Categories
Business

Start a Subscription-Based Coffee Shop

Business

Start a Subscription-Based Coffee Shop

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Start a subscription based coffee shop

Take advantage of the opportunity Upscribbr offers for starting a subscription-based coffee shop and start enjoying predictable revenue. Studies show consumers appreciate and love subscription-based businesses across multiple industries, and coffee shop subscriptions are among their favorites. 

Implementing subscriptions in your coffee shop provides you with recurring revenue and increases your customer’s engagement and loyalty. One of the biggest challenges coffee shop businesses face today is getting customers to come back to their shop. When you make a subscription-based coffee available on your site, you can breeze through slow times with confidence.

When purchasing your subscription, the customer will be billed monthly, annually, or however you set up the plan – and will in turn receive your great-tasting coffee.

How Do Coffee Subscriptions Work?

If you own a coffee shop, you have chosen a thriving industry to work in. Coffee lovers across the globe are visiting coffee shops on a daily basis to start and sometimes end their days with a good brew. If you make great coffee and want repeat business, you have to get customers in the door and encourage them to come back.

If you offer a coffee subscription service, you will not only get customers in the door, but have them returning time and again. The coffee subscription will enable you to build a relationship to drive revenue higher than you ever expected.

With so many coffee options for your customers to choose, creating brand loyalty is a must if you want to run a thriving coffee shop. You can count on a subscription-based coffee shop propelling you past the competition because subscription relationships build trust and “stickability,” helping you to become “the one” coffee shop they choose vs. one of many they frequent!

Ideas For Coffee Subscriptions

Coffee Subscription Idea 1 Almost every coffee drinker has to have their morning fix of brew before starting their day. A coffee subscription for a set amount each month, or each year can allow your customers to get that coffee every day. For example, a $50 monthly coffee subscription could entitle the customer to a cup of coffee every day. There would be no line to stand in to pay. All they have to do is grab their coffee and get on with their day.

Coffee Subscription Idea 2- Another idea for a coffee subscription that would appeal to your more frequent coffee drinkers is an “unlimited cups of coffee” subscription. For example, you could set the subscription fee at $85 per month and enable the customer to come in anytime and as often as they want to get a cup of coffee. Again, there are no lines to stand in to pay, and the whole transaction is fast to get both you and your customer on your way quickly.

Coffee Subscription Idea 3 A lot of coffee shops have unique swag – like giftware and apparel. You could offer a subscription that allows your customer to pay ahead for a set number of coffees, and once used, they can choose a piece of swag from your shop. This model would allow the customer to choose, for example, to prepay for 20 cups of coffee. When they come in for these brews, they don’t have to stand in line to pay, and for using this subscription, you will gift them an item when it expires.

Think of the coffee-based subscription as a contract between you and your customers. The customer will pay the monthly (or whatever frequency you set) payment and you will provide them with their daily coffee. Once the subscription expires, the customer can renew, or even try one of your other subscriptions.

How Your Coffee Subscriptions Work With Upscribbr

Creating a coffee subscription with Upscribbr is convenient and easy. All subscriptions are fully customizable and can be immediately published on Upscribbr Marketplace, where new customers can find them. You can also  invite existing customers to try the subscription and give them the option of sharing the subscription with friends and family. 

Your coffee shop will be paid automatically as you serve your customers – you never have to worry about billing! Upscribbr collects the subscription fee every month and deposits it into your account automatically. When the customer comes in for service, no further transactions are required!

Contact Upscribbr today to launch your subscription-based coffee shop and start enjoying this new and easy method of increasing your revenue.

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Categories
Business

Improve Your Hair Salon POS with Subscriptions

Business

Improve Your Hair Salon POS with Subscriptions

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Improve your hair salon pos with subscriptions

Today’s marketplace offers you the opportunity to tap into a predictable source of revenue for your hair salon. Hair salon membership programs or subscription-based business models are increasing in popularity and add power to your POS. Instead of your clients paying each time they come in for a style, cut, or other services, they pay a set monthly fee for a limited or unlimited number of services.  

Hair salon membership programs help leverage customer relationships to provide you with recurring revenue. Your customers are charged on a monthly or annual basis for your services or products and customers can renew them when they expire or select a different subscription. 

