Subscriptions Are Bleeding Your Bottom Line Dry

 

As someone in business, you understand the importance of your bottom line. Any and all opportunities to make your organization more efficient must be capitalized in this highly competitive economy. Whether it be process improvement or a lean budget, those that succeed in business pay attention to where improvements can be made, and make them, opening up time and money to allocate to further revenue-generating undertakings. This is a highly compounding effect that, put simply, separates the winners from the losers.

As technology grows, so will the amount of subscription services your business utilizes. Just about every business will have some of the most common bills: electrical, property, and insurances come to mind. These have been fairly static for decades, and often don’t have much need to change. However, the past decade has seen some of the following services in-demand for many businesses, and absolute musts for many more:

  • SaaS applications
  • Cloud-based file-sharing/storage
  • Web hosting/domains
  • Marketing campaigns
  • Outsourced projects (with the growth of the gig economy)
  • Ecommerce extensions such as chat-bots, often implemented in a trial basis

If the lattermost example applies to you, statistically, you’ve forgotten about a trial and ended up paying for a monthly service. This is harmful to somebody from a typical consumer’s standpoint, but can be devastating for business: budgets must be strictly adhered to and any level of variance must yield justification. Frankly, ‘I forgot to cancel the free trial’ isn’t the answer your manager or shareholders will accept.

This becomes more difficult when service providers to your business change your subscriptions from, for example, monthly to quarterly. This can result in keeping track of your recurring expenses becoming inaccurate or providing inaccurate financial reports. Neither of these are a great look, only furthering the need for somebody that ‘gets it’ to provide a solution.

You’re already busy in business. Manually tracking so many subscriptions is a time sink you simply can’t allocate time for at the expense of something else. As is well-known in business, time is money. Thankfully, subscription tracking applications such as TrackMySubs are solving this pain-point for those in business by streamlining tracking those growing monthly subscriptions for you. Gabe and his four-person team certainly take the features someone in business would want in to consideration as they developed and expand their product, including streamlined login features and automated reminders for subscription ends; fostering no need to cram your already intensely populated web calendar.

With the continuing technological boom, business is going yet even more international. Accepting different currencies yields benefits such as establishing entirely new consumer bases and, for those of you in ecommerce, prevention of cart abandonment. This trend works both ways: this will foster a growth in use of international service providers that may bill you in a different currency, further adding to the nightmare of tracking all of those pesky monthly subscriptions and making sense of it all.

Thankfully, a trailblazer by the name of Gabe Alves has been in your shoes and made the mistake he wants to save you from. Gabe had signed up for a free trial of Dropbox and, as tends to happen in business, had an extremely busy month. After the trial period ended, Gabe was billed $850. This spurred Gabe to launch a business with the passion he now has as a professional tagline; ‘helping create a more equitable subscription economy.’

Justifying an investment in subscription tracking technology is simple, and Gabe even leveraged his first-hand experience to help you paint the picture for the skeptic in your office: you already spend too much time doing it without efficiency. Creating a solution budget can mathematically render your proposal for subscription budget application acquisition absolutely inarguable. Gabe shared that he understood the skeptics many would experience when proposing such a high-return innovation, “and at the end of the day, numbers talk. In business, if you can mathematically justify a project and remove all doubt, you’ll win the approval and future gratitude of your superiors.”

Tracking business spending has been a long-established industry norm, but not until very recent history has a solution existed for the growing and multi-faceted tracking of subscriptions. Subscription services are bound to grow in quantity over the next decade as more smaller subscription services enter the fold. If you have slow-adopters in your business that are reluctant to adopt more price-effective solutions (you know, that person that is still paying for AOL two decades later simply on premise of the fact they’re used to it,) you can illustrate the ‘app stickiness’ developed by including that cost in your report. The value proposition of subscription tracking applications is to increase your business’ bottom line, and TrackMySubs elevates this to the next level by premise of understanding the pain points businesses experience: needlessly losing bottom line by feeding companies that profit substantially upon your heavy schedule and eating tons of delicious tiny meals in the forms of microtransactions. As someone with a little business finesse, you’re surely aware of how these microtransactions add up into something much larger.

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