You’re Missing Out On Recurring Revenue!
Today’s business world moves fast and is more competitive than ever before. This means that every business – yours included – needs to be on their toes to ensure that they’re positioning themselves for success in a highly saturated marketplace. Be sure that you differentiate your business from the competition – but how can you do it when you sell similar products and services, you market to similar target audiences, and you advertise based on similar value points? There’s one model that we bet your competition hasn’t explored yet.
In our last article, we talked at length about the business benefits of a subscription model and how this type of model helps to drive recurring revenue for your business. In this article, we’re going to talk about why now is the right time for you to create subscriptions for your small business. Remember, creating a subscription service doesn’t have to be challenging, confusing, or overwhelming. It can be quite simple when you’ve got the right tools in place to help you get started.
And you can even earn quite a bit of additional income, along with your revenue streams.
Why Now Is The Right Time
#1 Adapting To Survive 2020 And Beyond
Let’s face it, the world that we know today is very different from the world that we knew just a few months ago. The COVID-19 pandemic has changed virtually every aspect of our lives, and with no end in sight, it’s difficult to say with clarity if things will ever really get back to normal. After all, we might simply be in a new normal at this point – and if that’s the case, then you need to strategically position your business to survive 2020 and beyond.
One of the best ways to position your business for success is to create recurring revenue built around a subscription service that your customers can access even if they’re unable to physically travel to your location. It’s said that a second wave of COVID-19 cases could potentially be stronger than the first, and it will devastate some businesses. By ensuring that you have predictable revenue that you can count on every month, you should be able to weather the storm.
Subscriptions are the best way to pivot because they help to guarantee revenue. With each month, you can still count on revenue, even if you have to close your physical location.
#2 Customers Want To Support Businesses
Due to the COVID-19 pandemic, customers have seen some of their favorite businesses go under – and that’s just not sitting well with them. You can search the internet to find a number of customer-driven initiatives designed to provide local businesses with the support they need to survive and come back in the wake of the pandemic.
Your current customers want to support you, and if your physical location can’t remain open, you can give them the opportunity to support you by offering a subscription service. Making it easy for them to sign up will only help you capitalize on this sentiment. Remember, you can even offer a discount on your subscription in exchange for longer commitments, ultimately ensuring that you have dependable revenue during these trying times.
#3 It Improves Your Standing With Banks
Times are tough for everyone right now – banks included. This means that businesses with less revenue to show are likely to be denied financial support from a bank. However, a business with recurring revenue can make itself much more appealing to a bank looking for stability and less risk. Remember, no business can survive without meeting its cash flow and growth needs, and if your business requires a loan to do that, so be it. But if you can’t market yourself to a lender, then it’ll be hard to meet your goals.
Show banks that you’ve got your own recurring revenue model with dependable revenue that you can count on each month through subscriptions. This will help to reassure a nervous lender in uncertain that they’re making the right choice to work with you.
Making It All Happen
Now that you’ve seen why now is the right time to launch your own subscription service for your business, it’s time to put it all together. How can you go about launching your own subscription service? After all, you’re going to have to market and promote your subscriptions, manage them, process payments, trouble shoot, and much more.
Upscribbr is your answer. Upscribbr is a unique application specifically designed to provide businesses with a simple, seamless, and rewarding experience for subscriptions. Businesses can use Upscribbr to market their subscription services to local customers and local target audiences. From there, payment processing, management, and other exciting features make it easy to generate recurring revenue all at the same time. In addition to added value for businesses, Upscribbr provides added value for customers and users who are looking to support local businesses through rewarding subscriptions. Customers can search for local businesses, find subscription services they like, and discover new experiences along the way.
Upscribbr gives businesses the opportunity to manage and market their subscriptions to their current customers in a single, easy to use app. And from there, it gives you the chance to grow by marketing your brand to new audiences as well. Upscribbr links businesses with local customers who are looking for local businesses to support during these trying times, and yours can be on that list.
Want to try Upscribbr for yourself? Download the app!
Click here to download the Upscribbr app.
Marketing specialist @ Upscribbr