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Subscription services provide a straightforward option for creators to earn a profit from their creations and earn an income that is recurring and passive. This offering is ideal for subscription services, membership services, online course collections, coaching, consulting firms, and many other services. Its online-commerce platform makes it easy to build and modify a subscription program with just four steps.
What is Subscription-Based Pricing? How does it Work?
What exactly is the subscription model function? Instead of making one payment to purchase a product or service clients will be able to make regular payments--often to access a higher amount of content, but at less cost than the upfront purchase price. There are many forms of subscriptions that are available.
- Unlimited Subscription The most popular subscription form Unlimited subscriptions allow customers to subscribe to the recurring subscription that continues to renew until the user decides to cancel.
- Limited Subscriptions: Often used to create payment plans, limited subscriptions charge recurring payments over a certain period of duration.
- Offer Free Trials. You could offer a free trial to increase confidence in buying by inviting interested buyers to try your subscription for free. What is the reason to offer a trial for free? Researchers from University of Washington University of Washington tested the effectiveness of these promotions. Their study found that 7-day trial trials for free increase retention by 6.4% and increase the return on investment of subscriptions by 7.91 %.
- Paid Trials: Do you'd like to provide your customers the opportunity to test your products and services at offer a discount? The paid trial could be an answer you've been searching for! It may also be reversed, letting you set a higher initial cost prior to unlocking a lower subscription price. The higher upfront trial costs are frequently used by business to offset set-up costs as well as onboarding costs.
Supports all the subscription options to assist online sellers create their ideal subscription model. Check out our step-by-step guide to developing a recurring subscription model, either with or without trial. You can also watch the video below as the co-founder of the company, Scott Moran, builds an online membership service that is mock-up for an online online course that specializes in guitar-related training.
Subscription Step 1: Create an Original Product
Under the Products tab in your account, select the + New Products button. Follow the on-screen instructions to fill in the form with your product name and description.
Subscription Step 2: Recurring Pricing
In the Pricing Type drop-down menu, select "Recurring." Then you can set the terms of your subscription.
- Subscription Cost The default price for your membership or subscription service.
- A Recurring Time: You may choose to have the subscription renew each week, every month, once a quarter and each year. This time period is a reflection of how often customers are charged.
Subscription Step 3 Trial Optional Period
If you choose not to offer a subscription trial you can simply turn the trial Period to off. However, if you choose to add a trial there are two choices:
- Free Trial: Switch the Trial Period toggle on and select Free Trial to give your customers access for free to your subscription. Then, you can choose how long customers can access this trial membership before their first payment is processed.
- Paid Trial: Switch the Trial Period switch on and choose Paid Trial for the cost of a trial period upfront. Then, enter your initial price and how long you would prefer this trial to last.
Subscription step 4: Design the Product
Once you finalize your subscription details, click Create Product. This button will bring you to the dashboard for your product in which you will be able to build your sales webpage, edit the details of your product, choose the payment method you prefer before launching the subscription.
How Do I Manage My Customer Subscriptions?
It automatically creates a portal on which customers can easily control their membership. Yet, it still gives you the control seat in your company by giving you the ability to modify the features of your subscription that you offer to your customers.
- Self-Cancellation Features: You may activate the feature for self-cancellation when you wish to let subscribers to cancel their subscription at any time. This feature can save you from doing the groundwork for customers who want to change or cancel their subscription.
- Subscription Saver: what happens if customers fail to correct their payment details? 's Subscription Saver can help! Included in Scale and Enterprise memberships, the feature automatically goes working to notify and recover subscribers whose subscription fees are denied by their payment method. The Subscription Saver will help keep subscribers from losing their subscriptions (and revenue) without the hassle of sending frantic emails to customers.
- The Subscription Charge Reminder You can choose whether or not to remind subscribers about the coming renewals of their memberships using's Subscription Charge Reminder.