{"id":17008,"date":"2021-05-25T11:42:01","date_gmt":"2021-05-25T15:42:01","guid":{"rendered":"https:\/\/www.gravityforms.com\/?p=17008"},"modified":"2021-05-25T11:55:29","modified_gmt":"2021-05-25T15:55:29","slug":"how-to-increase-your-revenue-with-recurring-subscriptions","status":"publish","type":"post","link":"https:\/\/www.gravityforms.com\/blog\/how-to-increase-your-revenue-with-recurring-subscriptions\/","title":{"rendered":"How to Increase Your Revenue With Recurring Subscriptions"},"content":{"rendered":"

\"MobileWhen you run a business or a non-profit, one thing is quite common: income can be significantly different from one month to the next. An obvious solution when income is down is to seek out more clients, ramp up your sales and advertising campaigns, or reach out to more potential donors. However, that\u2019s not always feasible nor sustainable.<\/p>\n

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Luckily, there is a better solution \u2014 monthly recurring subscriptions. In this post, we\u2019ll talk about the benefits of recurring subscriptions, show you examples of effective subscription models, and share why Gravity Forms is the best tool for the job to help you implement recurring revenue on your site.<\/p>\n

Why Recurring Subscriptions Are Good for Revenue<\/h2>\n

As you might have guessed, recurring subscriptions are a good way to add a little stability to your income. When you add recurring subscriptions, it\u2019s easy to calculate how much you\u2019ll be making each month.<\/p>\n

Simply multiply the price of your monthly subscription with the number of customers and clients. This makes it easy to determine how much you need to make with other revenue sources to meet your income goal.<\/p>\n

Another benefit of having monthly recurring subscriptions is that you can use them to continue nurturing the relationship with your existing customers and clients and keep them coming back for more.<\/p>\n

According to statistics<\/a>, it\u2019s more expensive to attract a new customer than it is to keep a current customer. On top of that, the probability of selling to an existing customer is between 60-70% while the probability of selling to a new potential customer is only between 5-20%.<\/p>\n

When you take the above numbers in mind, it\u2019s easy to see how a recurring subscription can help improve your bottom line.<\/p>\n

Examples of Effective Subscription Models<\/h2>\n

When it comes to subscription models, there are a few different ones you can choose from. Let\u2019s go over a few examples below.<\/p>\n

Charge Your Clients a Monthly Retainer<\/h3>\n

If you provide online services, the easiest way to create a recurring subscription is to offer your services on a monthly retainer.<\/p>\n

For example, if you\u2019re a web developer, you could offer site updates and maintenance as many clients are likely too busy to handle these tasks on their own.<\/p>\n

Or if you\u2019re a writer, you could offer a retainer writing a copy for their weekly newsletter or a blog.<\/p>\n

Create a Membership Site<\/h3>\n

If you sell courses or coaching programs, create a membership site where your members can access all of your paid content for a monthly fee. This allows you to create a predictable income, serve many clients at once without increasing your workload, and make your services more accessible to everyone.<\/p>\n

Pat Flynn, a well-known name in the marketing industry offers a membership<\/a> with exclusive content and bonuses for the members.<\/p>\n

eCommerce Monthly Subscription Boxes<\/h3>\n

\"Birchbox\"Whether you sell digital or physical products, use the recurring subscription model to sell monthly subscription boxes. This allows your customers to easily stock up on their favorite products without having to return to your website to make a purchase. A few examples include Birchbox<\/a>, Dollar Shave Club<\/a>, and more.<\/p>\n

Recurring Non-Profit Donations<\/h3>\n

If you have a non-profit organization, asking for donations every month is a lot of work. Instead, give your donors a chance to set up a recurring donation with the amount they choose.<\/p>\n

It\u2019s a win-win situation for everyone: they don\u2019t have to remember to do it and you no longer have to worry about reminding them. This gives you back time you can spend to recruit more volunteers and put those funds to good use. Charity: Water<\/a> is a good example of a non-profit offering recurring donation options.<\/p>\n

Paid Newsletter or Media Content<\/h3>\n

Offer exclusive newsletter, audio or video content to your customers and clients and set it up as a recurring subscription. For a regular monthly fee, they get first access to your content that\u2019s not featured anywhere else or that they can enjoy ad-free. A good example of a paid newsletter is Stratechery<\/a> which offers news on all things tech.<\/p>\n

Software as a Service (SaaS)<\/h3>\n

You can also offer software for a regular monthly fee. You\u2019ll find examples of this everywhere today and many software developers are opting for this revenue model instead of a one-time fee. A few examples include Adobe\u2019s Creative Cloud, Microsoft Office, and our very own Gravity Forms.<\/p>\n

\"gravity<\/p>\n

Why Gravity Forms is the Right Tool for the Job<\/h2>\n

Now that you know why a recurring subscription is beneficial for your revenue and you\u2019ve seen some examples, let\u2019s talk about how Gravity Forms and the PayPal Checkout Add-On can help you implement it on your website.<\/p>\n

Gravity Forms has several features that make it the perfect choice for offering recurring subscriptions:<\/p>\n