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Practice Reading: Fill in the Blanks (Dropdown)
ID: #1230
Businesses benefit
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Businesses benefit because they are assured a and constant revenue stream from subscribed individuals for the duration of the subscriber's agreement. Not only does this greatly reduce uncertainty and the riskiness of the enterprise, but it often provides payment in advance, while allowing customers to become greatly attached to using the service and, therefore, more likely to extend by signing an agreement for the next period close to when the current agreement expires.
In integrated software solutions, for example, the subscription pricing is designed so that the revenue stream from the recurring subscriptions is considerably greater than the revenue from simple one-time purchases. In some subscription, it also increases sales, by not giving subscribers the option to accept or reject any specific issue. This reduces customer costs, and allows personalized marketing or database marketing.
However, a requirement of the system is that the business must have in place an accurate, reliable and timely way to manage and track subscriptions.
From a marketing-analyst perspective, it has the added benefit that the vendor knows the number of currently active members, since a subscription typically involves a agreement. This so-called 'contractual' setting facilitates customer relationship management to a large extent because the analyst knows who is an active customer and who recently churned.
Additional benefits include a higher average customer lifetime value than that of nonrecurring business models, greater customer inertia and a more committed customer base as it from purchase to opt-out decisions, and more potential for upselling and cross-selling other products or services. However, the size of the customer support organization increases so that the paid customers stay happy.
In integrated software solutions, for example, the subscription pricing is designed so that the revenue stream from the recurring subscriptions is considerably greater than the revenue from simple one-time purchases. In some subscription, it also increases sales, by not giving subscribers the option to accept or reject any specific issue. This reduces customer costs, and allows personalized marketing or database marketing.
However, a requirement of the system is that the business must have in place an accurate, reliable and timely way to manage and track subscriptions.
From a marketing-analyst perspective, it has the added benefit that the vendor knows the number of currently active members, since a subscription typically involves a agreement. This so-called 'contractual' setting facilitates customer relationship management to a large extent because the analyst knows who is an active customer and who recently churned.
Additional benefits include a higher average customer lifetime value than that of nonrecurring business models, greater customer inertia and a more committed customer base as it from purchase to opt-out decisions, and more potential for upselling and cross-selling other products or services. However, the size of the customer support organization increases so that the paid customers stay happy.
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