Recently, the subscription model has gained immense popularity in the publishing sector as a means of generating income and cultivating a following of devoted customers. Any publishing company that wants to succeed over the long haul must offer a predictable and recurring revenue stream, which is provided by subscriptions. This makes it possible for publishers to plan their spending and investments.
Additionally, subscriptions give readers individualized and adaptable access to the content they value most. More publishers will probably adopt the subscription model as the publishing industry develops in order to build a sustainable business and cater to readers’ shifting needs.
Magnaquest SURE, a scalable, industry-agnostic subscription billing and CRM solution offers state-of-the-art architecture to enable publishing businesses to reap the best fruits. In this blog post, we bring the latest, seamless benefits of SURE that can help publishing businesses thrive and stay abreast with their competitors.
Curb Involuntary & Voluntary Churn
You can reduce your involuntary churn with SURE by using tools to automate your collection processes, such as setting up payment retries, renewal and payment reminders, and notifications at key points throughout the subscriber life cycle journey. You can employ win-back marketing strategies with targeted discount coupons and offers, understand your churn patterns, forecast subscribers who can keep cranking, and minimize your churn.
Flexibility in Product Creations
While regular subscription software allows you to create products and give them a price, it lacks the flexibility in pricing definitions that subscription businesses would require. Examples include region-based pricing, where in the same nation, you might sell the same product for one price in the north and another price in the south, or you might base your product pricing on feature offerings, subscriber segments like VIP or student offers, bundles of your various products, or product offerings with optional services. Magnaquest SURE provides you with a versatile and dynamic product catalog that gives you access to a number of features that will help you design the best offers to increase acquisitions.
Bundle and Unbundle
SURE enables you to bundle or unbundle your products, such as print publications and digital products, or you can combine publications. You can also try out various bundle offers to reach your readers and derive an optimal bid that fits best for you.
Strategize to Acquire and also Retain
By implementing targeted promotional offerings like discount coupons, referral programs, discounted offers, try-before-you-buy offers, free periods, cashback programs, loyalty programs, complimentary products, and free upgrades, you can increase your customer acquisition and retention with SURE.
Support for Multiple Payment Gateways:
You can only use specific payment gateways when using regular subscription software; you cannot use other payment gateways, such as PayPal, Authorize.net, Razor pay, etc. It has been reported that if customers can’t find a convenient payment gateway, 6-7% of them will cancel their orders. You have the option to integrate with any payment gateway, as well as any number of payment gateways, thanks to Magnaquest SURE. Additionally, you can route payments through gateways in accordance with customer preferences.
Work Beyond Geo-Restrictions:
Even though several platforms for subscription billing make the claim to support multiple currencies and multiple nations, they do have restrictions on geo-locations. They are typically only open for business in a small number of nations, and if your company is operating in any other nation, it continues to be a problem for the business owners. With its core functionalities, such as multi-country, multi-currency, location-based taxation structures, and location-based payment gateway preference, Magnaquest SURE has no geo-location restrictions. As a result, you can continue operating your business anywhere in the world.
All in all, a subscription billing platform can assist you in streamlining your subscription management so you can concentrate on what you do best—creating and distributing high-quality content to your readers—regardless of how big or small your media company is.
Managing subscription services for publishing companies is now simpler than ever, thanks to the newest features of subscription billing platforms such as Magnaquest SURE. We give companies the tools they need to expand their subscription services and create lasting customer relationships, from flexible billing cycles to cutting-edge analytics and reporting. Talk to Magnaquest about it today to learn more.
