New, Trending and Sometimes Strange Subscription Services

Subscription services are often a moneymaker for both large and small businesses. These services require customers to pay a monthly fee in order to access services, guaranteeing businesses revenue for months to come and allowing them to retain customers — some of whom may pay for other services. Businesses of all types can benefit from creating subscription offers, especially if they use some creativity rather than merely offering a monthly payment plan for basic services.

Consider Merchandising Options

Businesses that sell any type of merchandise may be able to create an “Item of the Month” club. This type of subscription service is traditionally associated with books or wine. For example, publishers often offer book-of-the-month services where customers receive a new book in the mail every month for a low fee. This model works for almost any type of business, regardless of the product or service. Recently, a Brooklyn-based bagel company offered a New York Bagel of the Month service to customers around the country and businesses like the Dollar Shave Club offer consumers a monthly delivery of shaving items so that they don’t have to shop for new razors each month.

Provide Unlimited Service

One of the best types of subscription services involves unlimited service for a small monthly fee, as opposed to paying for goods or services each time the customer uses them. Netflix pioneered this model when it began offering unlimited access to DVDs and/or video streaming per month, which contrasted sharply with the “pay as you go” options that local video rental stores offered. Many businesses have since run with this model. Recently, Olive Garden offered an all-you-can-eat pass, which allowed subscribers to get as much pasta as they wanted over the course of seven weeks for $100.

Break With Convention

In order to make subscription services worthwhile for customers, businesses must be willing to think outside the box. Instead of focusing solely on sales, businesses should tailor subscription strategies around consumer needs.

Service-oriented businesses have an easier route to customer satisfaction. For example, many life coaches offer subscription packages where consumers get a certain number of coaching sessions for a flat rate. It’s easy to change this type of model to a subscription service where consumers get all the coaching they want for one flat fee per month. One-time sales oriented businesses may have a more difficult time, but they ultimately need to focus on how to make the product line continually useful to the customer.

Businesses may double their profits by finding creative ways to convert their pay-as-you-go model into a subscription model. Even more importantly, using subscription billing gives businesses extra freedom. They can use all of their creativity to find ways to serve their customers’ needs, make their business stand out and keep customers coming back for more.

Not sure where to start when it comes to finding a subscription billing company that fits your needs? Download our free Six Must-Haves guide, which covers the features you need in a subscription billing service, why you need them, and comes with a bonus feature checklist: