7th September, 2020
The subscription business model is booming. Previously dominated by newspapers, magazines, gyms, utilities, and telecommunications firms, more products and services are now being offered to consumers through subscriptions.
An average consumer has more than seven different types of subscriptions and has around twelve more subscriptions on his/her wish list, research by Harvard says. I believe that in the next 5-7 years, most of our purchases will be subscription-based.
This model takes away the risk of up-front payment and gives us the convenience to scale up or down the product/service based on our needs. The convenience of subscriptions also opens up a problem for us as consumers: keeping track of these subscriptions.
Not all subscriptions follow the same billing cycle. Some are monthly, some are quarterly, some are semi-annual, and some are annual. It’s easy to lose track of all of this, and we could end up paying without usage or end up overpaying.
If you have felt the pain of maintaining an additional excel sheet, you'll find these apps helpful.
The most popular one for subscription tracking for consumers is Bobby. Whenever you make a purchase, key in the details, and Bobby will remind you when it's due for renewal. If you are not a diligent person about keying in purchase information, then Bobby might not be able to help.
Pricing: $3 for a lifetime
If you are in the US, you can consider this app. Truebill integrates with your bank account. So you don’t have to enter your subscription details every time you buy a new one. Truebill helps you cancel unwanted subscriptions and even negotiates with certain service providers to reduce your bill. If you think giving access to bank accounts for subscription tracking is not worth it, this app is not for you.
Trim is similar to Truebill and is available only in the US at the moment. It works identical to Truebill, but it also helps you with debt reduction. Trim provides a 4% bonus on savings.
If you are comfortable connecting your Gmail account with a subscription monitoring tool so that you don’t have to key in all the details to get started or to keep it up to date on an ongoing basis, then outflow is the app for you. If you don’t use Gmail, you need to key in all information manually (similar to Bobby.)
If you are in Canada, then Butter It can work well for you. Butter, part of the Royal Bank of Canada, requires you to connect all banking products you use to buy subscriptions. Once you have joined Butter, it will display all your subscriptions in one place, help you cancel unwanted ones, and assist you in keeping track of subscriptions on an ongoing basis.
With SaaS apps for business mushrooming all over, a 1000 employee business today use on an average 185 SaaS apps. IT Teams have no control over their environment anymore, leading to cost overruns, compliance issues, etc.
We are building Zluri for the IT team to get in control of their new SaaS-ified landscape.