Curious about how you can get even more out of your website and your customer base?
A website subscription business model can attract and convert those new customers you’ve been trying to reach through your SEO and other marketing campaigns.
It can also jumpstart your revenues so that you can finally take your business where you want to take it.
Orienting your site to fit a subscription-based business model may seem like a risky move. Some business owners worry that consumers will actually shy away from something they have to pay a monthly fee for.
However, there are actually incredible benefits to implementing a subscription business model that can take your business to the next level. Read on to learn more.
1. Maximize Customer Experience
The biggest benefit of a website subscription business model is what it does for your customers. Subscriptions offer your customers convenience, ease, and simplicity–all values that are becoming essential in the e-commerce market.
Just think about subscriptions that you have personally. You may be signed up for Netflix, a monthly subscription to People magazine, or an online fitness video marketplace. Today consumers can even get subscriptions for weekly food deliveries, wardrobe additions, and skincare products.
Subscriptions are valuable because they can be about anything online. But they also make life easier for every customer. Your customers won’t have to drive anywhere to pick things up or worry about having to pay a bill every month. They can choose autopay, enter a delivery address, and be good to go.
Maximizing your customer’s experience goes a long way in building your reputation as a company and keeping your users happy.
2. Increase Profit Margins
A lot of people assume that the website subscription model isn’t actually cost-effective for businesses. After all, aren’t subscription rates mean to be cheap for the consumer?
Not necessarily. It’s possible to come up with a variety of subscription packages and/or rates that really do reflect the cost of implementation and profit you’d like to receive. You can control the revenue you want to see.
When you have customers subscribed to monthly or even weekly packages, you’ll be getting steady revenue in the numbers you’re looking for. Steadier revenue means increased profit margins overall, and greater potential for you to expand as a business.
3. Get Trackable Data
Because you’ll be getting steady revenue from your subscribers, you will also be receiving trackable financial data. The value of trackable and predictable data is nearly priceless.
You’ll be able to clearly identify your customer base at any given time and make informed financial decisions for the future. Your predictions on growth will be much more stable with a website subscription business model. As a result, you can feel confident in any expansion or other investment moves you make.
If you are savy enough you can build special tools to track your data. Or you can leverage some cool applications like Zapper to feed that data to your financial software like Freshbooks, or Quickbooks. Learn more about what tools like Zapier can help you automate in your business.
4. Grow and Retain Your Customer Base
The beauty of a subscriber model lies in the fact that it gives you a grip on your existing customers. The people who purchase your products won’t be just doing so on a one-time or spontaneous basis.
Your customer base will be made up of long-term relationships. You’ll be able to stay with your customers for as long as they like. If you play your cards right, this could be in the category of months and years.
You’ll also be able to grow your existing customer base. Customers will always opt for what is most cost-effective and convenient to them. By playing to their needs, you’ll see higher conversion rates over time.
5. Amp Up The Competition
Website subscription business models are quickly becoming the most competitive models out there because they do so much for customers and businesses. If you want to stay competitive in the business arena, it’s time to think subscription.
You can quickly jump to the top by offering the lowest subscriber rates in your industry to customers and delivering a high-quality product. Maybe you’ll even be the first to harness a subscription model.
Either way, a subscription business model is a marketing tool at the heart. It can give you the competitive edge you’ve been looking for all these years.
6. Streamline E-Commerce
A website subscription business model makes things easy for you as a business owner, too. Subscriptions streamline the e-commerce process, making transactions easy and even reducing packaging and shipping needs.
With the right web development services, you can implement an e-commerce platform that is easy and impressive to use.
Customers will be paying a set price per month, depending on the package they choose. You’ll be dealing with the same numbers every month, and maybe even the same fees (if you need to implement fees).
Streamlined e-commerce means more time for you as a business owner and simpler platform management.
7. Make Marketing Easy
Marketing is the core of your business model and the funnel for obtaining customers. The great news about a subscription model is the fact that it can transform your marketing campaigns.
You won’t have to advertise for individual products anymore. At the very least, this won’t have to be the focus.
You can orient your campaigns to focus on everything customers can get in a subscription package–and the low cost to them to receive all of this. A subscription model will enable you to play up the options and convenience you’re giving to customers.
An easier and more effective marketing campaign will streamline your advertising efforts and even save you money over time.
The Benefits of a Website Subscription Business Model
Implementing a subscription business model isn’t just for companies that are starting out. You can change your business model at any step of the process, particularly if you choose the right one for your customers’ needs.
A subscription business model can be incredibly lucrative to you as a company. It can generate a constant cash flow, keep you competitive, and streamline your marketing campaigns. Most importantly, it will make your customers happy–and keep them coming.
If you’re ready to take the plunge into a website subscription business model, Digital Renegades is here to support you as you do so. We can assist with the design and management of your website so that all you have to keep track of is what to do with all of that revenue from your growing subscriber list.
Give us a call today to learn more about how we can care for your website, no matter what business model you implement.
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We love building websites and working with small businesses to learn and develop the best possible web solutions for them. Want to know who they are? That is Jake at left, Kevin at right...the others are not allowed to be photographed, they are classified.
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