As 2024 strategies and financial plans are firmed up, selecting to include the Bango Digital Vending Machine® in your future is a sure-fire way to ensure success. Here are three great reasons why:
1. Easily add over $100 per customer, per year in new profit
Subscriptions are an important part of your customers daily life – everything from Netflix, Disney, YouTube, and Prime Video, to Spotify, Peloton, Blue Apron or Xbox Game Pass.
The digital subscriptions market is forecast to reach near to $600 billion USD by 2026 according to Juniper Research – that’s an eye-popping jump of over 210% over eight years. So, supporting your customers’ passion for subscriptions is a simple and effective way to capture a significant part of that growing revenue and increase your earnings.
Easily and quickly enable a subscription store for your customers. Profits for selling subscription services to your customer base, leveraging the trusted payment relationship you already have in place, can vary from 5% to over 20%. This enables you to book significant new revenues, and account for new earnings that are measurably higher than traditional payment processing or banking fees.
The Bango Digital Vending Machine® provides a quick, simple and cost-efficient way to deliver a complete subscription store, with the leading subscription services ready to be stocked and sold.
2. Double the happiness, engagement and boost your customers loyalties
Taking ownership of subscription services puts you in regular direct contact with your customers, driving engagement and opening opportunities to upsell or cross sell products. Delivering subscription services also creates additional value and stickiness to your own products and services, which increases retention and lifetime value of customers.
According to Parks Associates, nearly 25% of people have 9 or more subscription services. Each service being registered, managed and paid for directly with each separate service provider using a mix of payment methods – it’s increasingly hard to keep track. As a result, when asked, 78% of respondents said they would rather discover, pay and control all their subscriptions with one trusted partner, which is your opportunity to step in and make their day.
The Bango Digital Vending Machine® instantly unites the leading subscription services, allowing you to delight customers with consolidated control and payment.
3. Add excitement and choice to beat your new customer acquisition targets!
As the subscription economy continues to expand and customers select a growing number of increasingly diverse services, growing monthly spend and the number of service providers they interact with, the challenges each person faces equally increases.
Finding a trusted partner able to simplify the discovery, payment and control of great new services therefore becomes more attractive. Customers will naturally seek out and migrate to a partner able to deliver a simple, flexible, and safe subscription solution. This is your opportunity to innovate and acquire those customers (and if you don’t someone else will).
We have already seen leading telecommunication companies introduce subscription solutions like Verizon +play or Optus SubHub. But the telco is not the only trusted brand consumers look to – their payment providers, wallets, banks and credit unions are better positioned to deliver the trust and control desired.
By delivering a centralized subscriptions hub, you can make it simple for customers to swap services or take subscription vacations. Attach services to other products or services – automatically add Netflix when they purchase home insurance or a mortgage. Offer a Peloton or Weight Watchers subscription with the next super-sized burger meal – there are lots of creative opportunities to help you stand out.
The Bango Digital Vending Machine® enables you to deliver a centralized subscriptions hub consolidating choice, control and payments. It provides a platform on which to deliver innovation and marketing creativity.
Already leveraging subscriptions? Brilliant … Bango is still the better choice
Many banks, credit unions and wallet brands already leverage some subscriptions, most commonly for customer rewards, benefits or incentives. These subscription offers usually rely on gift cards, cashbacks or discount coupons rather than directly taking control and offering your customers all the top services directly.
Gift cards are typically pre-purchased and handed out to target customers – who knows what they do with them next. While coupons, like any other marketing incentives, simply drive your customers to the subscription brand to claim and pay.
Neither approach seems to add new revenues, increase earnings, or boosts your customer engagement and retention. Customers rarely love these schemes and often don’t even know or trust them.
Only by taking direct control of your customer subscriptions can you truly maximize the value to your customers, boosting your revenues, earnings and long-time customer engagement as a result. The Bango Digital Vending Machine® opens new opportunities to stand out. Learn more from our latest eBook.