New Feature Announcement: Customized Online Video Subscriptions
We are incredibly excited to introduce a brand new feature to our Video Library, which will completely change the way Yondo users are able to offer their videos and courses to their customers. With Customized Online Video Subscriptions, you can offer your videos for any subscription billing duration. That means annually, monthly, weekly, and daily subscription options are now possible!
Offer multiple price points for access to your content based on the different billing periods and set up these subscriptions with ease!
What are the Benefits of Selling Videos as a Subscription?
There are so many benefits to adding custom online video subscriptions to your content offering. One of the biggest benefits is that it allows you to create predictable revenue. By being able to predict your revenue, you will be able to better budget your cash flow and allocate money for projects to grow your business. Maybe this means finally expanding your business into a line of physical goods, or maybe focusing more dollars on marketing. After all, you’ve got to spend money to make money.
Another huge benefit is how subscription pricing models increase customer retention. Subscriptions remove the need for your customer to manually make an additional purchase each month for access to your content. Over 75% of carts are abandoned at the last minute. Subscription pricing removes the manual purchase process for return customers. Most importantly, that means you can focus on creating great content to keep your churn rate as low as possible.
Lastly, subscription pricing also makes upselling and cross-selling much easier. If you are selling Live 1-to-1 consultations and Webinars as additional services on Yondo, you will be able to effectively target your existing subscribers to make additional purchases. In time, you will gain your customers’ loyalty and they will view your subscription fees as just another monthly expense. This will then open them up to seeing your additional online services as more affordable as well!
How to set up your Customized Online Video Subscription?
It’s now easier than ever to offer your subscriptions on a monthly, annual, weekly, and even daily basis. There is a new tab under your Video Library dashboard labeled “Subscriptions”.
Here you will see your list of all your subscriptions and be able to create new offerings for your customers. There are three parts to each of your customized online video subscriptions; a description, a duration, and a price.
The description will appear on your online store and cart listing. That’s why we recommend that you outline the duration of the content included in this description.
The duration section will set the amount of time between your recurring online video subscription payments. You will be able to set your duration by setting the unit of time (year, month, week, or day) as well as the length (how many units between payments). That means that you can set your recurring subscription to just about any billing period. Generally, it’s recommended that you set a monthly subscription along with an annual and quarterly option to add flexibility to your offerings.
Lastly and probably most importantly is the pricing. Setting a competitive pricing option is very important to creating a profitable subscription video service.
To learn how to set up your Customized Online Video Subscriptions, check out our article on Setting Up Your Yondo Video Subscriptions.