Tackle Voluntary Churn Rate Effectively With Subscription Software

Subscription business has a lot of opportunities for growth yet there are many challenges like subscriber churn. This happens when many people are canceling their subscriptions. If you are running a subscription business then you must have experienced the looming threat of increase churn rate. Often times, businesses cannot grasp as to why their churn rate is increasing. With a direct impact on their monthly recurring revenue, their management scrambles to find reasons for the voluntary churn rate. As compared to involuntary churn, customers deliberately cancelling their subscriptions is more worrisome. But fret not because there are ways you can pinpoint reasons behind customer dissatisfaction and use appropriate tactics to tackle these issues.

First of all, it is important that the churn rate is constantly tracked and monitored in order to counter it. This is possible only when you are using a suitable subscription management software. For those who are not familiar, this system has an intuitive dashboard for businesses to track their key performance metrics under which category churn rate or customer churn is also shown. This metric directly impacts MRR also known as monthly recurring revenue. So understandably, it is important that the increasing churn rate (when experienced) is dealt with readily. Now there are two types of churn rate; voluntary and involuntary. The former takes place when customers choose to end their relationship with a business and request a cancellation or in some cases downgrade their subscription plans via the self-service portal. So how can businesses reduce it? This is exactly what this article is attempting to answer.

Reasons behind the Increased Churn Rate

In order to reduce the churn rate by using a subscription management system you first need to understand possible reasons for customer dissatisfaction. Because churn rate is directly targeting customer loyalty, it should be dealt with as such. Loyalty comes when customers are receiving value through their subscription plans. If they are facing issues with the onboarding process, lack of discounts or they do not use your products often, lack of response through customer service, and in some cases, customers have difficulty with payment options. All of these reasons point to how customers, when not offered value, choose to cancel their subscriptions. That is why companies who are facing increased churn rate need to focus on improving customer’s experience. There are a few ways how subscription management software can help you with that.

Ensure Smooth Onboarding Process

Businesses who are looking for tactics to reduce the churn rate can utilize tools from subscription management. One of the main issues customers have faced is during the onboarding process. What you can do is send an automated welcome email to your customers in order to help them navigate your website and introduce them to your subscription plans. Another way to introduce your product to your customers is by offering a live demo. Giving your customers a walkthrough of your platform and designed products will help them get an idea of what they are signing up for.

Offer Discounts, Auto-Renewals, and Trials

When it comes to discounts or trials, a reason why customers might downgrade from their subscription is a lack of satisfaction. A better way to increase retention is by offering a trial version of your product to help customers familiarize themselves with your product. Moreover, discount is a great way for your business to reward customer for their loyalty. Many businesses offer discounts to their customers on their plans or coupon codes for the paid version so more people choose to upgrade. Moreover, auto-renewals, if marketed with an attractive discount and access to exclusive features, can also benefit both you and your customer. The tools of auto-renewals are the key feature of subscription business because customers do not want to enter their contact information every time they want to renew their subscription.

Now the question arises as to how easy will it be for you to incorporate these tactics? It is easy for those who are using a subscription management system because it takes care of your customer’s invoices and can easily account for discounts or add-ons every time an invoice is to be generated. Each time a customer’s subscriptions are renewed, automated invoices are generated against their subscription and after payment processing with their pre-entered payment information, and their plan is renewed automatically for another term. Moreover, with subscription management software, offering trials means increased opportunities for the upgrade thanks to automated email reminders through webhooks. For every subscription business, there might be different reasons behind the churn rate but one thing is common and that is automation which can only be achieved with subscription management software. For businesses who are looking for such a system, SubscriptionFlow is a viable option so contact us today to utilize all of the above-mentioned tactics and improve your subscription health.

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Manage Operations faultlessly with Recurring Billing Software for Nonprofits

Managing payments has never been a joyful task especially when you are running a nonprofit organization. Not just payments but adding transparency within every payment transaction. So that the donors can continue to rely on the organization. If you are nonprofit lead and want to be associated with software that takes the responsibility for your payment-related operations, billing and donations. Then this article is for you. There would be multiple instances where your payment doesn’t get processed mainly either because the software is not capable or some other malfunctioning. SubscriptionFlow has developed a recurring billing software for Nonprofits keeping in view all these aggravations faced by nonprofit organizations. A software that is robust enough to deal with the incoming payments, international transfers, recurring payments processed by the donors anytime with just a click.

