In subscription businesses, the most important thing is retaining subscribers in a faced paced environment, where your subscribers are bombarded with dozens of options. In this situation offering your product or services at multiple rates on a recurring basis is not enough if customers are not communicating regularly why they should stay with you. And, the proven solution to this is to integrate a CRM with a subscription management system to leverage marketing, sale, and support features. With Stripe HubSpot Integration into the recurring payment system, one can automate recurring tasks and utilize the saved time in doing something more productive.
Here in this article, we have discussed in detail the benefit of automation that HubSpot stripe integration into subscription handling software offers to businesses.
Benefits of Stripe HubSpot Integration For Subscription Businesses
1. Proactive Invoicing
The biggest challenge for subscription businesses is managing the invoices with prorated billing, keeping track of all pending invoices, and following up with subscribers until they are paid. And, small scale subscription businesses that are offering services locally and managing everything manually, can understand the pain that an accountant has to go through while drafting invoices against every subscriber, ensuring everyone is billed accurately, following up via call, email, or message, is a hectic task.
Therefore, integration stripe with your subscription system empowers businesses to use the automation feature. This follows a comprehensive if-and-then rule that allows accounts to set the thing up and schedule it to be sent automatically whenever a subscriber makes changes in the subscription plan, pays the invoice, or declines the quote. Every time a notification is sent to the relevant person and helps in keeping things agile.
2. Payment Collection
Another benefit that automation offers to subscription businesses is payment collection automation. It is governed by a series of emails or notifications that are sent to the subscriber on a recurring basis until the invoice is paid. In this regard, HubSpot Integration with Subscriptionflow in the subscription handle system can go a long way. It helps the business executive in creating a series of a campaign that consists of specific tags and a customized schedule that can track the CTR and open rate of an email to ensure the effectiveness of the campaign.
3. Dunning Management
It is the process of recovering payments from subscribers that are caused by any unforeseen reason ranging from credit card expire to insufficient funds and change of ownership. Since this process requires a lot of back and forth communication with the subscriber, therefore setting things to automation can help one save a lot of time. You just have to set customized rules for workflow with a series of retries, before sending a subscription cancelation email. This is proven to be beneficial in regaining dormant subscribers or the one who has left the subscription plan involuntary.
4. Upsell & Cross-sell
In addition to the invoicing, payment, and dunning automation, the integration also assist online businesses with product upselling and cross-selling. This leverage the personal data of subscriber e.g. frequency of payment, subscription plan customization, usage of the subscription plan, etc. By using this information, the marketing team can create an effective pipeline to nurture loyal subscribers to avail of special discounts, use coupons, and modify subscription plans. Moreover, you can use the invoice to recommend personalized products or services to subscribers. The workflow automation feature offered by the integration allows one subscription business to create a wide range of campaigns to nurture leads.
The best thing about the subscription business model is, it offers stable revenue to the businesses. Because of this many businesses are planning to shift from one-time payment to recurring payment models. However, this business model is not suitable for all businesses, therefore it is recommended that before switching from one-time payment to recurring, conduct a thorough business analysis. At the same time take into account the product or services that you can offer on a recurring basis.
Once you identify it, you can implement subscription management software to your system and integrate it with third-party applications to develop a solution that empowers you to automate recurring tasks ranging from marketing to sales, and support to accounts. In this regard, you will find Stripe and HubSpot integration the best. Since it offers all essential features that a subscription business needs to upgrade its marketing strategy and recover payment on time.