CHARGEMONK
Top 4 Benefits of a Self-service subscription management portal for any recurring revenue model
Featured • July 02, 2020
Managing a subscription business is not a piece of cake. There’s so much work that goes into ensuring that the business runs smoothly.
Whether the business is good or bad, a subscription business must remain on its toes always.
Don’t believe us? Let’s show you two scenarios!
| ABC Prime | JKL Max |
|---|---|
| Starts a subscription business | Starts a subscription business |
| Expects 100,000 registrations in first month | Expects 100,000 registrations in first month |
| Gets only 5,000 registrations in first month | Gets 100,000+ registrations in 3 days |
| Starts to panic & trying to find the problem | Starts to panic & trying to find the problem |
As you can see, ABC Prime started their subscription business hoping to get more registrations but couldn’t get so. Hence they start finding the root problem.
Whereas, JKL Max start their subscription business hoping to get more registrations but outperformed their expectations. Hence they start finding a solution to manage this overload.
In any scenario, the business can get affected greatly. This can lead to a loss in revenue, poor brand image, low customer satisfaction, and losing market share to your competitors.
What is a Self-service subscription management portal?
A Self-service subscription management portal is a tool that allows customers to directly access information and solve their issues. When you give them total control through this self-service portal, you save ample time that would have been spent on customer service through calls and emails. This self-service portal will help you connect with your customer effectively.
Why is a Self-service subscription management portal needed in the 21 st century?
In the table above, imagine if your business was JKL Max and you received more than double of expected registrations. Without a self-service customer portal, your team members would end up wasting countless hours talking to each customer who had a failed or incomplete registration.
They would have to manually update customer information, payment method, and many more details. This would be a bad deal for your accounts team and will affect your business in the long run. Hence the best way to ensure your recurring revenue model survives this competitive market is via a Self-service customer portal.
Benefits of a Self-service subscription management portal for any recurring revenue model:
- Giving customers total control over their subscriptions: -
- Boosting web traffic and promoting products/services: -
- Helps you maintain accurate personal + billing data: -
- Automating dunning management and recovering lost revenue: -
Give your customers the power on their subscription plan and that will help you save oodles of time. The best benefit of a self-service customer portal is that customers can choose when to pause, upgrade, downgrade, or even cancel their subscription on their own terms. This helps customers and simultaneously reduces the work-burden on your staff.
Why should customers have all the fun? Yes, you did give them a self-service portal. This is a great way to improve web traffic for your brand and improve its search results. But this allows you to share information about new services and other products with these customers. You can promote them and customers who like it can apply for them. -
Manual errors can lead to huge losses for the subscription business. Hence providing your customers with a self-service portal solves all your manual problems. As this portal is directly integrated with a subscription billing software, all information (personal + payment related) that the customer enters gets updated on the database for each team.
Without a self-service portal, your team members will be more focused on handling new registrations and then move on to the problems faced by current subscribers. Hence default payments and lost revenue take a back seat. But with the best subscription software, you get a self-service customer portal that automates dunning management. Through this, you will pro-actively focus on collecting payments that are due or delayed.
Which is the best Self-service subscription management portal in the market?
There are multiple options that one can find when it comes to subscription management platforms for their recurring revenue model. But if you’re looking for the best software that offers a self-service portal (customer portal), then ChargeMonk is what you must get.
What is ChargeMonk?
ChargeMonk is a subscription billing software that helps recurring business models to manage their business seamlessly. It offers subscription businesses PCI compliance and many other ways so they can manage their business efficiently.
How can ChargeMonk help your subscription business model?
Over the years, ChargeMonk has understood industry trends and all the daily problems that a subscription business can face. Keeping these in mind, we came up with the best subscription management software. This is an all-in-one solution for your subscription business that will help you save time, effort, and money!
If this is what you want for your secure subscription business, do connect with us today and get a FREE TRIAL! Click here for more details!