How a Hair Salon Subscription Works with Upscribbr

Your salon needs to attract more customers and keep them loyal in order for your business to grow. A hair salon subscription does just that. Customers like to keep using a brand they can trust and that offers them great service. You can provide all that when you offer them hair salon subscriptions.

Use Upscribbr to create a subscription for your salon services that will put you ahead of the competition. The Upscribbr platform allows you to customize your subscriptions, bundle products, reward your customers and create VIP subscriptions.

Here are a few ideas for hair salon subscriptions you could offer:

Hair Salon Subscription Idea 1- One idea for a subscription is to offer one for $120 a month. The customer pays the $120 and in return receives unlimited blow-outs or styles. You could change the amount or number of times so both you and the customer get the best value from the subscription.

Hair Salon Subscription Idea 2- Another idea for a subscription would be to set the fee at $80 a month and it would allow unlimited trims or cuts. Again, you set the price and frequency that best suits your clientele. With this kind of subscription, you would not have to worry about collecting payments. Just scan your customer’s phone, perform the service and the customer is ready to go about their day.

Hair Salon Subscription Idea 3- Another idea for your subscription-based salon would be to have your fee set on how many haircuts a person thinks they’ll need in a year. For example, they could pre-pay the subscription for a set number of cuts. Once they have used the cuts they prepaid, they would receive a free cut and style.

Hair salons across the country that have implemented a subscription-based model, have expanded their business more than ever expected. With Upscribbr, you will find that your customers are coming in for services regularly, and you get paid in advance for services provided. Upscribbr will automate the billing, handle scheduling, and handle service changes as well.

Think of your subscriptions as contracts with your customers. Your customers will pay Upscribber to purchase the subscription of their choice, and as long as they pay the fee, you provide the service they purchased.

How Your Subscription-Based Salon Business Will Work With Upscribbr

Creating your subscription-based salon business is convenient and easy. Begin by creating customized subscriptions to fit both your business and your customers’ needs. The offer will be displayed on your digital storefront on Upscribbr and available to customers instantly. You can even offer them the option to share a subscription offer with friends and family members. Your salon is paid automatically as you serve customers coming into your salon to redeem their subscriptions. Upscribbr takes care of everything including the recurring billing and scheduling as you focus on providing the best service possible to keep customers coming back.

Contact Upscribbr now, and learn how to launch subscriptions in your salon business today to start increasing your revenue.

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Categories
Business

Attract Repeat Customers with a Barbershop Subscription

Business

Attract Repeat Customers with a Barbershop Subscription

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Attract repeat customers with a barbershop subscription

Subscription services have taken over the retail world over the past few years. Consumers today are focused on predictability, access, and automation. They also want services and products specifically tailored to their needs.

Barbershop subscriptions can be tailored to different groups of consumers. The subscriptions are fixed price and predictable. Your clients don’t have to spend time thinking about what they will pay (or when) for your services. Barbershop subscriptions are also an opportunity for you to tap into a predictable source of revenue.

Barbershop Subscriptions are a Win for Both You and Your Customers

When they initiate a recurring payment either monthly, bi-monthly, or annually, your customers know they can trust you’ll deliver a service. This subscription service also establishes a predictable flow of revenue for your business.

The key challenge for any business is to keep customers coming back. When you implement a barbershop subscription, you solve this problem.

How a Barbershop Subscription Works

In a barbershop subscription business model, your customers will be charged on a recurring basis for your services and products. You can choose how long you want them to receive a service and how often. For example:

  • Barbershop Subscription Idea 1– You can offer a $25/month haircut subscription to your customer. They pay the $25 automatically on the first of the month and during that month can come in anytime for a haircut. You can extend that offer by giving them the option to pass the haircut on to a friend or family member during any one month.

A subscription is a type of contract between you and your customer. Your customer pays the agreed monthly (or whatever your chosen frequency) payment, and you provide the agreed-upon service. There are other subscription offers you can create, such as:

  • Barbershop Subscription Idea 2- Many men have facial hair they want to keep trimmed and neat. Expand this subscription into an annual offer for a fee of $150 – and during that year the customer is allowed to come in anytime for a full shave, trim, or other services. At your discretion, you can allow the customer to share or pass on the service to friends or family during the year. 

Customers and businesses reap many benefits with the subscription business model. Subscriptions are more convenient and allow customers to minimize planning. Businesses are able to predict their revenue more accurately. Subscriptions also allow you to build stronger relationships with your customer.

