FlexPay, the leading global payments and technology company, and PYMNTS, the leader in data and insights on the payments industry, released key findings from The 2023 State of Subscription Business report. This report, which gathered feedback from a survey of 200 subscription companies, provides the first comprehensive overview of the subscription industry.
The report provides unique insights into key trends and best practices that are vital for all companies with recurring billing models to understand. Actionable recommendations are identified that subscription companies can implement to improve operational efficiency, increase customer retention, and accelerate revenue growth, which have never been more vital as many companies are dealing with a slowdown in new customer growth.
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Subscription Industry Sentiment over the Next 12 Months
The State of Subscription Business: Best Practices and Business Performance Drivers highlights the top challenges subscription businesses expect to face in the next 12 months, with 59% citing economic downturn, followed closely by growing challenges in attracting and retaining customers, and lastly, cost increases from growing inflation.
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Best Practices of Top Performing Subscription Companies
- Top metrics subscription companies use to align operating teams and improve financial results
- The importance of measuring and managing lifetime value (LTV) to improve profitability and why this important metric is not used widely
- Problems in the payment systems that cause customer churn and strategies companies can use to overcome them
- The organizational structure that correlates with top-performing subscription businesses
According to Steve Arentzoff, Senior Vice President of Marketing at FlexPay, “The subscription industry has lacked a comprehensive view of the state of the industry. This report is an important resource for subscription companies to learn about best practices that every company can implement, which can improve operational efficiencies, and lead to accelerated revenue growth and higher profitability.”
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