VTiger 7 Acing in the Aspect of Subscription Based Model as well
Business environment keeps on evolving; some business strategies became obsolete. On the other hand, some tactics gain the popularity. One of the most commonly used business models revolves around the subscriptions, in early days the tool of subscription was used by the magazines and newspapers. Customers have to pay a subscription fee in return for which the termly magazine is provided to them. Companies found this subscription model and started to incorporate it into their own businesses operations, now it is used widely in corporate sector, especially where services are offered (But it is not a hard and fast rule that uses subscription for services only, it can also be used for products).
In simple words, in subscription business model, the user has to pay a certain price against which he can use the products or services offered by the firm. In subscription model, instead of selling the products and services on an individual level they are sold in periodic terms (monthly, yearly etc.). Membership is another name that is used for subscription based model.
Advantages of Subscription Based Model
Some of the major subscription-based sales models are as follows:
– Using this model, recurring sales are made, which means that the stream of sales revenue is periodic.
– Firms which use subscription model are better at forecasting future revenues as compared to their counterparts who avoid usage of a subscription model.
– Customer retention is also a benefit enjoyed by the firms who incorporate subscription model in their operations. It helps in understanding the problems encountered by the clients more efficiently, solving which helps in establishing long term positive relationships with them.
– Accounts management is also an area where organizations face serious problems, using subscription model companies can manage their cash flows in a better manner. Because this method is very systematic yet very simple due to which it provides stability to the cash flows.
Due to benefits of using subscription based models, business firms started to use it more frequently. Giant corporations like Netflix, Zipcar, Dollar service club etc. are also using this model.
Subscription-based Model and CRM
The very first question arises; do your CRM even provides the function of developing your own subscription-based model for your business? If yes, then how much useful it is? Several CRM claims that they also provide the function of subscription, which you can integrate into your business, but the reality is that they provide a pre-designed built in subscription feature, which cannot cater the exclusive needs of a business. Well, I don’t think that such type of subscription feature will do any good for your business because you cannot tailor it as per your requirements.
Integrate Subscription Based Model using VTiger 7
VTiger 7 like other features provide an excellent subscription function which can fit in your business and assist in your professional operations. VTiger 7 subscription-based model can manage up to 100000 users. There is a possibility that an organization is offering more than one subscriptions plans, VTiger 7 caters all of them. For example, an amusement park has 3 different subscription plans one works on a monthly basis, secondly, comprises of six months and last plan covers a full year. VTiger 7 will cater all of these subscription plans and will track the details regarding each of them.
Insights Regarding Payment Configuration
Usage of VTiger 7’s subscription module is very easy and can also be used by the beginners without any difficulty. But, there are some aspects that need special care while shaping the subscription-based model for your business using VTiger 7 CRM. These details are related to configuring the payments.
Payment Success: While configuring the payment success you have to specify three different things. First in operation select email, so when a person makes a successful payment an email is sent to him. Set the title of the payment which usually is set to payment successful. Template which is used to send email is a payment received attempt.
Payment Failure: In situations where payments failure occurs to set the operation to email, in this case, an email regarding payment failure will be sent to the client. The title will be set to payment failure and last but not least template that will be used is set to payment failure template.
Retry Payment: Story does not end here, you can send emails to the clients, reporting them that they failed to make the payment up to three times. Specify the number of days after which the customer will be notified again regarding the failure of renewal of a subscription. For example, you can set an automated email, which will be sent to the client after 6 days of failure in making the payment, the second email will be sent after 4 days of the first email and the last email will be sent after 2 days of the second email. You can set the number of days after which an email will be sent ad per your requirements.
Suspend Subscription: If the clients fail to renew his or her subscription even after three notifications, you can end his subscription and send him subscription suspended notification via email.
Vtiger 7’s subscription feature not only helps you in managing the renewal and suspension of subscriptions, but it also tracks the subscription patterns as well. Don’t waste your precious time on ordinary CRM software’s, incorporate VTiger 7 in your business today and enhance operations of your firm.