What is subscription management?
Subscription management is the overseeing and handling of all subscription lifecycle operations for your customers. It includes all the ways that a company handles various aspects of their customers’ subscriptions—including all the ways they allow subscribers to manage their own orders. These include not only automated processes like recurring billing, but also manual processes like enabling product skips and order swaps, editing key customer data (like a mailing address), and making mid-cycle changes to a customer’s service.
What is a subscription management platform?
A subscription management platform (also referred to as a subscription management solution) is a type of software. It combines multiple different tools that work together to help merchants serve the unique needs of their subscribers.
The best subscription management software for your business all depends on a variety of factors, such as your stage of business growth, your previous experience with subscriptions, and the types of products or services you offer.
How can subscription management software benefit my subscription business?
Subscription management software can greatly benefit both businesses and subscribers. When customers are empowered to manage subscriptions themselves, they can typically meet their needs more quickly and easily. When merchants facilitate the subscription management process in this way, it can lead to higher levels of customer satisfaction and loyalty.
For subscription model businesses, having a solution with all the subscription management tools needed to streamline operations can pave the way for continued growth and reduced support needs. It can also allow a business to get the most value possible out of recurring billing and subscription pricing models, even empowering the business to support multiple pricing models. This can help facilitate higher monthly recurring revenue (MRR), customer lifetime value (LTV), and retention of existing customers.