We have heard of SaaS subscriptions and several factors that encompass SaaS billing or focus on a recurring billing model. Every year we like to gift our close friends or dear ones with gifts and the interesting fact is that subscription management platforms have revolutionized it by offering features in which the donor does not have to worry about the dates and sends the gift to the recipient simply.
What are gift Subscriptions?
Gift subscriptions are subscriptions that a merchant offers to a lead or a loyal customer. Customers can also buy it for themselves to give to their contacts. The recipients of the gift subscriptions are the contacts.
They can continue to use the subscription services or products until the subscription term expires. Later, the customer or contact can renew the subscription or re-subscribe, or upgrade the subscription plan to use with more features or access.
Why are Gift Subscriptions a Great Subscription Growth Strategy for Revenue and Business?
Allowing customers to purchase subscriptions for their contacts enables subscription merchants and SaaS vendors to keep their customers connected and paying for a longer period of time, as well as a source of multiple streams of recurring revenue.
Gift subscriptions also help with customer onboarding by attracting them to the gift services they use. They can be approached later to purchase these subscriptions or upgrade their plans. Subscription gifts reduce sales and marketing costs and efforts. A gift subscription is an excellent way to increase subscriptions and subscription business for the following reasons:
- To acquire more customers
- To retain customers
- To attract more revenue
- To extend the range of plans and products
- To attract word-of-the-mouth and referral marketing
- To cater to customers from a range of strata
- To keep the customer acquisition cost low and manageable
- To create high-quality lists of leads
- To keep the market intact against the competitive pressure
- To avoid the negative impacts of the competition
How can I get Gift Subscriptions through the Subscription Management Platform?
You can offer gift subscription plans for your digital product if you are a SaaS vendor and provide digital assets such as video or music streaming services, gaming, marketing automation or management services, or a digital media publisher. Gift subscriptions for magazines, newspapers, research journals, devoted subject podcasts, channels, or OTT platforms are also popular gift subscription streams. You can also give a gym or saloon membership to your spouse, parents, or children.
The subscription management platform manages all subscriptions and helps merchants to retain their customers by offering this feature in their business. Not only this but subscription boxes are also one of the features that you can avail yourself of through gift subscriptions. Subscription boxes can be chosen for the git subscriptions according to the personalization and customization for subscriptions you want. The personalization of subscriptions is what customers attract more as they have a wide arena to get what they want without any hassle.
How does a Subscription Management Platform Render its services for Gift Subscriptions?
Provide out-of-the-box customer acquisition strategies in the form of subscriptions that can be given as gifts. By enabling the gift subscription experience with SubscriptionFlow, you can reach out to more prospective opportunities without spending a dime. It provides:
- Customer gift subscription management that is automated
- Additional savings and coupons with clever pricing strategies
- Customer Portal for creating, managing, renewing, and canceling subscriptions with an easy-to-use interface
Talking about customer retention rate, there are a number of strategies that are available on the internet but many prove to be effective enough. Gift subscriptions have proven to retain customers as you can have a recurring billing model for your business and recurring customer over years. You can retain them, by offering optimized features and solutions catering to their needs.
Enable your gift subscriptions with Subscription Management Platform
SubscriptionFlow enables clients to offer their customers gift subscription services so that they can continue to share it with their friends, family, coworkers, employees, or anyone. The recipients must be entered as ‘contacts.’ SubscriptionFlow allows you to create different subscription cycles.
SubscriptionFlow handles gift subscriptions in three steps:
- Turn on the gift subscriptions.
- Create or assign a gift subscription contact.
- Make a purchase for the gift subscription.
Head over to SubscriptionFlow and schedule a demo with now to harness loyally with your customers through gift subscriptions.
