A subscription-based business model isn’t new, but the ways you can improve upon it are.
You obviously have a level of dependability from recurring revenue that you don’t get from a one-time purchase. And there's no doubt that paying attention to your pricing is an important factor in attracting new customers. But delivering a good customer experience is also vital to keep your customers coming back, month after month.
Putting your customers first by offering a ‘grace period’ is a smart approach to show you value them. They can use it after a failed payment or if their licences expire. It gives them a time frame (set by you) to get set up again, without losing access or functionality - which could be critical to them.
Think about it like this; when your customer opts out of a subscription plan (whether consciously or unknowingly), it’s typically more challenging to win them back. Grace periods are an effective way to retain customers and reduce churn.
With Salable, you set the grace period, whether that’s a few days or a few weeks. During this time, you can contact your customer to find out what’s going on with them. As a result, your customer feels more valued, which potentially turns them into a long-term subscriber. And secures that recurring revenue.
Follow us for more about Salable. In the meantime, here’s a sneak peek at some of the other features we’re currently working on, including our documentation guides to help get you started...