How to Define Subscription Offering for a New Market?
Defining a subscription offering for a new market necessitates adapting your products to local preferences, thereby determining the range of services to provide. By streamlining your infrastructure to accommodate country-specific payments and processes, you can effectively expand your service's global reach. Ensuring the success of an international subscription business hinges on harmonizing with the unique business landscape of each country.
Global brands trust RackNap
Expand Your Local Business on a Global Scale
- Expand globally with a localized approach
The extent of adjustment required for your current offerings hinges on the scale of your international expansion.
When your new market resembles your existing one, shared customer preferences simplify your global subscription business expansion.
But when you are venturing into unexplored territories, you need to thoroughly research the customer behaviors and needs. You may need to adapt your product lineup to the local taste, along with doing rigorous testing and refinement of the new additions.
For those considering new products or bundles, meticulous alignment with your audience and precise positioning are paramount. Understanding local pricing perceptions and currency regulations is essential.
Seamless customer experiences are vital; therefore, ensuring intuitive currency conversions within your standard pricing is crucial for a natural buying process.
- Enable global subscription invoicing and payment compliance
Every nation possesses its unique and intricate billing, taxation, and payment prerequisites. However, understanding and accommodating a diverse range of payment choices and billing regulations can yield both - financial benefits and a competitive edge.
- Payment Gateways
Empower international customers to pay using their preferred methods while ensuring your payment gateways encompass all possibilities. Businesses offering extensive payment options tend to experience elevated growth.
- Tax Dynamics
Despite its unpopular nature, taxes demand vigilant attention. Given that there are a variety of tax requisites across countries, manual management is difficult. Here, billing automation can help you deal with different taxes with ease.
- Localized Invoice Solutions
Your system must be equipped to deliver multilingual customer communications and invoices, enhancing the global accessibility of your services.
Resolve Foreign Exchange Conversion Challenges
Managing expansion into fresh global markets can present hurdles for your subscription business's financial team. To optimize their productivity, confirm that your systems are capable of addressing the expanded reporting and closing responsibilities associated with diverse countries.
- Foreign Exchange (FX) Consistency
Avoid altering FX reporting and regulations between periods to prevent inaccuracies. When the majority of your revenues stem from a specific currency, prioritizing reporting in that currency is generally advisable.
- Unified Reporting
When catering to external stakeholders and top management, adopt a unified currency across various countries or regions. This approach yields more comprehensive insights and a clearer understanding of business trends.
- Detailed Internal Insights
Tailor your reporting for internal teams to ensure the availability of segmented information that facilitates informed, pivotal choices.
While venturing into international markets might seem daunting, the substantial prospects that lie ahead in the realm of your subscription business make the endeavor highly rewarding. Prioritize the establishment of robust systems and supportive frameworks to overcome the complexities of global sales, securing the continuity of your growth trajectory.
Enable Global Payment Collection
Cater to the diverse payment preferences of your subscribers. Discover how RackNap empowers you with seamless integrations to prominent international payment gateways.
Empower your Subscription Business with RackNap
“We achieved better delivery time, reduced delays in pricing and enhanced our execution speed with RackNap.”
Dima Hazin,
Director, Microsoft Managed Services
Why Customers RackNap ?
“RackNap cloud billing automation and partner management has increased our average revenue per partner by 35%”
Chi Tran,
Director, Technova
“RackNap has completely eliminated all cloud billing related problems we were having”
Olayemi Poppola,
CEO, Reliance Infosystems
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Does RackNap improve my business profitability?
35% *
Revenue Growth (Average Revenue per partners)
Automated orders with cross-selling and up-selling capability.
40%*
Operational Cost Reduction
Reduced manual processes and manpower saving.
60%*
Increased Customer Satisfaction
Strong support capabilities with control in customers’ hands.
50K+*
Global End Users
Users across 6 continents trust us as we have everything ready.
*Source: Case studies of Technova, Reliance Infosystems, STS