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Subscription services provide a straightforward option for creators to earn a profit from their work and earn regular, passive income. It is a great option for subscription services, subscription services, online course collections, coaching services, consulting companies, and much other services. Its online-commerce platform lets you easily create and personalize a subscription service in 4 simple steps.
What is Subscription-Based Pricing? How does it Function?
What exactly is a subscription service work? Instead of making one payment to purchase the purchase of a service or product, customers will make recurring payments--often to access a higher volume of content at a lower rate than the upfront purchase price. There are many kinds of subscription plans offered:
- Unlimited Subscription: Perhaps the most common kind of subscription that allows customers to sign up for a recurring service that continues to renew until the customer decides to cancel.
- Limited Subscriptions: Most often utilized to establish payments plans, restricted subscriptions charge recurring payments for a specific amount of time.
- The Free Trial Option: may provide a trial for free to increase confidence in buying by letting interested customers try your service at no cost. Why should you offer a free trial? Researchers from University of Washington University of Washington tested the effect of these promotional offers. They found that 7-day trial trials for free increase retention by 6.4% and increase the revenue of a subscription up to 7.91 %.
- Paid Trials: Perhaps you want to give your customers the opportunity to experience your service at with a reduced price? The paid trial could be what you're looking for! It is also a reverse option, letting you set a higher price upfront before gaining access to the option of a cheaper subscription cost. A higher initial trial fee is often used by businesses to cover the cost of setting up and onboarding labor.
Supports all these models of subscription to help online sellers create their ideal subscription plan. Check out our step-by-step tutorial on creating a recurring subscription service--with or without trial. You can also watch the video below as co-founder, Scott Moran, builds an online membership service that is mock-up for an online course business that specializes in guitar-related training.
Subscription Step 1. Add an New Product
In the tab Products in your Account, click on the + New Product button. Then follow the screen-based instructions to fill in the form with your product name and description.
Subscription Step 2: Recurring Pricing
Within the Pricing Type drop-down menu, choose "Recurring." Next define the conditions of your subscription:
- Subscription Cost The default price for your membership or subscription service.
- The Recurring Period can be set to set the subscription to renew weekly, monthly, quarterly or even each year. This time period is a reflection of how often clients are paid.
Subscription Step 3: Free Trial Period
If you do not want to provide a trial subscription just turn off the trial Period to off. However, if you choose to add a trial there are two choices:
- Free Trial: Switch the Trial Period switch on, then select Free Trial to give your customers access for free to your subscription. Then, you can choose how long your customers have access to the trial before making their first payment is processed.
- Paid Trial Paid Trial: Turn the Trial Period switch on and choose Paid Trial to include the cost of a trial period upfront. Then, enter the price you want to pay for your first trial and specify how long you'd like the trial period to last.
Subscribe Step 4: Create Product
Once you finalize your subscription details, click Create Product. This button will bring you to your product's dashboard in which you will be able to build your sales webpage, edit your product details, select your preferred payment method to begin selling your subscription.
How do I manage my Customers' Subscriptions?
Automatically creates a portal through which customers are able to control their membership. But, it gives you the control seat for your business, permitting you to choose which subscription features you extend to the customer.
- Self-Cancellation feature: You are able to use the self-cancellation option if you want to allow customers to end their subscriptions at any time. This feature will save your time and effort for customers who want to change or cancel the subscriptions they have.
- Subscription Saver: what happens when customers do not correct their payment details? 's Subscription Saver can help! In Scale and Enterprise memberships, the feature automatically goes working in notifying and recovering subscribers whose subscription fees are denied by their payment method. The Subscription Saver will help you avoid losing subscribers (and revenues) without having to send frantic emails to customers.
- Subscriber Charge Reminder Users can decide whether or not you want to remind subscribers of upcoming membership renewals with 's Subscriber Charge Reminder.