Global economic slowdown over recent months has led to continued business uncertainty, and though the outlook for the economy in 2023 is better than previously predicted, the road to stability is still expected to be a long one.
To help your subscription business to continue to grow and expand Billforward have focused on enhancing our key features so that you have the best subscription management and recurring billing tools to face the current economic challenges.
Subscription Management
In our last blog we discussed how the flexibility of subscription offerings can incentivize customer satisfaction. The range of pricing strategies, subscription management tools and customer engagement tools that are provided by Billforward not only support increased customer satisfaction, but also help your business to secure its existing customer relationships and appeal to a wider range of new customers.
With our flexibility surrounding subscription strategies (such as pricing strategies and complexity of offerings) Billforward’s features are formed to engage with complex use cases in the simplest of ways.
How can these features help my subscription business during a period of uncertainty?
- Communication with your customers is key in creating customer satisfaction and, in turn, increased customer loyalty. With automated emails and notifications Billforward helps your business to optimize this communication and reduce the risk of losing customers throughout this period of uncertainty.
- Flexibility, flexibility, flexibility. At Billforward we know that flexibility is key, and when it comes to periods of uncertainty it is useful to offer your customers a range of subscription options. Larger, less frequent subscription plans may work for some customers who want to cut down on their smaller, unnecessary expenses, yet for many other customers it is more affordable to pay less and more often. There really is no one-size-fits-all subscription model, and so Billforward’s setup allows your business to create a range of subscription plans so that customers can find a plan that works best for them.
Recurring Billing and Invoicing
Billing and invoicing are incredibly important to get right. In times of uncertainty the last thing that your business needs is an influx of failed payments, missed payments or loss of potential customers due to incompatible payment options. To guard your business against these threats, Billforward features:
- smart dunning tools which help to minimize churn, collect missed payments and protect your business against failed payments,
- multiple payment options so that customers can pay in a range of different ways (including by check, cash, ACH and direct debit), and
- international billing tools so that businesses with customers across a range of countries can render checks in the appropriate currencies for their customers.
How can these features help my subscription business during a period of uncertainty?
- Experiencing missed or failed payments can have a real threat to the stability of your business and lead to periods of decreased revenue. During periods of business uncertainty it is vital to have as much protection against lost revenue as possible, which is why Billforward utilizes smart dunning effectively.
- Allowing as many different payment options as possible and ensuring that all of your customers across the globe have the ability to pay in their preferred currency helps to reduce barriers to checkout, and makes the billing process easier for customers. By allowing customers to pay how they wish Billforward assists your business in further reducing customer churn.
Peaked your interest? Book in for a discovery call with one of our billing experts today and see how we can help you optimize your subscription strategy!