YouTube icon
Subscription services offer an easy way for creators to monetize their efforts and generate regular, passive income. It is a great option for subscription services, online course collections, coaching, consulting firms, and many others. Its online-commerce platform allows you to create and modify a subscription program in 4 simple steps.
How Does Subscription-Based Pricing Perform?
What exactly is a subscription service operate? Instead of making one payment in exchange for the purchase of a service or product clients will be able to make regular payments--often to access a higher volume of content at an affordable price than the upfront purchase price. There are several forms of subscriptions that are available.
- Unlimited Subscription The most popular subscription form, unlimited subscriptions let customers sign up for the recurring subscription that continues to renew until the customer decides to cancel.
- Limited Subscriptions: Often employed to develop payment plans, limited subscriptions allow recurring payment for a limited amount of duration.
- Offer Free Trials. You can provide a trial for free to improve confidence when buying your product by inviting interested buyers to try your service at no cost. Why should you offer a free trial? Researchers at University of Washington University of Washington tested the effectiveness of these promotions. They found that 7-day free trials increase customer retention by 6.4 percent and boost the revenue of a subscription up to 7.91 %.
- Paid Trials: Perhaps you want to give your customers a way to experience your service at a discounted rate? The paid trial could be the solution you are looking for! This feature of paid trials is also a reverse option, letting users set a more expensive initial cost prior to unlocking an affordable subscription rate. The higher upfront trial costs are typically used by companies to cover the cost of setting up and the onboarding process.
We support all of these models of subscription to help online sellers create their ideal subscription model. Read on for our 4-step tutorial on creating a recurring subscription service--with or without a trial. You can also watch the video below as co-founder, Scott Moran, builds a mock membership subscription for an online online course in the guitar training industry.
Subscription Step 1. Add a New Product
Under the Products tab in your Account, click on the + New Products button. Follow the on-screen instructions to fill in the form with your product name and description.
Subscription Step 2: Recurring Pricing
In the Pricing Type drop-down menu, click "Recurring." Then, set the parameters of your subscription.
- Subscription Price: Enter the default price for your membership or subscription service.
- The Recurring Period can be set to choose to have the subscription renew every week, month-to-month, quarterly, or each year. This period reflects how frequently the customers will be paid.
Subscription Step 3: Trial Optional Time
If you choose not to include a subscription trial, simply leave the trial Period switch off. But, should you opt to include a trial, you have two options:
- Free Trial: Switch the Trial Period switch on, then select Free Trial to give your customers free access to your membership. It is then possible to choose the length of time that customers will be able to access this trial subscription before the first payment is made.
- Paid Trial: Switch the Trial Period switch on and select Paid Trial with an upfront trial subscription charge. Enter the initial cost and indicate how long you'd prefer this trial to last.
Subscription step 4: Design Product
Once you finalize your subscription details, click Create Product. Clicking this button will direct you to the dashboard for your product which is where you'll be able to create your sales website, modify your product details, select your preferred payment method before launching your subscription.
How do I manage my Customers' Subscriptions?
It automatically creates a portal on which customers are able to manage their subscription. Yet, it still puts you in the driver's seat of your business by giving you the ability to modify the features of your subscription that you offer to your customers.
- Self-Cancellation feature: You are able to enable the self-cancellation feature when you wish to let customers to end their subscriptions at any time. This will free your time and effort in the event that a client wants to end or modify their subscriptions.
- Subscription Saver: what happens when customers don't update their payment information? 's Subscription Saver can help! Included in Scale and Enterprise memberships, the feature automatically goes involved in contacting and regaining subscribers whose subscription fees are declined by their payment source. The Subscription Saver will help keep subscribers from losing their subscriptions (and revenue) while sparing you having to send frantic emails to customers.
- Subscriber Charge Reminder Users can decide whether or not you want to remind subscribers about the future renewal dates for their memberships by using's subscription charge reminder.