With the advancement of technology, more subscription-based companies have popped up. Although the subscription business model started way back in the 17th century by companies producing books and periodicals, it was only later that this kind of business model had been adopted by many companies. Today, the subscription approach does not only involve the trade of products but also services as well.
With the technology we have today, businesses can easily spread their brand presence with the use of the internet through social media and mainstream media. I
For a business entity that is new to this type of business model, here are some of the various challenges that you may be facing, which you should address quickly and competently to avoid big losses.
Withdrawal of Customer Subscriptions
Keeping all subscribers may be a difficult task. But if you give importance on delving on every withdrawal to find out the reasons for each may give you the best solutions to avoid the exodus of subscribers. Personalizing interactions with your subscribers may be able to result in a more attached business relationship with your customers.
Although you may not be able to keep all your subscribers for a lifetime, you should be able to end their subscription on a positive note that they will soon renew their subscription with you in the future.
Keeping Subscription Rates Competitive
With prices of most basic needs going up, it is a challenge for a subscription company to keep its subscription rates affordable. Increasing …