Here’s another barbershop subscription idea that may work for your customers:

Barbershop Subscription Idea 3For many customers, it is easier to deal with a one-time annual payment. As a subscription idea, you can set an annual fee that is reasonable for both your services and a customer’s pocketbook that would allow them unlimited services. You can choose the service to be a haircut, trim, or a hair rinse.

How Your Barbershop Subscription Works with Upscribbr

It is both incredibly convenient and easy to set up your barbershop subscription with Upscribbr. You start by creating the subscription offer you want to send to your customers or you want to use to attract new customers. Your subscription offer is completely customized by you to meet your customer’s needs and your preferences.

Once you have created your subscription, it is ready to go in front of your customers and Uprscribbr Marketplace users immediately. You can invite existing customers as well as give them the option to share the subscription with family and friends. You can also place the subscription offer on the Upscribbr marketplace so you can attract new customers to your shop.

Upscribbr takes care of billing and scheduling and pays you automatically, so you have the time to focus on your customers. Contact Upscribbr today and discover how to launch your barbershop subscription and improve your customer satisfaction.

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Categories
Business

Increase Your Revenue with Nail Salon Subscriptions

Business

Increase your revenue with nail salon subscription

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Increase your revenue with nail salon subscription

Are you looking for an opportunity to tap into a predictable source of revenue for your Nail Salon? Consider Nail Salon Subscriptions! Consumers are showing their appreciation and love for subscription-based businesses across multiple industries, and nail salons are one of their favorites.

When you launch your nail salon subscription, you’ll enjoy recurring revenue, smoother cash flow, and increased customer engagement and loyalty. A key challenge for any salon business is to keep customers who initially came to you because of a special offer.. Through nail salon subscriptions, you can overcome this challenge and keep them coming back.

Subscription-based model will enable your nail salon to generate recurring revenue leveraging your customer relationships. Your customers will be charged on an annual or monthly basis for your services or products and will be able to renew their subscriptions as long as they are satisfied with your service.

How to Setup Your Nail Salon Subscriptions

If you are a nail salon owner, you are in a thriving industry, that promises to grow even bigger. Your business makes customers feel good about themselves, but you have to get them in the door, or your magic can’t happen.

One tip for attracting more customers and keeping their loyalty is to encourage them to return. Nail salon subscriptions do just that. We are living in cynical times, but brand loyalty exists. Your customers are going to want to attach to a brand they can trust, and you can offer them that trust through your nail salon subscription.

These are some ideas for your nail salon subscriptions:

  1. Purchase ten manicures, receive the 11th one free – Customers will pay upfront for ten manicures, and get 11th at no cost. You can choose a reasonable number that works for you and your customers. You may want to limit it to five manicures within a year to receive the 6th one free. After they have used their free service, encourage them to sign up for another subscription to continue their engagement with your salon. 
  2. Free nail/foot/hand products Another type of subscription can be to offer free products after three paid services. Once the customer has returned for the three paid services through their subscription, they are allowed to choose a free product, such as foot creme, hand creme, or other nail care products. You can determine which products are included in this free offer, but make sure the customer is aware if there are limits to their choices. Trust is the key to retaining customers, and they have to go away feeling good about their subscription. If they complete their subscription only to find out the ‘free’ bonus was only worth one dollar or less, you might never get their business back. 
  3. Free pedicure after three purchases – Customers love the attention they get during a relaxing pedicure. Offering a free pedicure service after purchasing three is a great incentive for a customer to buy a subscription. The subscription can be offered for a year, six months, or whatever you feel will give the customer the best deal and keep them happy and returning. If it is set at a year, the customer can come in as often as they like, and after every third pedicure, they earn a free service. 
  4. Discounted Nail Service A subscription for discounted nail services could offer your customers the chance to purchase a six-month service for nail care at a reduced price. For example, if you charge twenty dollars for a pedicure, the offer could reduce the cost to fifteen dollars, or eighteen dollars, whichever you feel is a better deal. The subscription can be set for one year, six months or whatever time frame you feel will work for your clientele.

Consider these subscriptions a contract between you and your customers. The customer pays for a service over a period of time, and you fulfill this offer so long as the customer pays their recurring payment. Once the subscription is up, your customer can renew or cancel.

