Before Salesforce made it possible in 1999, most business leaders and entrepreneurs laughed at the idea of selling software as a service, aka subscribing to an online service. However, more than two decades later, the subscriptions are everywhere, from music to groceries. As a savvy business owner, you can also grow your online business with subscriptions.
However, it's important to choose the right subscription model and implement the necessary changes to make it a roaring success. WooCommerce development companies can take care of your web development worries while you focus on the business aspects.
Tips and strategies to increase your revenue with WooCommerce subscriptions:
1. Choose the Right Subscription Model
From physical products to digital services and memberships, there are different types of subscriptions you can offer as a business. It depends on your niche and the industry you belong to. However, it's very important to nail the subscription model from the get-go. Primarily, there are three types of subscription models:
· The Curation Model - In this model, your customers get a surprise of digital goods or physical products every month for a set subscription fee. Your customers are completely unaware of what they will get every month and the touch of surprise adds an element of mystery. WooCommerce developers for hire can implement this model seamlessly with the right plugins and custom code on your site.
· Replenishment - With this model, customers subscribe to a service or a product every month. It's usually for a recurring need like bath products, car wash, etc. E-commerce giants like Amazon have also adopted this model.
· Memberships - With membership models, you sell access to exclusive discounts, special perks, and other benefits to your subscribers.
2. Offer discounts for bulk subscriptions
Even the best businesses may struggle with cash flow without the right strategies. While monthly subscriptions provide you with a steady stream of income, it is very unpredictable. If you are selling products, you need to negotiate rates with your suppliers, and the cost may increase or decrease depending on sales volume.
You can get rid of that uncertainty by incentivizing yearly subscriptions. When your customers are on the payment page, show them a discounted price for a yearly subscription. Even a measly 10 percent discount can convince a significant portion of your monthly subscribers to make the choice. When it comes to customizing your checkout page, and payment gateways, opt for WooCommerce Development Services from a reputable company.
3. Offer options to gift a subscription
You're familiar with gift cards. They allow users to buy a certain amount of store credit and gift it to someone else. Gifting a subscription is a similar concept. You'll be surprised at the number of times customer care executives deal with this question. Don't miss out on untapped revenue and allow users to gift a subscription by making the necessary changes on the WooCommerce Subscriptions page. You can also use a different plugin for the job. For instance, MemberPress allows you to gift memberships to friends.
4. Allow more customization options to your customers
Unless you're proactive about it, your customers don't get a lot of say with the subscription model. Subscribing to your products or services and canceling them, that's about it. However, that creates several customer service issues later on. For instance, if you are going on a two-week vacation, and a product is set to arrive on that date, you have to go through the hassle of calling customer support to delay the delivery.
In the worst-case scenario, your customers would end up canceling their subscriptions. Instead, allow more customization options with the help of WooCommerce developers for hire. When your customers get more customization options, they are less likely to cancel. Allow them to change the shipping date, change the subscription frequency, and make other changes that may add to convenience.
5. Inform your customers about subscriptions
Sometimes, incredible website design and strategic prompts aren't enough. Your customers may miss the subscription button even when it's very apparent. Others may need to be urged more to turn them into regular subscribers. Leverage your marketing email list and provide a special discount code for a limited period to subscribe to your service or products.
Even if you don't add a discount, send an email and tell them about the benefits of the subscription with an attractive design and as few words as possible. You'll be surprised at how effective this can be.
While subscriptions are great, they require you to make major changes to your website. If you have an in-house developer, things become easy. Otherwise, it's best to hire the services of a reputable offshore web development company in India and save on development costs without compromising quality.
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