oversee all of your customer subscriptions which allows you to spot any trends or market fluctuations.
They offer a free plan that allows one user to manage 20 subscriptions. Their basic pricing plan then starts at $49 per organization per month. This plan allows for three users and up to 500 customers.
With Stripe Billings’ easy-to-use interface, you can create subscriptions or send invoices at the click of a button.
It is a flexible, customizable solution that allows you to build any pricing model you want. This could include a flat rate, tiered or metered subscription model.
Stripe Billing offers an integrated service that works easily with many existing CRM, ERP and accounting software.
Their pricing plan is available upon request. So you can contact their sales team to discuss their pricing options. They also have custom pricing available for businesses with a large payment volume.
Subscription-based businesses can be a very lucrative business option.
They allow for a large LTV of customers and if your subscriptions are managed properly, they can be high earners.
When choosing which subscription service is right for your business, it’s important to do your due diligence. Each service provider has different advantages and disadvantages that may benefit your company.
Are you looking for more business advice on everything from starting a new business to new business practices?
Then check out the FreshBooks resource hub.