How Your Subscription Works with Upscribbr

Creating your subscriptions through Upscribbr is easy and convenient. You begin by creating the subscription offer you want to present to your customers. You are able to fully customize this subscription.

The subscription offer is then put in front of your customers instantly. You are able to invite existing customers, and give them the option of sharing a subscription with family and friends. You can place your subscription offer in the Upscribbr marketplace where new customers can find you and become loyal to your salon.

Your business will be paid automatically. Upscribbr will take care of all recurring billing and scheduling so you can focus on providing the best nail care possible.

You are now ready to sit back and watch your revenue grow. You will have more time to serve your customers, experiment with new subscription ideas, and build your clientele.

Contact Upscribbr today and learn how to launch your nail salon subscription and grow your profits.

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Categories
Business

Marketing Tips for Small Business

Business

Marketing Tips for Small Business

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Marketing tips for small business

A well thought out  marketing strategy is essential for the success of your small business. You want to use the right marketing methods that will be effective for your particular brand and will reach your ideal audiences.  

Here are a few marketing tips to help you put together an effective marketing strategy

1. Understand Your Audience

Your marketing initiatives should focus on your clientele, so you have to understand who your audience is in order to target the right people. Start by answering these three questions:

  • Who are your customers?
  • What challenges are they facing relative to your product or service?
  • How can you help them overcome their challenges and reach their goals

Understanding your audience demographics, interests, and pain points will allow you to create marketing materials and campaigns that speak to them. Because your audiences are also in different buying stages, identifying possible buying stages will allow you to target campaigns more intentionally to capture potential customers who are just researching you, comparing your business to competitors, or are ready to make a decision.

2. Write great emails

A lot of people say they get too many emails, yet when surveyed, more than 85% prefer email as their method of contact when communicating with businesses. 

If you are a small business, using email as part of your marketing strategy is one of the best ways to stay in touch with your prospects and customers. Whether they are cold sales emails, or nurture sequences, emails keep your brand in front of your audience, but writing great emails can be challenging. Here are a few tips to help improve engagement and boost open rates and conversions:

  • Make sure your sender name is recognizable, and you use your business email address
  • Create an attention-grabbing subject line that tells the reader what’s next and that’s worth clicking on
  • Optimize your emails for mobile
  • Write clear content that delivers on the promise in your subject line 
  • Include a strong CTA (call to action) that tells recipient what to do next
3. Show Not Just Tell

Visual content is continuing to grow in popularity. Studies have proven the human brain can process an image sixty times faster than words. If you are in the setup process of your small business marketing campaigns, consider using video. 

Video content such as vidoes used in Instagram Stories, Snapchat, Facebook Live, and Facebook Stories is growing in popularity. Use cutting-edge visual content to step out from behind your keyboard and getin front of your customers. 

Videos are an easy and effective means to engage with your audience. A study done on this marketing strategy showed more than 70% of people prefer video when learning about a new service or product. Today, consumers use their smartphones more than their computers, so visual apps, such as Instagram, YouTube, and Snapchat should be part of your marketing strategy.

4. Watch Your Reviews

Online reviews give your customers a lot of power. Reviews are more important than ever and can be overwhelming to a small business, but they are an excellent source of referrals for you. Reviews are imperative to your business, so it’s important to not only put a review monitoring system in place, but a review collection system.

Buyers do research before buying on various online directories like Facebook, Yelp, and Angie’s List before committing to a product or business. If you see a negative review, respond quickly and respectfully and avoid provoking the unhappy customer. Apologize and offer a solution.

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Categories
Business

Five Reasons to Offer a Monthly Subscription Service

Business

Five Reasons to Offer a Monthly Subscription Service

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Five reasons to offer a monthly subscription service

A lot of business models that were designed as “pay-once and use-forever” are now switching to subscription-based offerings. They are finding that there are numerous advantages to billing customers on a recurring basis.

A recurring payment model will lead your business to considerable and sustained growth. A monthly subscription service could also mean higher revenues and CLVs (customer lifetime values.)

Here are a few of the advantages your business could experience by offering a monthly subscription service.

Your customers get the benefit of  easily repurchasing a product or service that they know they will need in the future.You get the benefit of customers returning to your business on a regular basis – and you have to work a lot less to re-engage them. For the right product, brand, and industry, the subscription model can be a very effective and lucrative approach to running your business.