We at SubscriptionFlow believe accepting and accounting for recurring payments and one-time donations may sometimes feel like a troublesome thought and often get overlooked. But it will not be ignored now with recurring billing software for Nonprofits powered by SubscriptionFlow. When you are running a nonprofit organization you have to encounter multiple things. For instance, staffing, messaging, strategic planning, and other challenges are all significant and require their share of attention. But according to a conducted research, forty-six percent of the people said that finding the money to get done their mission is the greatest challenge their nonprofit organization faces”. Below are some of the many functions that are catered by subscription management software for nonprofits powered by SubscriptionFlow.

Operational Donations

Charity Subscription Management Software also enables charity organizations to better customize their checkout pages to accept donations online while giving an easy and seamless opportunity to the common people. It also allows a donor’s to select a recurring donation plan with this module.

Repeated Charity Donations

With Recurring Billing & Donation Software for Nonprofits, you can now have a deeper understanding of your recurring charity donations. Sometimes it gets excruciating for the non-profit organizations to keep a balance between their one time donations and recurring donations. But it’s not a worry anymore. SubscriptionFlow’s recurring Billing & Donation Software for Nonprofits will provide you a fully functional module for handling all your recurring charity donations.

Integration with Other Financial Software

Recurring billing software for Nonprofits also enables charity organizations to synchronize and connect their clients, items, taxes and sales activity with accounting software QuickBooks Online, Xero and many more for a powerful end-to-end financial solution. The software is equipped with robust APIs that help you connect with other professional applications with the help of a few clicks. 

Multifaceted Payment Options

The last in the row of features is the availability of multiple payment gateways by Subscription Management Software for Charity developed by SubscriptionFlow. We at SubscriptionFlow knows the hassle of waiting to process the due payments. But it’s not the case anymore the software developed by SubscriptionFlow is efficient enough to entertain multiple payment options for its users.  As a result, the subscription management software for Nonprofits developed by SubscriptionFlow has ensured to give the ease of multiple payment gateways to the donors so that they do not have to go through any payment embarrassment.

What Good Can Subscription Management Consultants Zuora Provide?

Billing is a domain familiar to maximum industries as more and more businesses have shown keen interest to adopt recurring billing for their billing procedures. Similarly, businesses that are providing billing services are always in need of billing consultants which can provide them worthy consultation and notify them about their loopholes regarding billing matters. Having said that, subscription management consultants Zuora is a popular name when it comes to providing consultancy about recurring billing and management of subscriptions.  Let’s now observe what recurring billing Zuora can provide its end-users with.

Overview

Subscription is that one field that is selling like a hot cake these days. For those who still do not know how subscriptions work. Then this article is for all of you. Subscriptions are a set of services that users can subscribe to on a monthly or annual basis. They can also purchase multiple services at the same time. Furthermore, the billing executed for subscriptions is referred to as “recurring billing”. Recurring billing is a phenomenon where a customer gets charged for a set period of time. Or in other words, for as long as the customers are utilizing that particular service. The time duration for purchasing a subscription depends on the user’s affordability. Next in the line of subscription niche is the management of multifaceted subscription plans. For subscription management, there are plenty of subscription providing companies that can assist you with multiple subscriptions. Not only companies but also subscription consultants as mentioned earlier. One such name is subscription management consultants Zuora. But it’s not all. There are so many other companies that can provide end-users or customers with a more efficient subscription and recurring billing consultancy.

Connect To a Real-Time Sub Subscription Provider

Subscription is a business that needs managerial services and response in real-time. As customers are approaching services nearly 24/7 from around the globe. So if the users are facing any issues with the subscription usage or their subscription plans or while processing payments. And being the service provider if you are unable to resolve the issues, you must get in touch with experts who can ease you out with customer queries and help you implement changes that can provide desired results in real-time. This is that point where consultants can help you out. Apart from subscription management consultants Zoura, SubscriptionFlow can assist you out with all the subscription-related queries. The consultancy and payment plans offered by SubscriptionFlow is far less expensive than anyone else in the market right now.

Choose Subscription Providers Wisely

Where SubscriptionFlow is charging 30$ user/month other subscription companies are charging triple than this. So if you someone interested to get linked to a company that will take ownership of every nitty-gritty of your subscription business, SubscriptionFlow is the name. Its subscription management software is equipped with all the robust and powerful features which are essential to handle any subscription business. Be it subscription consultancy or billing consultancy you can approach SubscriptionFlow for it is the most budget-friendly and flexible solution provider for all your subscription aggravations.