Did you know that by the year 2020, 53 percent of all software revenue will be generated by subscription model businesses? Another notable prediction is that 70 percent of business stakeholders suggest subscription model businesses will be the next key element in the business. So, in case your business hasn’t already started offering subscriptions to customers, now is the time to start. It is essential for those businesses who already do to know how you can grow your business, especially your revenue model. We have listed three major factors that can help you in increasing your total revenue.
Strategies to Grow Subscription Model Business
1. Offer Add-Ons to your Subscription Plans
As everyone is aware of the fact, convincing your existing customers into buying your products is a more easier task than to convince someone new. So, if you add new products or services to your business, it is more likely that customers will buy them, and this will eventually lead to growth in total revenue.
2. Upgrade Your existing Subscription Plans
Much like Add Ons, if you can add different levels to your subscription plans, then chances are customers will want to upgrade. This is also known as Upsell strategy, in which businesses add extra features to their subscription plans to make them more appealing. This also helps in increasing revenue as existing customers will most likely want to upgrade on their features.
3. Start Offering Customer Help Exclusively
By exclusive, we do not mean that you stop offering any kind of services to the rest of the customers. We only mean that you can give exciting offers to your enterprise customers, such as 24-hour customer support or personalized support for the entire subscription plan. If your service is something that a customer can take away home, then you can also offer home service to your enterprise plans.
It is always important to acknowledge when you need to shift your business ideas and advance them in order to expand your business. The three strategies, as mentioned earlier, are the best way to grow revenue for the subscription model business. For this, you need a strong billing platform software integrated with your website. Explore Muvi Billing that offers over 20 payment gateways and offers a wide range of features, including but not limited to automated billing, flexible billing, and it comes with career grade security. Take the 14-day free trial of Muvi Billing now and once you are satisfied, buy the software. Note – there is no need to fill in any credit card information for taking the free trial.