The subscription economy
Bagels, Toilet paper & Tyres.
Can you guess what these three things have in common?
Answer: It’s that these three things are available to buy on a subscription model.
Although the idea of this may sound bizarre at first, It doesn’t really come as a surprise as to why any company would be pushing to create a strong subscription model when we look at some of the advantages it offers.
Let’s take a look at some of them:
1. Compounding revenue model
Imagine in your first month you manage to get 5 customers, the second month you get another 7 and in your third month, you manage to get 8 new customers.
In month 4, you have a guaranteed 20 customers.
With a subscription model, the value of one customer increases tenfold. Just make sure to keep them happy!
2. Strong customer relations
Do you have any friends that send you gifts in the post every month?
No? Don’t worry, no one does.
But, if you did, you would certainly keep those friends around. Well, that’s sort of how it feels for customers of subscriptions. This is a fantastic way to keep in contact with your customers and reinforce your brand. That’s before we even consider all the ways you can add value through packaging.
3. Business consistency
Supply and demand.
For many businesses, this can feel like a game of battleships. Take a rough guess, but ultimately it could be a big miss.
Not with your subscriptions.
You can know with much greater confidence what level of demand you should have, and then work off that. Mind you, it certainly won’t be perfect.
All in all, the subscription model sounds pretty great. But, how do you even begin to set something like that up?
I’m glad you asked…
With Payhere, it is super simple to set up your payment plans on a one-page payment website.
Here’s a demo of how I would do it for my dream business- a coffee subscription:
Step #1 - Create your plans
How many options do you want your customers to have? Make up a name for the plan, add a description, give it a price, and choose how often it will be paid.
Step #2 - Customise your payments
When creating the plan, you can add custom fields to find out other pieces of information…
How do you like your beans, ground or unground?
Lastly, when creating the plan, why not customise your ‘Pay’ button to bring some personality across?
Step #3 - Personalise your storefront
Add your name, logo, and some text.
Just like that, you have your own one-page payment website:
What’s stopping you from getting started today? If you have any questions, feel free to drop me an email at email@example.com