Content providers that utilize a good subscription billing service are in a position to leverage the data gathered from measuring customer retention to acquire even more new subscribers. This is a valuable feature of subscription billing platforms that help companies understand insights into how their customers think and behave, and thus keep them happy while making their service even more attractive to other potential subscribers.
Knowing more about your current customers is key to finding more people like them, and thus growing your subscription base and keeping your revenue stream.
Here are three simple tips to help online subscriptions acquire new customers:
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Keep it easy. As in real life, the more hassle-free the customer experience is, the more they will likely follow through the transaction. In a research made by the Baymard Institute, it was discovered that as much as 27 percent of online customers dropped out of the checkout process because it was becoming too lengthy or complicated.
Make sure that it is easy for the customer to engage your service or product. It begins from start to finish—from the sign-up or registration process right down to payment or the actual sale. If at any point, the customer feels inconvenienced, it may fall through.
To be proactive about the situation, talk to your sales team to gather insights on the “dealbreakers” for their target customers, so that they may be addressed immediately or early enough. These can be gleaned from customer complaints or feedback, so it is also important to have systems in place to gather these information and to treat them seriously.
Keep it sweet. Part of keeping your ear to the ground is understanding what makes your subscribers tick. Make sure to sweeten the deal with promotions, discounts and rates that are relevant to their needs and wants. Leverage customer habits and behavior by immediately following through with click-through promos or ads. While checking out what the competition does is still part of traditional marketing wisdom, it is also effective to understand your own market and how to grow it further.
Be keen to develop subscription pricing schemes that appeal to your target segment, or that make your fees more and more agreeable. Don’t be afraid to innovate as well. Tie-up with related products or services to make the customer feels that they are definitely getting more bang for their buck, and that they wouldn’t mind at all continuing to be your subscriber.
Keep it open. The World Wide Web is not named as such for nothing, and it connotes a big, unexplored market for your content beyond the shores of where you are currently operating from. Research has pointed out that overseas markets are growing exponentially, thanks to continuous advancements in Internet technology and accessibility. Good examples of such markets are China, Russia, Mexico, Brazil, and many Asian countries.
Consider that online media streaming company Netflix reportedly signed up 3.2 million international subscribers during the 3rd quarter of last year, compared to only 370,000 subscribers from the United States in the same particular period. Such figures show the vast potential of business in other parts of the world.
Thus, make sure that your subscription service is equipped and geared toward servicing the international market, from marketing efforts to online payment methods and after-sales service.
Acquiring new subscribers for your content is easy as long as you make use of the vital information being made available to you at all times. Insight and a readiness to maneuver and take advantage of digital opportunities on the Web are important to survive cutthroat competition and to find your own niche where you can grow and expand.