What is Subscription Management?
You may probably know what a subscription service is. It is providing goods and services for clients repeatedly – for example, every month. Subscription management ensures the comfort of working with your product for the clients. The process begins after the clients click on the "Subscribe" button, and continues as long as they are subscribed. It can end only if the clients unsubscribe.
Companies use subscription management software to control subscriptions. The customer can be offered dynamic pricing and purchase options. The client receives several important benefits:
- Easy access to goods or services.
- Possibility of combining products or services.
- Saving money by adopting operating expense accounting rules.
Subscription management is different from recurring billing. It allows you to work with existing clients and the current cooperation process. The key task is to ensure that existing customers are as satisfied as possible with your service.
Businesses need to strike a balance between recurring billing and subscription management. You can not focus only on new or existing customers. The specifics of this orientation depends directly on your business.
