Back To The Future With Subscription Management

What is Subscription?

Subscription is the act of receiving products and services at regular recurring intervals for a certain amouont of fee in return.

Subscription Management is the act of handling your customer's subscription throughout its lifecycle from beging to end.

When it all began – A little bit of History:

When we say subscription-based model, it’s no surprise that the industry that comes to most people’s mind almost instantly without a doubt is the newspaper, magazines and periodicals industry. With the advent of the printing press in 1440, the subscription model business was also born. People were then able to produce written materials on a wide scale at an efficient rate. This meant an increased volume of production at a fraction of the cost, and in turn they were able to sell their products more regularly. The community looked forward to the next published edition and therefore with the growing subscribers volume, the subscription model became a regular means for business.

Still to this day, readers are able to subscribe to and enjoy reading their newspapers, and magazines on a Daily, weekly or monthly basis since the 15th century.

Then came the invention of the telephone by Alexander Graham Bell in 1876. Then the telecom giant AT&T was formed in 1885 and merged with Bell companies to establish the telecommunications market. They too began to use the subscription model, where they would charge their customers a recurring monthly fee, or subscription billing for their services.

In the 21st century, the technological era meant digital evolution and with it, the subscription model also picked up momentum. Netflix was born, offering subscriptions to mail based videos at a monthly flat rate, and in return they would receive all the movies and TV shows they want, which eradicated the one-off rental shops such as Blockbuster. The music industry followed, as companies such as Spotify began offering subscriptions to music and songs and selling of CDs and singles have been largely disrupted.

Today, many companies in various industries have followed suit to migrate into the world of subscriptions. Many traditional industries have now such as grocery stores and retail stores have taken on 

Nowadays, consumers are enjoying the flexibility of having regularly used items delivered to them and retailers the new source of recurring revenue. With many companies from various industries turning to the subscription model of business, don’t turn your business away from it.

 With this type of business model offering great benefits as recurring revenue model income, no wonder it's fast becoming the new way to do business.

With a great Subscription Management software, you can automate this lifecycle and reap up the rewards as your business grows.

So, wouldn’t you also like to have your cake and eat it too? CloudOffix can be of assistance. Here’s what we offer:

Product & Subscription Plan Management

Plans or subscription templates can be created with a wide range of options for different billing models and subscription durations. You can manage both Annual and Monthly Subscription plans. It is possible to use subscriptions with fixed durations or automatic renewal subscriptions. 

After defining the subscription plans, you can create subscription products with the related plans. This way, subscriptions can be automatically created through confirmed orders. 

Automatic Customer Subscription Creation

Subscriptions can be created automatically from confirmed orders. Since orders have all the information about customers and product details and products have details about subscription plans, subscriptions can be created automatically through confirmed orders. You do not need to create each subscription manually. 

Recurring Revenue Calculations

Recurring revenues in the subscriptions are calculated automatically according to the selected invoicing period in the subscription plan. This way, it is very easy to follow up changes on Monthly Recurring Revenue (MRR) or Annual Recurring Revenue (ARR) easily in CloudOffix.

Automated Billing & Invoicing

Our billing platform simplifies the billing process with automation. Subscription plans have the information for the invoicing period. Thus, the next invoice date for the subscription can be managed automatically by CloudOffix according to the selected subscription plan. Invoices are created in the draft or validated stage. Validated invoices can also be sent to the customer by the system through predefined email templates. 

Automatic Payment Collection

Collect online and offline payments through leading payment gateways. Customers can also store their credit card information in related payment gateways through CloudOffix for convenient rebilling. Just decide on your pricing model, whether it is monthly or annual based pricing, and we offer many payment methods and gateways for your perusal.

Upsell Products or Services

During the subscription period, you have the option to manage Upsell Opportunities for existing customers easily in CloudOffix. You can add new products and services to the existing subscription and all co-terms calculations are made automatically by the system.

Enter your product details and start date, then let CloudOffix do the rest. When the order for the upsell opportunity is confirmed, the subscription is updated automatically. Also, subscription MRR or ARR is also updated automatically.

Subscription Renewal Management

Managing renewals of subscriptions is vital in subscription based businesses to decrease the churn rates. If you do not follow up renewals at the right time, the churn rates will probably increase.

Managing subscriptions in spreadsheets is very risky and time-consuming in the long term. Once you add new customers to your spreadsheet, it can be hard to keep track of when they renew or grow in numbers.

CloudOffix helps you easily track the renewal dates of your subscriptions. CloudOffix can notify both you and your customer before the expiration date of the subscription. You can select how early CloudOffix will notify you in the subscription template. 

Customer Self-Service Portal

Customers have the option to see the details of their subscriptions in the user-friendly customer portal. They can see the subscription product details, the expiration date of the subscription, and payment information.

They can make any changes when needed. It is also possible to close the subscription when necessary.

Reporting & Dashboard

Reporting is the most crucial point in analyzing your subscription business and taking the necessary steps for the right business decisions. CloudOffix has the right reporting and dashboard tools to make you understand every detail in your subscription in real-time.

You can create graphical, listing, or pivot reports very easily in CloudOffix. You do not need another BI solution to see all the details. You will have direct access to important information you need for your business process.

The Subscription Overview dashboard displays all information on total number of active, expired, and closed subscriptions. Use the dashboard to monitor your subscriptions, calculate MRR / ARR, growth rates, predictable revenue streams (MRR / ARR), expansion MRR / ARR, churned MRR / ARR, ARR / MRR Growth, Total MRR / ARR, churn rates, etc. 

Completely Customizable Platform

CloudOffix quickly and easily adapts to your needs. We all know that every company, every industry is different. That's why we made CloudOffix a lot more customizable than any other solution on the market. It can easily be adapted to your needs. You can create custom fields, filters, views, workflows, templates, reports, and more. It is also possible to integrate with 3rd party systems like ERP, MRP, etc. 

There are no limits to customization in the CloudOffix platform. The limit is your own imagination.