Subscription Management Tools: Evaluating Your Best Fit

Do you know the subscription economy is touted to reach $1.5 trillion by 2025? That’s insane, right? As a business that provides software as a service, you will not only need to jump on this bandwagon, but more importantly, you will need the right set of subscription management tools to stay on it to keep reaping the profits of this booming industry.

This blog offers you a subscription management tool guide to help decide which SaaS subscription management tool is the best fit for you!

What are subscription management tools?

These are easy-access solutions that are designed for businesses that offer subscription-based services. With these tools, business owners oversee various tasks such as the following:

1. Acquire data analytics about their service’s performance.

2. Automate all billing.

3. Supervise renewals and/or cancellations.

4. Handle the accounts of all your subscribers.

Yet these tools in themselves are never enough and you need them to integrate well with other software that offers different functions to help streamline your user’s experience. Some of the other software that these tools integrate with can be:

1. Payment gateways: to help process all payments made by your consumer efficiently and securely.

2. Accounting software: to help manage your company’s book the SaaS subscription management tool will automatically keep feeding data if it is properly integrated with the accounting software.

3. Marketing software: say your subscription management tools have identified a few customers who are at the risk of churning away from your service, what this integrated marketing software can do is it can automatically be fed that data and then send out reminder emails or discount offers to help retain those customers.

5 Factors That Will Help You Decide Which Subscription Management Tool to Choose in 2024: A Guide

Keeping in mind all this, let us now dig into what are the factors you need to consider when deciding what subscription management tool should you consider to help run your Software as a Service!

1. Scalability

If you are a cash-strapped startup, your best bet will be those subscription management tools that are not too expensive, offer a variety of features even at their lesser price, but most importantly, they have a tiered pricing option that allows you to upgrade to a pricier tier with more features the moment your business starts doing well. (This works both ways, of course—if your business begins to struggle, you may need to downgrade quickly to help cut your losses.)

How can SubscriptionFlow help you with this?

Primarily by offering usage-based billing, SubscriptionFlow lets its users adapt easily to the growth of their business and pay for their subscription management services accordingly. Since scalability depends on flexibility, this enables companies to handle an expanding clientele without incurring additional costs. SubscriptionFlow also places a great deal of importance on customer retention and churn management which helps businesses grow.

2. Choice of Billing Options

Churn usually happens because of repeated failed payments. And a good way to avoid this is by having a SaaS subscription management tool that offers you multiple billing options that you can present before your customer. Doing this ensures that for whatever reason if one billing option is not working out for them, they will be able to hop onto whatever is the next best solution in your arcade of subscription management tools.

How can SubscriptionFlow help you with this?

SubscriptionFlow offers a multi-model pricing option that stands out amongst the competition for being adaptable and thereby enabling companies to select the best choice for their services. These choices include a tiered, volume-based, usage-based, per-unit, flat fee, and customizable combinations of these pricing structures. Furthermore, SubscriptionFlow supports a variety of currencies and payment methods, which improves the experience for consumers by giving them the option to select the payment method of their choice.

3. Ease of Integration

Integrations matter, if only because they allow you to automate almost everything in your workflow. This frees up your technical labour from manually having to do all tasks and instead focus on focusing their attention on what matters and cannot be automated. This is why you need subscription management software that caters to a different aspect of running a successful subscription-based business.

How can SubscriptionFlow help you with this?

If you want a seamless workflow for your business, it will bode well for you to make use of SubscriptionFlow’s countless integration options with third-party applications. You can easily transfer data across all your applications in your workflow to ascertain that there is much-needed consistency in your subscription management across platforms. Additionally, SubscriptionFlow also offers helpful guides that make it easy for you to understand exactly how you are expected to go about integrating the software with these party applications.

4. Robust Analytics Reporting

So, what numbers matter for your business? And does your subscription management service give you the truth about those? The software you pick should be like your business’s personal detective, dishing out all those juicy insights that help you level up.

Suppose you are all about keeping tabs on stuff like how long it takes to recoup your customer acquisition costs (CAC payback period) or how your average revenue per user (ARPU) is swinging. In that case, you need a subscription management service that has got your back on those fronts.

How can SubscriptionFlow help you with this?

The team at SubscriptionFlow is particularly committed to ensuring that their clients get the best reporting and analytics tools. This is why features regarding custom reporting tools and customizable dashboards have been provided. With these features, businesses can track and analyze a wide range of metrics such as Monthly Recurring Revenue (MRR), Churn Rate, Customer Retention Rate (CRR), and Customer Lifetime Value (CLV).

5. Cross-border Operations Management

All businesses wish to continually expand. The first rule of an expanding business requiring a set of subscription management tools is that it has to be one that can cater to international expansions. This means that we should integrate as many payment gateways as possible around the world with an A-list subscription management system. This will guarantee tax compliance in all areas, especially the European Union which is particularly finicky about its particular laws, and handle tricky legal situations like GDPR laws. Such subscription management solutions also provide adaptability to the specific obstacles of each market.

All in all, this software ought to be a dependable partner for you in expanding your business globally, managing various currencies and keeping up with local regulations while you concentrate on expanding and satisfying customers across the globe.

How can SubscriptionFlow help you with this?

SubscriptionFlow can be just that for you by offering you the choice to integrate with some of the market-leading payment gateways like Stripe, PayPal, etc. This will let you process payments across multiple geographies and their individually different laws. Furthermore, SubscriptionFlow’s platform addresses common challenges in cross-border payments, such as high fees, decreased productivity, and strained supplier relationships, by offering intelligent payment routing and merchant-of-record services.

Bottom line

Selecting the appropriate subscription management tool becomes crucial for companies navigating the rapidly expanding subscription economy in 2024. SubscriptionFlow stands out as a trustworthy partner when considering features like scalability, billing options, simplicity of integration, strong analytics reports, and cross-border management of operations.

Book a demo with SubscriptionFlow now and begin your journey with this SaaS subscription management tool!