Recurring revenue gives you more stability
When you start a business, particularly in today’s economic times, one of the toughest things that you have to deal with is the uncertainty. Not knowing where the next source of income will be coming from can be a real nail-biter.
One answer: recurring revenue from subscriptions. You can create subscriptions out of any product type – physical, downloadable or virtual – and can have a combination of ‘normal products’ and subscription products on your online store.
Woo Subscriptions lets you offer subscriptions on your store and manage them efficiently. Talk to our Geekfree team about adding subscriptions to your business’ Woocommerce website.
You can be really creative with what you offer. You can create multiple subscriptions for products and services. Subscriptions on Woocommerce sites are everywhere, offering diverse products and services ranging from books and magazines to vegetables, coffee, shampoo, food boxes, power, educational courses and software services. Woo Subscriptions lets you create weekly, monthly or annual subscriptions, set up subscription expiry dates, offer trial periods, bundles, discounts, send reminders and target specific subscriber groups.
The cushion of a recurring payments
Automated recurring payments simultaneously create income for you and better customer experiences: greater convenience and increased savings. Subscription products can give you that revenue cushion you need so you can focus more on growing your business and developing your brand.
Advantages of the subscription model
Not just a great way to increase revenue, subscriptions on Woocommerce sites offer better scope to understand your customers, letting you create more customer-friendly products and product bundles.
Customers sign up to a plan for things they regularly purchase, mainly because the routine of purchasing the same products is taken care of, and they can save money. The traditional subscriptions model used by newspapers and magazines for decades can now include essentials, such as groceries, online TV, music, telephone plans, grooming products, and food parcels. If you need some help implementing subscriptions on your site, call 0800 686 237. It couldn’t be easier.
Better marketing strategies
Knowing your customers means your marketing strategies can be more targeted and automating them decreases your investment in marketing and sales initiatives.
Subscriptions give you greater insights into your customers’ shopping patterns and specific interests, so both up-selling and cross-selling become easier.
A cross sell is when you suggest a related product along with product they already bought. For example, a conditioner along with a shampoo. An up sell would be to persuade the customer to buy more of the same product, for example, a larger-sized packet of the same coffee.
You are already providing them regularly with something they need, which effectively increases your power of persuasion.
Subscriptions on Woocommerce sites make customer retention easier. They encourage trust and long-term commitment. Customers enter into a contract with your business for a longer period of time; you can get to know them better and design products or product bundles that would be more attractive or appreciated, leading into a cycle of customer satisfaction and business growth.
Products on a theme
Curate a set of products based on the personal preference of your customers. Create a bundle of products that your customers use together and sell as a package. Customers can then subscribe to a collection of related products.
Marketing in a nutshell
If you sell nuts, for example, you can curate and send a list, or parcel, of nuts and other munchies to members at regular intervals. Customers discover something new and you can add a new product, say pea snacks, every now and then to their subscription set. That way you get a set of trusted customers to try out your latest products and gather feedback. With little effort, marketing for your new product is done.
WooCommerce subscriptions are feature-rich
For any subscription product you add, you can allow customers freedom to manage their subscriptions from their account page, without any involvement from you. They can cancel a subscription, or switch between different plans. You can include the option to pause a subscription, so that customers can go on holiday and then return and re-activate it.
Flexibility to create subscription plans
A subscription box lets either you or the customer add grouped products to their plan. You can also offer multiple subscription packages and a variety of delivery frequency plans to cater to all requirements and customers. For example, a family of five may need the vegetable box every week. Similarly, a family of three would prefer to have them delivered every 10 days.
When it comes to subscription plans, the possibilities are almost endless. You are only governed by your imagination and knowledge of your products and customers. Subscriptions on Woocommerce sites are versatile. We can work with you to investigate, plan and implement your subscriptions strategy.
Automated renewal notifications keep both customers and you up with the play.
Pricing to suit
Set your pricing to include discounts for bulk purchases, rewards for a long-term commitment, or even incentives based on the time of usage. You can acquire new customers to your subscription by offering free trials, freemium options, early bird offers, etc.
Customer relationship management
Subscriber-only discount offers, or special treats, make each customer feel unique and valued. In any business nurturing customer relationships is vital. When you have subscribers, offering rewards is both more fulfilling and financially viable.
Payment gateways play a crucial role in subscriptions
Several payment gateways offer subscription payments and choosing the right payment gateway is crucial to the smooth functioning of your site. Talk to our GeekFree team by calling 0800 686 237 and we’ll make sure your site is good to go.
There is absolutely no need to limit subscription plans to the periodic delivery of a physical product or the yearly license update of a software product. You can create a subscription that you know your customer will love, with all sorts of product types and delivery plans. Subscriptions give you a regular income and a firm grip on your business growth.
WooCommerce has an excellent variety of options for a subscriptions business. However, there is no ‘one way’ to successfully build a business. At Geekfree we know of some tried and tested strategies and subscription models we can help you with. We can also work with you to come up with a strategy that is uniquely yours. Just ask.
Talk to the Geekfree team
Call 0800 686 237. We’re a team of professional, experienced Auckland web developers, copy writers, and internet marketers who help business owners, like you, achieve big results on the web in an affordable, effective way.