As a subscription-based business, the key to sustainable growth is providing value to your customers. That way, they always want to renew their subscription and keep using your service or products. One way to provide value is through bundled offerings. There are many ways to bundle your subscriptions, but it should always be done with the customer in mind. How are you providing more bang for their buck? Does this bundle give them more of what they want? Here are three ideas for bundles that can provide more value to your customers with the help of the right subscription management platform.
Bundles that Enhance Your Product
Enhancing bundles are like visiting a restaurant that provides their sauce and seasoning options on your table. It allows you to make the main course fit your exact taste. Similarly, you can offer a subscription bundle that includes services or products that may not warrant an entire subscription on their own but work great as add-ons and bonuses to your primary subscription offerings.
Take the example of a pet food subscription service. The main reason customers would subscribe is to get food for their pet delivered to their home. In this case, your business could start offering a $5 add-on of vitamins to mix in with the kibble. Customers can even choose from a wide range of benefits and flavors to enhance their furry friend’s dinner. These types of bundles help customers easily see the added benefits that enhance their subscription.
Offer Combined Services for a Bundle Full of Value
A bundle of combined services is like wrapping up different subscription options into one offering. This is closer to an all-you-can-eat buffet. You get every course for one price. A bundle like this provides value in multiple ways. Firstly, your subscribers don’t have to deal with many different payments or accounts. Secondly, they can enjoy a variety of subscription benefits at a lower price than if they were to sign up for them all individually.
To continue with the pet food company example, it would look like this: The pet food company partners with a dog walking business and a grooming salon to offer three services in one discounted package. Each business gains new subscribers from different yet related markets. Plus, the subscribers get to enjoy the benefits of all three services.
Reducing churn can be a benefit of bundling services. “Churn” is the rate at which you lose subscribers, and adjacent bundles can help improve the results of your churn rate formula as your business grows. Adjacent bundles provide extra value by allowing customers to get services and products that might not be obviously related but can still enhance their daily lives.
If the parent company of the pet food brand also owns a meal prep service for humans, offering a bundled subscription of both services would qualify as an adjacent bundle. These two subscriptions operate in two different industries, but many pet owners might see the value in combining the two services, especially if they already use one and are interested in trying the other.
When you want to take the next step in growing your subscription-based business, choose Recurly. Subscription services have exploded in popularity over the past few years, and Recurly can help you manage every step of the recurring billing process. Their subscription management and billing platform has been a leader in the industry for over a decade. They have helped manage over 40 million subscriptions and can provide that same expertise and service for you. With Recurly, you gain access to a range of smart tools and data-driven insights that can help you scale and increase lifetime value for each customer. Whether you want to run a churn calculation or implement a new pricing model, discover how Recurly can help you achieve success in the world of subscriptions.
Get the help you need to manage your bundle subscription offerings with Recurly at https://recurly.com/
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