The subscription business model offers companies a fast track to growth, offering just about anything from entertainment streaming services to renters’ insurance. Yet to harness that growth potential, businesses need a subscription-centric billing solution that can keep up with their vision, market demands, and innovation in products and services. At a certain point, however, an upgrade from a legacy billing approach to a more capable billing platform is necessary to handle the volume and complexity of recurring revenue operations, as well as facilitate growth at scale. Here are five billing considerations to help guide your decision-making process.
The subscription lifecycle is a framework for describing the needs, processes, capabilities, and knowledge that subscription businesses require as they acquire, bill and retain subscribers; grow their operations; and, achieve financial success. Subscription business success requires intelligence at all phases of the subscription lifecycle. Those that excel at all stages of the lifecycle stand the best chances to succeed!