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March 16, 2022
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The average person has five different retail subscriptions, while the average household has nine. A subscription price model combines convenience and cost-effectiveness, making it a hugely popular option for both consumers and businesses. In fact, it’s estimated that 53% of all software revenue will be generated from a subscription model during 2022, and 70% of business leaders say that subscription business models are the key to future growth.
Corel’s Partner Program offers subscription pricing models that enable you to deliver greater value to your customers while boosting your bottom line. Let’s take a closer look at the benefits these models provide.
Clear benefits and opportunities for your company are embedded into Corel’s subscription selling model. They include:
Simplified customer acquisition. Our subscription models typically offer a lower upfront price point. This makes the barrier to entry for customers easier to overcome, making them more likely to sign up for a subscription than a perpetual license, which can be more expensive. Since the cost of acquiring a new customer can be up to five times the cost of retaining a customer, this can result in significant—and immediate—cost savings.
Recurring, predictable revenue. Subscription models provide a consistent revenue stream that can reduce the effort required by your marketing and sales teams over time. They can also help improve your company’s financial forecasting by allowing you to more accurately predict incoming revenue.
Stronger, more loyal customer relationships. With subscription models, product version and feature updates, patches and fixes can all be deployed automatically, leading to more satisfied customers. Having a strong recurring customer base also helps you better understand user behaviors and preferences so you can customize your offerings accordingly to build long-term loyalty.
Upselling and cross-selling opportunities. Increased customer touchpoints combined with the ongoing relationship that a subscription model provides presents you with more chances to upsell and cross-sell. Given that the probability of selling to an existing customer is 60% to 70% versus just 5% to 20% for a new customer, this can be a significant boon for revenue.
A renewal team to support you along the way. As a Corel Partner, the Corel renewal team is here to help you manage your pipeline and set you up for success.
Your customers also stand to benefit from switching to a subscription selling model. These benefits include:
Reduced costs and improved financial flexibility. With the relatively low barrier to entry, Corel’s subscription offerings enable customers to optimize their budget and available capital more efficiently. Subscription licensing also delivers cost savings to customers over time when compared to perpetual licensing and allows customers to cancel their subscription at the end of their term without paying a penalty.
Instant product updates. Customers can immediately access product and feature updates, patches, fixes and more by signing up for a subscription. New innovations and enhancements are included in the total subscription price and are often made available for immediate download to subscribers upon release.
Increased reliability. Corel subscription products are typically compatible with the latest operating systems and other key technology updates, helping customers keep pace with the rapid evolution of hardware and software.
Uninterrupted convenience. Our subscription plans are simple to renew. Customers receive uninterrupted use of key software products year after year, without having to set aside time for the lengthy updates and/or upgrades that are often necessary when a perpetual license product becomes outdated.
Flexibility to meet changing business needs. Customers can increase, decrease, pause, or otherwise adjust their number of licenses at any time, giving them the flexibility and agility to quickly adapt to changing business or market demands.
Corel is committed to empowering channel partners to meet the needs of their customers by providing our productivity and creativity solutions via a subscription model to increase customer satisfaction and help boost your organization’s short and long-term growth.
This guest blog is part of a Channel Futures sponsorship.
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