1. Predictable Revenue with Monthly Subscription Services

If your business operates on a pay-per-visit model, you have to constantly attract and convert customers to earn revenue. Getting attention in a crowded, loud marketplace can be very expensive. A bad month can set you back and it will be harder to recover the investment you’ve made towards customer acquisition.

The monthly subscription service model allows you to receive customer payments on a regular basis. Because you will know the amount they will be paying at the time of the initial sale, you can predict your revenue each month. This will enable you to order only the supplies or stock that you need without purchasing excess and spending more.

2. Monthly Subscription Services are Convenient for Customers

When a customer signs up with a monthly subscription service, they do not have to search your website each time they want to order a product or book a service. In most cases, their subscription will renew automatically, refilling the products they use continually or re-enabling regular appointments for services. It takes the hassle out of them having to remember these tasks themselves.

The monthly subscription service not only keeps your revenue consistent but also prevents your customers from window-shopping other brands when they need something.

3. Upsells are Easier Through Monthly Subscription Services

When your business model is based on a monthly subscription service, you have continuous contact with your customer base. Through this contact, you can build trust which makes it easier to market complementary and additional services. Subscriptions empower you to make upsells organic and easy: customers who have a relationship with your business will be more receptive to the value of your services.

4. Monthly Subscription Services Create Built-In Customer Loyalty

With a monthly subscription service, customers can rely on your business to deliver. With intangible products such as software, your customers will expect to have access as long as they continue to pay their monthly fees and you meet these expectations by giving them uninterrupted access. With tangible products, an expectation is set that they will receive products from you regularly.

Both the intangible and tangible service subscriptions will keep you interacting with customers regularly on autopilot, allowing you to build relationships and trust by delivering as expected month in and month out. This trust creates a positive feedback loop between your customers and your brand and will ensure that your customers remain loyal.

5. Monthly Subscription Services Attract More Customers

Customers like the idea of paying $20 a month versus $600 upfront to engage with a business. There are exceptions to this rule, but typically the more you charge, the fewer customers you will have that can make purchases.

With a monthly subscription service, there will be more potential customers who can purchase your products or services. They may pay larger amounts over time, but it will allow them immediate access to your products.

Once you develop a subscription model, don’t just stop there. Find ways to keep subscribers interested and satisfied so they will continue to use your products and services.

Where Can Monthly Subscription Services Be Listed?

Upscribbr enables businesses to list their monthly subscription services on the Upscribbr app. Your business can easily create and advertise your customized monthly subscription service to local customers on Upscribbr. Start bringing in new customers with Upscribbr and see how we can help you sell your products or services and generate recurring revenue.

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Categories
Business

How Upscribbr Can help my business?

Business

How Upscribbr Can help my business?

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

how upscribbr can help my business

Upscribbr is a subscription management app and a driving force behind a transition to a ‘subscription for everything’ world. It provides you more control over your experiences, finances, and lifestyle. Upscribbr is a service to change how you buy services and products from your local businesses. This service will save you money and time on everyday activities, like getting your haircut, attending a yoga class, getting your oil changed, or going on an adventure.

While Upscribbr saves people money and time on their daily activities and needs, it also supports small businesses by helping them to create reliable revenue through subscriptions to their services

How Do Upscribbr Subscriptions Work?

When you sign up with Upscribber subscriptions, you are going to save money at local businesses, and be introduced to new ones. Browse the app to find subscriptions or businesses you are interested in. When you find the subscription you want to try, there are three things:

  • Service
  • Price
  • Billing period

You choose the subscription that meets your needs, and you will be billed based on the frequency of the subscription. You are able to cancel, pause, or skip at any time by using your smartphone.

How to Purchase a Subscription?

Tap the subscription and swipe to read the details. From the details, you can choose the plan you want under the ‘select a plan’ (many subscriptions offer multiple plans.)

If the subscription you are looking at has a grayed-out payment area, it means you need to add a payment method to your account. You can then tap the ‘subscribe now’ button at the bottom of the screen. You will need to review the details to make sure you’ve entered the information correctly.

If everything looks right on the confirmation screen, you are ready to place the order! Just click “done” and then click done.

