YouTube icon
Subscription services provide a straightforward option for creators to earn a profit from their efforts and generate regular, passive income. This offering is ideal for subscription services, subscription services, online course collections, coaching, consulting firms, and many others. Its online-commerce platform lets you easily create and personalize a subscription service in 4 simple steps.
What is Subscription-Based Pricing? How does it Function?
What exactly is the subscription model work? Instead of making a one-time payment to purchase an item or service, customers will make recurring payments--often to access a higher quantity of content for an affordable price than the upfront purchase price. There are several forms of subscriptions available:
- Unlimited Subscription The most popular type of subscription Unlimited subscriptions allow customers to subscribe to a recurring service that continues to renew until the customer decides to cancel.
- Limited Subscriptions: Often utilized to establish installment plans for payments, these types of subscriptions charge recurring payments for a specific amount of duration.
- Offer Free Trials. You can offer a free trial to increase confidence in buying by letting interested customers try your service at no cost. Why offer a free trial? Researchers from the University of Washington tested the effectiveness of these promotions. Their study found that 7-day trial trials for free increase retention by 6.4 percent, and can increase a subscription's revenue return up to 7.91 %.
- Paid Trials: Do you want to give your customers a way to experience your service at a discounted rate? The paid trial could be an answer you've been searching for! The paid trial feature can also work in reverse--letting users set a more expensive price upfront before gaining access to a lower subscription price. The higher upfront trial costs are typically used by companies for a way to pay off set-up expenses as well as onboarding costs.
Supports all the subscription options to assist online sellers design their perfect subscription service. Follow our four-step procedure for making a subscription that is recurring, 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
The Products tab of your Account, click the + New Products button. You can follow the on-screen directions to fill out the form with your item's name and description.
Subscription Step 2: Recurring Pricing
In the Pricing Type drop-down menu, click "Recurring." Next, set the parameters of your subscription.
- Subscription Cost The default price for your membership or subscription service.
- The Recurring Period can be set to decide to make the subscription renewal weekly, monthly, quarterly and annually. The duration of the subscription reflects how often clients are being charged.
Subscription Step 3 Free Trial Period
If you do not want to provide a trial subscription just turn off the trial Period to off. But, should you opt to include a trial, you will have two options:
- Free Trial: Switch the Trial Period toggle on and 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 the trial before making their first payment is processed.
- Paid Trial: Switch the Trial Period switch on and then select Paid Trial for an upfront subscription fee. Enter the initial cost and indicate the length you'd prefer this trial to last.
Subscription Step 4: Design Product
Once you finalize your subscription details, click Create Product. This button will bring you to your product's dashboard, where you can build your sales page, refine the details of your product, choose your preferred payment methods, and start selling the subscription.
How do I manage my Subscribers to My Customers?
automatically generates a portal where users can control their membership. However, still puts you in the driver's seat in your company by permitting you to choose which subscription features you extend to the customer.
- Self-Cancellation Features: You may use the self-cancellation option if you want to allow customers to end their subscriptions at any point. This feature can save you the hassle of preparing when a customer wants to end or modify the subscriptions they have.
- Subscription Saver: What can happen if customers don't update their payment information? 's Subscription Saver can help! In Scale and Enterprise memberships, this feature will automatically get to work to notify and recover customers whose subscription charges are declined by their payment source. The Subscription Saver will help you avoid losing subscribers (and revenues) while sparing you the hassle of sending frantic emails to customers.
- Subscription Charge Reminder: You are able to choose whether or not to remind subscribers about the future renewal dates for their memberships by using's Subscriber Charge Reminder.