Here at Billsby we are more than aware of the headaches that come with starting a business. Finding sources funding, customers, and talent should be your top priority. Concerning yourself with billing and invoices should be low on your list of worries, particularly at such an early stage.
Using a comprehensive billing platform can ease the woes of invoicing and billing. In this article, we will look at the features of a recurring billing model of business and how these features can form a fitting pricing model for your new business.
Managing your subscribers
While you may not have an abundance of customers at the beginning, it is essential that as your business grows, you can manage your subscribers effectively. Whilst your customers may be trying your product or service it should be easy to extend and manage their free trial and your subscription billing platform should support this. Further, if things go wrong, it should be easy for you to be able to offer things like coupons and discounts with ease. These sorts of actions can boost the reputation of your new business and fuel those all-important word-of-mouth recommendations.
Understanding your customers
Perhaps one of the most significant advantages of running a subscription-based pricing model is the increased interactions you have with your customers. If you’re charging a one-off fee for a product or a service, then this will likely be your customers only touch-point with your business. With a recurring pricing model, however, your customers are corresponding with your business cyclically. This increased interaction with your customer helps create a more in-depth picture of them, with more data available to get to know your customer.
This is why a comprehensive recurring platform can collect precious data like Marginal Recurring Revenue (MRR) and churn rates. For an early-stage business, this data can have a positive and worthwhile influence on how you wish to spend your marketing budget.
With Billsby Value Score we have combined a variety of metrics to give a rounded score which can help you allocate your resources to your most valued customers.
When you’re setting up your subscription business, you may become anxious about the headache that is customer churn. However, with an astute subscription billing tool, you can reduce churn with smart billing tools and captivating user experience. Billsby automatically re-tries failed payments. This means that you won’t have to spend your valuable time and resources chasing unpaid bills.
Whilst you are growing your business, it is essential to spend as little of your capital on invoicing and billing. That’s why at Billsby we won’t charge any fees on the first $50,000 of revenue that you make. We feel that this is our way of investing in the success of your business, creating a partner for the long term. As your business goes past the $50,000 mark, we will then still only charge 0.8% of revenue. We have your growth in mind.