Businesses on Upscribbr can also purchase subscriptions for you. This process is completed by them selecting the subscription and entering your payment information. Businesses can also select your subscription and scan your payment code to make the purchase for you.

How are Upscribbr Subscriptions Redeemed?

It is easy and fast to redeem your Upscribbr subscriptions. The entire process can be completed right from your smartphone.

When you arrive at the business you’ve purchased a subscription to, you tap the subscription tab at the bottom of the Upscribbr app. Look for the corresponding subscription for the business and tap it.

On the top right section of your screen, tap the manage tab. From the manage tab, you simply tap redeem, enter the quantity, and share your scannable QR code icon with the business. Anyone at the business who is able to scan the QR code is able to accept your subscription redemption.

How Do You Start with Upscribbr?

Manage your subscriptions in one app and keep discovering new businesses that interest you in town. To start with Upscribbr, you simply download the Upscribbr App in the app store. Sign up with your phone number, name, and email. Once on the home page, you can now explore local businesses and get great savings.

Why You Need Upscribbr?

Upscribbr is a unique platform for consumers to find great bargains while controlling their subscriptions all in one place. For small business owners, our platform deploys a subscription-based business model to you for your customer base. Upscribbr will empower your business’s growth and success.

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Categories
Business

6 Reasons to Add Subscriptions To Your Business

Business

6 Reasons to Add Subscriptions To Your Business

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

6 Reasons to Add Subscriptions To Your Business

What Is a Subscription Business Model?

A subscription business model is a recurring revenue business model that allows you to leverage your customer relationships to create a steady stream of income. With a subscription, your customers are charged on a monthly or annual basis for a product or service.

Your customers get the benefit of  easily repurchasing a product or service that they know they will need in the future.You get the benefit of customers returning to your business on a regular basis – and you have to work a lot less to re-engage them. For the right product, brand, and industry, the subscription model can be a very effective and lucrative approach to running your business.

How a Subscription Model Works

In a subscription model, customers choose how long and how often they want to receive each offer, and most subscriptions provide the option to renew or cancel at any time.

Think of a subscription as a contract between you and the customer. The customer pays for a product or service for a period of time and the business provides those products and services at customer’s convenience when the customer completes the recurring payment. When the subscription is up, the customer has the option to renew or cancel their subscription.

Here are 6 reasons why a business should add a subscription offering to their business:

1. Predict future revenue for your company

Subscribers are considered “better customers” as they drive up the company’s revenue and the value of its business. The expected earnings of a company are directly proportional to its overall worth. The larger the pool of subscribers, the more revenue the company is expected to generate which increases the company’s value. Subscribers indicate a strong future earnings potential for businesses and lead to a better outlook for the company.

2. Increase the lifetime value of customers

The lifetime value of a customer indicates how much they will likely spend at a business in their lifetime. This is important when making business decisions regarding customer acquisition and retention. If a customer’s lifetime value is estimated to be $300, a business will typically not spend more than that to retain that customer. Through subscriptions, the lifetime value of customers will increase due to the recurring nature of the relationship.

Since subscribers stay with the business longer, they will continue to purchase products or services from the entity until cancellation of their subscription. This results in recurring revenue. 

3. Predictability & Growth

The subscription model reduces uncertainty and paints a clearer picture of a business’ earnings the following month. Hence, financial projections become more accurate and the overall prediction of the growth of the company is more reliable. Also, with subscriptions, the volume of inventory is easier to determine, leading to a reduced risk of stock surplus or deficit. Controlling stock efficiently also means better management of costs and may decrease unnecessary business expenses significantly.

When regular customers convert to subscribers, a business can better track their behavior and patterns. Understanding consumer habits can lead to enhanced targeting and more effective campaign personalization.

4. Payment Automation

Subscriptions also automate recurring payments, helping alleviate cash flow issues. Having more cash on hand allows the business to pay its liabilities, invest in expansion and significantly reduces the risk of technical insolvency. When opportunities arise, the business will also have the capability to take advantage of them.

5. Keep Customers Loyal

Retaining customers has never been easy. Businesses must differentiate themselves from their competitors, offer attractive incentives, or have a killer product in order to “lock customers in”. The subscription model reduces the probability of customers switching to competitors as they have already pre-paid for products or services. Subscribers will continue to patronize a brand until they decide to drop the subscription.

