Renewal & Upsell in Odoo 16 Subscription App | What is Odoo 16 Subscription Module
1Upselling is a marketing strategy used by many companies to sell a more expensive or profitable product. This would include more profitable margins or better pricing and sometimes even add-on products.
Video Chapters
00:00 - What is Subscription?
01:01 - How to Configure Subscription Plan
08:11 - How to Renew Subscription
12:11 - How to Renew Subscription
In subscription, we attempt to upgrade the current subscription to more expensive subscriptions by adding more useful and attractive features.It would enable to extend the relationships with the customer along with promising more profit to the company. #odoo16
Nobody likes redundancy, and even if you like it, we can't settle for that in business. Consumers and their demands are changing every day. So it is important that we adapt our products, prices, and packages accordingly. Upselling can become beneficial to impress new customers and to reward loyal customers. #odoofunctionalvideos
Apart from strengthening the relationship with the customer, it also increases the lifetime value of the particular customer to the company. The marketing efforts on each customer are returned with much greater benefit with upselling. #odootutorials
So how do we create an upselling strategy that will benefit both the customers and the company?While we upsell products, we must focus our attention on the customers who are likely to benefit from the upsell products. #odoosubscription
The higher-priced subscription and the additional features should be useful for the customers. The upsell product should either be cost-effective or provide better functionality and convenience depending on the type of customers we work with.
Upselling is basically an upgradation offer from the company to the customer, to provide them a more convenient and beneficial product. We must take care to provide the customers with immediate value and then show them how much more comfortable it would be with a premium or upgraded plan.
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