Ainsley BiltonIt’s easy to find yourself signed up for numerous services, from streaming platforms and software tools to meal delivery kits and fitness apps. While subscriptions offer convenience and access to a variety of products and services, they can quickly add up and impact your personal finances. The good news is that you don’t have to settle for the listed price! With a little know-how and tact you can of negotiate your subscription for a lower price. With just a few valuable tips and strategies on your side you can negotiate your subscriptions for a better deal so you can save money without sacrificing the services you love.
Do Your Homework
Before entering into any negotiation, knowledge is power. Research the subscription service thoroughly to understand its pricing structure, any ongoing promotions, and the average rates offered by competitors. Armed with this information, you’ll be better equipped to make a convincing case for a lower price.
Example: Suppose you have a subscription to a popular streaming service that costs £15 per month. Before contacting customer support, research other streaming platforms and their pricing. You discover that a competitor offers a similar service for £10 per month for new subscribers. Armed with this knowledge, you can confidently approach the negotiation knowing there are better deals available elsewhere.
Assess Your Usage and Needs
Take a close look at your usage patterns and needs for the subscription. If you’re not fully utilising the service, the company may be more willing to negotiate a better rate to keep you as a customer. Be prepared to highlight your loyalty and history with the service as leverage for a discount. Sometimes companies offer different tiers of subscriptions based on your needs so you can find what works best for you!
Example: If you have a subscription to a software tool that you use occasionally, but not extensively, consider your usage patterns. Contact the company’s support and explain that you enjoy the service but find it challenging to justify the current price based on your usage. Mention that you are considering downgrading or canceling unless they can offer a more affordable plan that aligns with your needs. Alternatively check if they offer a lower tier subscription. In Emma we offer 4 tiers of subscriptions from a free tier to our ultimate subscription for real budgeting pros.
Time Your Negotiation
Timing is crucial when negotiating a lower subscription price. Reach out to the service provider near the end of your billing cycle or contract period. Companies are more likely to negotiate when they see a customer is considering canceling or when they’re offering promotions to attract new subscribers.
Example: Your meal kit subscription is set to renew in two weeks. You notice the company is running a promotion offering a discount to new customers. Reach out to the customer support team and ask if they can extend the promotion to your account as a loyal, long-term subscriber. Mention that you’d love to continue using their service, but the current price is prohibitive.
Contact Customer Support
Initiate your negotiation by contacting the company’s customer support team. Be polite, respectful, and clear about your intentions. Explain why you enjoy the service but express concerns about the current price and your interest in finding a more affordable option.
Example: You are subscribed to a premium gaming service that costs £30 per month. You reach out to customer support, explaining that you’ve been a satisfied customer for a year and appreciate the quality of the service. However, you mention that £30 per month is beyond your budget, and you are considering downgrading to a lower tier or canceling your subscription altogether.
Be Willing to Walk Away
While of course you are hoping for a positive outcome, be prepared to walk away if the company is unwilling to negotiate. Show that you are serious about your budget and willing to explore alternative options. This can sometimes prompt the company to make a better offer to retain you as a customer.
Example: You contact customer support for your fitness app subscription, which costs £20 per month. You politely inquire about any available discounts or promotions but are informed that there are none currently. Thank the representative for their time and express that while you enjoy the app, you need to prioritise your budget and might have to cancel. The representative might offer a lower price or suggest keeping your current rate for a few more months until a promotion is available.
Speak with Retention Specialists
If the initial customer support representative cannot offer a discount, ask to speak with a retention specialist. These specialists are trained to keep customers and may have more authority to offer personalised deals. Reiterate your loyalty and your desire to stay with the service if the price can be adjusted.
Example: You have a cable TV subscription with multiple add-ons that totals £120 per month. You call the customer support line and explain that you are a long-standing customer and value their service, but the monthly cost has become a burden. Request to speak with a retention specialist to explore options. The retention specialist may offer promotional rates, waive fees, or suggest bundling services to lower the overall cost.
Bundle Services for Savings
If the subscription service is part of a larger company offering multiple products or services, inquire about bundle deals. Companies often provide discounts for customers who subscribe to multiple services, which can result in significant savings.
Example: Your subscription includes a music streaming service and an e-book platform from the same company. You realise that subscribing to both individually costs £20 per month, but the company offers a bundle of both services for £15 per month. Contact customer support, mentioning your interest in consolidating services and inquire about the bundle discount.
Consider Annual Payments
Some subscription services offer discounts for customers who pay for an entire year upfront. While this requires a larger initial payment, it can save you money over time, and you may be able to negotiate an even better price for an annual commitment. Oftern times you are able to save between 15-20% by choosing an annual subscription compared to a monthly model.
Example: Your online storage subscription is £50 per month. You contact customer support to negotiate a lower price and are informed that they don’t offer discounts for monthly subscriptions. Inquire about annual payment options instead. The representative tells you that an annual plan is £480, which translates to £40 per month—saving you £10 per month compared to the monthly option.
Negotiating a lower price for a subscription is not an impossible task; it simply requires preparation, communication, and persistence. By doing your research, demonstrating your loyalty, and being assertive yet respectful, you can increase your chances of securing a better deal.
Remember, the worst that can happen is you maintain your current subscription at the listed price, but the potential benefits of saving money and enjoying the services you love at a reduced rate are undoubtedly worth the effort. Remember that each negotiation may vary depending on the company’s policies, your history with the service, and other factors.
Be polite, persistent, and open to alternatives to find the best deal for your subscription while ensuring it aligns with your personal finance goals. Happy negotiating!