Once you develop a subscription model, don’t just stop there. Find ways to keep subscribers interested and satisfied so they will continue to use your products and services.

6. Sell More, With More

The subscription model encourages customers to buy more. Depending on the terms of the subscription, customers will likely purchase more so they feel they’re making full use of their subscription. In addition, less popular products can be included as add-ons to their subscriptions, which can encourage employees to up-sell products beyond the subscription without being too aggressive.



Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Categories
Business

How To Create Recurring Revenue For Your Business

Business

How To Create Recurring Revenue For Your Business

Jessica Palmer
Jessica Palmer

Marketing specialist @ Upscribbr

Consistent Revenue Doesn’t Have To Be A Challenge

When it comes to your business, it’s revenue that keeps you in business, right? Far too many businesses struggle to obtain consistent revenue that they can predict and count on. Sometimes, recurring revenue can come as part of a seasonal buying pattern, but then it’ll disappear during other times throughout the year. Ensuring that you meet seasonal revenue goals is one thing, but continuing that revenue all year ‘round is something entirely different.

Remember, this problem is true for any industry – it’s certainly not something that’s only reserved for small businesses and brick and mortar stores. They key is figuring out how to offer enough added value that customers want to come back and continue paying for a service, a product, or an experience. This problem spans industries, and you’re certainly not alone.

With that said, how exactly can you ensure that your business continues to generate revenue regularly? How can you ensure that your revenue is consistent? By embracing a recurring revenue model. What’s that, you ask? We’ll get to that in a moment.

Recurring Revenue

Recurring revenue is essentially a portion of a business’ revenue that owners expect to occur consistently throughout the year. In other words, recurring revenue can be easily predicted, forecasted, and foreseen months in advance. In addition, it’s relatively stable.

Recurring revenue is essentially a rather guaranteed source of revenue that you can depend on in regular intervals. Guaranteed revenue? How can that be possible? It’s not like you can guarantee that the same ten customers will walk into your store and purchase the same ten products every week, right?

You see, recurring revenue comes from something different – and in the digital age of internet streaming, it’s likely that many of us are already familiar with the source of recurring revenue.

Subscriptions

Subscription models are exactly how businesses generate recurring revenue. Essentially, subscription services allow you to receive payments from customer in the form of guaranteed revenue – just as long as they maintain the subscription. For instance, you can launch an app and require your customers to subscribe to it for a monthly fee in order to unlock its features. This means that with every month, you’ll have predictable revenue that you can count on.

Why is this a good thing?

It’s a good thing because it doesn’t have to be all of your business. In fact, it’s almost better if it’s just some of your business. In other words, if you allow customers to purchase a subscription plan through your business for one service, make other services one-time fees. This helps to ensure that you have revenue coming in from multiple streams. That way, if subscriptions are down for a few months, you have revenue coming in from other areas, and vice versa. With a subscription model, you can rest assured knowing that each month, you’ll have a set revenue that you can easily calculate and predict simply by knowing how much you charge and how many subscribers you have.

Setting Up Subscriptions

You might be thinking to yourself, “how can I find the time to set up a subscription service? That really sounds like a time consuming process.” Sure, it can be – but it doesn’t have to be! Remember, when it comes to your subscription service, you’re essentially earning a set revenue without having to worry too much about it – it’s a hands-off model.

This means that setting up and managing your subscription service should be just as easy as well. You have to find a way to sell subscriptions, manage them, process payments, and update them as needed. There’s got to be a way to do it without having to spend too much time on it, right?

Introducing Upscribbr

Upscribbr is an app specifically designed to make it easier for businesses just like yours to manage subscriptions, market them, process payments, and generate recurring revenue all at the same time. Not only that, but it provides customers and users with value too – it allows customers to search for subscriptions that they might be interested in, discovering new businesses, new products, and new services along the way.

With Upscribbr, not only are you managing and marketing your subscription to current customers, but you have the ability to do the same with brand new audiences as well – and that’s what makes a subscription service even more valuable.

It’s Time To Give Upscribbr A Try

Now that you’ve learned all about how beneficial Upscribbr can be for your business and your new subscription service, it’s time to give it a try. Take advantage of the recurring revenue model by marketing, managing, and processing your subscriptions with ease.

Ready to give Upscribbr a shot? Download the demo today.

Jessica

Jessica Palmer

Marketing specialist @ Upscribbr