Written by: Rashmi
Every digital publisher knows the value of subscriptions. If managed correctly, subscriptions can act as a growth engine for your business. But what most people do not know is how to pick the right software to manage subscriptions.
A subscription management software can come in handy if you want a one-stop solution for all the tasks related to subscriptions. Its work starts when a reader subscribes to your publication and end when they unsubscribe. In short, it works during the whole life cycle of your subscriber.
Down below are five tips that will help you find the best subscription management solution:
The very first step of choosing a subscription management solution should be identifying your specific needs. Do you want pricing tiers or is only one membership plan sufficient for you? Do you have a specific problem that you want to be solved by the subscription management solution?
For example, some publications work on a recurring model where they charge a fixed recurring amount for membership of a website or app. On the other hand, some publishers also offer micro-payments for letting the readers read only a limited number of articles. So, you need to make sure that your subscription management solution offer features that support your specific business model and needs.
Identifying current needs is not enough. Digital publications also need to keep their future needs in mind as migrating frequently from one subscription management solution to another might prove to be costly.
For example, if you do not have pricing tiers right now but you are planning to launch in near future, it is better to find a subscription management solution with pricing tiers now.
We already talked about your publication-specific needs and features. Along with that, there are some must-have features that are needed by every digital publication business.
Down below is a list of a few features that you should seek out in your subscription management solution:
Payment gateways
Automated subscription billing
Checkout
Revenue recognition
Functionality for downgrading or upgrading the subscription
Dunning management
Analytics and Insights
The growth of subscription-based business model relies heavily on changing technology. A piece of software that is used by everyone today might become obsolete tomorrow. So, it becomes necessary to keep up with changing tech trends.
Down below are some latest trends in the world of digital subscriptions:
Integration with other gateways: Thanks to the constant evolution in the fintech world, a new payment method emerges every now and then. For example, Buy Now Pay Later (BNPL) is the trendiest payment method right now. Your subscription management solutions should be flexible enough to integrate with other gateways.
Mobile App: From web-page-based apps to headless CMSs, the digital publication has come a long way. Today, a good subscription management solution has to seamlessly integrate with the user interface of mobile apps.
Local Languages and currencies: Every industry leader is taking their monetization strategy across the border. This means that they have to accept the local currency in the local language. So, digital publishers should find a subscription management solution that should be able to accept local currencies if they are planning to expand in the future.
Mainly, there are two types of pricing models for subscription management solutions: flat fee based on volume and percentage fee on every subscription. The former is considered better because it doesn’t matter how much you charge for your subscription; it is going to be the same for you.
Using the above-mentioned five tips can save you a lot of resources. Moreover, it will help you give your reader the best user experience from day one with the help of the best subscription management solution.
At Quintype, we have built a robust content monetization platform called Accesstype. It helps digital publishers generate predictable reader revenue with its intelligent subscription management features.
Interested in knowing more about how Accesstype can tap into the hidden strength of your subscriptions?