Decked up with my notepad, I was sitting in the garden of my neighbourhood looking out for inspiration.
A mother and her child strolling through the garden sat beside me on the same bench. Their cute interactions caught my attention.
The mother announced to her child that if she finishes her homework quickly she will give her a popsicle.
Something clicked in my content writer's brain, but I couldn't put my finger on it.
They left and then I got nudged.
It's MARKETING.
What is Marketing?
Marketing is the activities a company does to promote and sell its products to its potential customers.
The mother marketed the idea of homework(her product) through the bait of popsicle(Activity) to her child(the potential customer).
Marketing involves researching, promoting, selling and distributing your product.
4 Ps of marketing:
The four Ps are the four essential factors involved in marketing a product to the masses.
The four Ps are
- Product
- Price
- Place and
- Promotion.
- Product: The job of the marketer is to define the product, and its qualities and introduce it to the clients. It involves pronouncing the cost, its place and the method of promotion.
- Price: The amount that consumers will be willing to pay for a product relating to the intuitive value, discounts, competitors' prices and market value etc.
- Place: Analysis of where the product should be available, the retail stores and online, and how it will be displayed with the goal to produce the product in front of the consumers who can possibly buy them.
- Promotion: Advertisements, public relations and the overall media strategy for introducing a product are incorporated into a promotion with the motive to make the customers agree to its need and relevant price.
At the end of the day, it's all about buying your product.
There you come face-face with the major nuisance of handling the bills, managing the invoices, chasing payments, getting paid on time etc.
Don't lose hope, there is still light at the end of the tunnel!
SUBSCRIPTION BILLING it is.
Subscription/ recurring billing allows companies to bill their customers based on intervals that the company specifies. It includes subscriptions, membership dues and payments that are made under a specified duration.
Why is it the need of the hour?
'The average subscription billing vendor is growing 30%–50% annually’
The subscription business is the stepping stone for globally progressing your business as every big company be it from online shopping outlets like Amazon to the music channels like Wynk music has moved towards subscriptions.
MYFUNDBOX is a subscription billing platform that enables businesses to manage and accept Subscription and One-Time payments online easily and securely.
In partnership with leading payment providers, MYFUNDBOX provides a single platform to enable your customer-preferred payments globally.
1. No to chasing payments: In project-based billing, manually billing and communicating with the clients for each payment interval, reminding them about their due dates and reaching out to them if the payment fails is a huge responsibility and results in revenue loss if missed.
With MYFUNDBOX, scheduling the payment date and specifying the intervals would debit the revenue automatically and get started instantly. With the added bonanza of dunning management, the issue with credit card payment failure is nowhere to be seen.
2. Predictable cash flow: In project-based billing, revenue can vary greatly from one month to the next resulting in hiring employees for larger projects and then relieving them after it leading to churn, which is a loss for human resources as well as revenue.
With MYFUNDBOX, you will know exactly how much and when you're getting paid with clients signing up deals for 3-month, 6-month, or year-long contracts.
3. Customer satisfaction and loyalty: In project-based billing, experts claim that employees aren't motivated to avoid distractions and keep up with the time deadline resulting in unhappy clients.
With MYFUNDBOX, you can build great customer relationships and satisfy them by giving many flexible billing options to your clients and getting paid on time. A happy, satisfied customer is a loyal returning one.
Glitter out of the crowd and thrust yourself towards the top with MYFUNDBOX!
REFERENCE:
- https://www.investopedia.com/terms/f/four-ps.asp
- https://www.vezadigital.com/post/the-rise-of-subscription-based-marketing-services
