The most appealing aspect of a business that offers subscriptions is that the income is residual, meaning that the owners of a subscription-based business will be able to bring in lots of profit with little effort so long as they are able to retain their customers. If entrepreneurs are offering something good and interesting, they will have no trouble keeping their customers. The secret to getting customers to stick around is to offer subscription options where they can feel that they are in control of their choices.
Opt-in and Opt-out Options
The option to opt in and opt out is the beginning when it comes to giving your customers this feeling. Some businesses make the mistake of automatically signing their customer base up for subscriptions after a purchase without giving a choice to opt out. The result is that customers become angry and never want to do business with that company ever again because they feel bombarded and violated. The company will then earn a bad reputation. On the other hand, customers feel respected by companies that give them a choice and are likely to be more loyal.
Allow for Different Preferences
One thing that entrepreneurs need to understand is that not all customers have the same preferences. Let’s say that a business is selling software. A customer purchases the software but only needs minimal support. Instead, only one support subscription option is offered, an option that’s expensive and designed to provide complete technical support. The customer will likely be unhappy and feel forced into purchasing the subscription. Presenting the customer with different options, like a basic subscription plan offering minimal support, an intermediate plan offering more support and a complete support option, is the optimal solution.
To ensure that entrepreneurs are maximizing their subscription base and doing everything they can to retain their customers, it is in their best interest to consult with a company that specializes in subscription management. Such company employees are highly trained in crafting appealing subscription options.