In the world of digitalization, customers choose convenience over anything. The days when customers used to come to businesses are long gone. Everything can be ordered online and delivered to their doorstep now. Customers prefer saving their time and effort of making purchases every time they need something, specifically for items of recurring need.
Recent reports have shown 75% of the businesses selling directly to consumers are set to offer subscriptions by 2023.
However, with this fierce increase in business in the industry, competition also becomes more and more fierce. Setting a strong foot and sustaining it requires strong customer service and loyal relationships with customers. Having an excellent Customer Relationship Management (CRM) tool as your subscription partner supercharges your customer and subscription management.
HubSpot is a popular CRM tool that enables access to several online subscription management tools. It has proven to be a complete builder when it comes to subscription management.
What is a Subscription-Based Business?
In a subscription-based business, consumers are charged on a recurring basis at a fixed subscription period for their continuous purchases of your products or services. Many eCommerce and other industries have shifted to the subscription model due to its potential for stable revenue and streamlined retention flow.
SaaS industry, entertainment/ OTT platforms, digital subscriptions, service subscriptions, boxes, consumable subscriptions, i.e., monthly subscription boxes of cleaning products, and many more verticals are adopting or incorporating the subscription model into their businesses one way or another.
What is HubSpot?
HubSpot is a popular customer relationship management (CRM) platform which provides robust tools and integrations to manage subscriptions and automate recurring processes. It offers powerful features to optimize your subscription operations, whether you offer services, content, or product subscription.
It reduces the administrative burden of manually catering to every customer’s needs and queries and enhances your customer experience for your subscription business, and enables you to focus on more significant tasks. In addition to subscription management services, HubSpot membership management platforms also provide extensive tools and features to cater to membership needs.
However, without expert guidance, you might be unable to leverage the full potential of HubSpot’s powerful features. HupSpot consultant partners maximize the benefits of HubSpot subscription management and ensure smooth transitions and strong inbound stitching of systems. Techloyce provides extensive HubSpot consulting services with comprehensively knowledgeable and experienced HubSpot experts.
How to Manage Subscriptions with HubSpot?
The best way to manage subscription in HubSpot is to identify your business objectives and requirements before incorporating HubSpot CRM into your business so that you can customize your HubSpot plan. A step-by-step guide to HubSpot subscription management is provided below:
Set-up Subscription Properties: Customizing your CRM properties is the first step which captures your essential subscription information. Set up custom properties to cater to the unique needs of your subscriptions, such as subscription type, start and renewal dates, status and other relevant data. Plan your subscription product, its unique description, and establish a goal with its recurring sale.
Create Subscription Pipelines: HubSpot provides Pipelines feature which enables visual tracking and managing of subscription lifecycle stages. It plays an optimal role in establishing your unique subscription process, such as “Active,” “Prospect,” “Renewal,” and “Cancelled.” These pipelines can be customized according to your subscription stages.
Use Workflows for Automation: HubSpot’s Workflow tools can be used to automate key subscription actions. Set up automatic workflows based on specific criteria, such as sending subscription status emails, automated payment and renewal reminders, or upcoming cancellation alerts. Automation eliminates any human error from manual tracking and updating and ensures consistent and timely communication.
Segment Your Subscribers: HubSpot provides list segmentation capabilities, which can be used to categorize subscribers based on their status, engagement level, and preferences, which can create a holistic view of your subscribers. These dynamic lists can be automated for updates. It allows you to plan new initiatives and take action to the growing needs of subscribers and make informed business decisions. It also enables targeted and personalized subscription management.
Generate Subscription Reports: Utilize HubSpot’s built-in reporting feature to gain insights into your subscription performance. Track and manage metrics such as renewal rates, churn rates, new subscribers, and revenue generated. Visual reports can be generated to monitor subscription progress and customer engagement and make informed decisions to maximize your subscription growth.
Integrate with Payment Gateways: HubSpot allows you to integrate several payment gateways of your preferences and provide increased convenience to your subscribers. It automated the payment process, billing, and invoicing. It ensures a seamless and secure sync of subscription data between HubSpot and your payment gateways to ensure accurate and timely billing, streamline finance management, and foster stronger trust relationships with subscribers.
Provide Self-Service Portals: Offer self-service options for subscribers within your HubSpot portal. Create a subscription management portal where subscribers can access and update their subscription details, make changes to their plans, or manage payment methods. Empowering subscribers with self-service capabilities enhances their experience and reduces administrative overhead.
Deliver Personalized Content: HubSpot has comprehensive marketing features, which not only increases your market image but also greatly reduces the administrative burden of tracking inbound and outbound user engagement level manually. Utilize HubSpot’s inbound marketing automation to deliver personalized offers and content to subscribers. Based on their subscriber behaviour, send targeted emails, exclusive offers, and promotional or gift discounts to your subscribers. Personalized content increases engagement and strengthens loyalty.
How to Leverage the Full Potential of HubSpot Tools?
Navigating through the robust features and tools on your own can become complicated and prevent you from making fully optimized use of HubSpot features. A consulting partner can enable you to:
- Fully utilize HubSpot features and tools
- Incorporate effective marketing strategies
- Efficient and smooth HubSpot implementation
- Training to bridge the gaps between goals and reality
- Customizable HubSpot plans that suit your business objectives
If you are looking for a single solution to your business needs and success while increasing ROI, HubSpot can be your answer with robust consulting. Be it CRM implementation, marketing, or sales consultancy, HubSpot consultants become your capable partners.
Final Word
By following these steps and optimizing HubSpot’s features’ use, you can efficiently manage your subscriptions. HubSpot’s CRM provides an extensive toolkit to supercharge your subscription growth, streamline management, and enhance customer experience. If your business wishes to adopt HubSpot or improve your already implemented HubSpot toolkit, Techloyce provides HubSpot consultancy that will help you meet your business expectations.
