There’s no time like the New Year to welcome change into your business, so we asked Alan Leech, Chief Architect at crmSubscribe, to recommend some key areas that can significantly impact your publication’s success next year.
Whether you tick off one step each month or dedicate the first weeks of the year to evaluating and reimagining your processes, the most important thing is to begin looking into the tools and technology that can help grow your business.
Take cybersecurity seriously
Cybercriminals have become sophisticated, making it essential to protect your customers’ data with a robust system. A breach of customer data severely impacts all areas of your business. And while money can be earned back, it’s harder to build trust and loyalty with customers if a data breach looms over your reputation as a business.
Outsource the elements that are holding you back
As a publisher, you can’t do it all. That’s where excellent management software comes into play and allows you to use the platform how you choose. Whether you want to license the software or outsource your entire operation, a robust management tool will allow you to tailor your experience so you can focus on the areas that will propel your publication forward.
Remove any barriers to a convenient subscription experience
Streamlined systems that take advantage of automation and make it easy for subscribers to renew and receive their content are paramount. Fewer clicks, targeted messaging, and intuitive account management tools put the subscriber in control and remove any excuses not to sign-up or renew then and there.
Keeping things simple and going back to the basics facilitates quick and easy decisions from your subscribers.
Get the basics of your communication strategy right
A smart subscription management system will automatically employ the standard communication tools and strategies that we know work time and time again.
Take failed credit card payments, for example. With auto-renewals, your subscribers’ credit cards will inevitably expire, and payment will stall at some point. History shows that sending an email asking your subscriber to renew their subscription at this point returns roughly 15-20 per cent pick up.
Instead, an auto reminder that the payment didn’t go through and the card details need to be renewed achieves a 50-60 per cent success rate. The subtle change in language is the perfect example of the basics working to your advantage.
It’s time to get digital
The way customers purchase and consume content has changed forever. Digital publishing comes with an array of benefits for your reader; instant access to new content, flexibility to read on the go and the ability to carry limitless titles in their pocket.
The most effective use of digital publishing is creating a combo deal alongside your print subscription to increase every cart’s order value on checkout. On average, publishers see around 50 per cent of subscribers take digital versions as an add-on to their subscription.
Put your customer in control of their content
The ability to create their account gives your subscribers a degree of flexibility that fosters loyalty. They get the power to personalise their subscription experience while also accessing features that make your life easier, like updating delivery or billing details. A good subscription management tool will enable customer accounts with all the expected features with the convenient luxuries of auto-fill and quick password reset options.
Take advantage of automation to increase renewals
With the right automation tools, you can focus on finding new subscribers while ensuring your existing database is still getting excellent service. When asking your subscriber to renew their subscription, it needs to land in their inbox at the perfect time, and they should be able to follow through with as few clicks as possible. The easier you make it, the more likely they’ll renew.
Use technology to find untapped markets
Acquisition starts with identifying prospects, and the most effective way to do that is to analyse your current database. Many new technologies are integrated into subscriber management platforms, and using these to segment your existing dataset is crucial. Machine learning algorithms are helping to uncover further segmentation in data.
Organised data collection is essential
Publishers can collect data that doesn’t mean anything when taken out of context. So, an IT system that allows you to collect, collate and use data to make informed decisions about your current audience and potential areas for growth will help you understand where the opportunities lie.
Find a platform that ticks all your boxes
Too often, publishers stick with their existing subscriber management tools because they’re worried about the hassle of moving their database. However, they miss out on modern automation tools and sophisticated data analytics that will make life easier.
Don’t compromise quality when it comes to choosing your subscription management software. Your database can be securely moved, no matter what system you currently use, and it doesn’t have to be all or nothing. In fact, it’s common practice to send a test file when upgrading your systems to ensure everything is in working order before you commit.
Implement a robust renewal strategy
Retaining your current subscribers pays off when you look at the numbers. An effective renewal strategy should start with segmentation, and then combine appropriately timed digital and physical renewal reminders.
Another part of a good renewal strategy will be to offer auto-renewals when subscribers sign up. This is a popular option for subscribers who want to avoid adding extra admin to their life. Plus, you’ll save time and money as a publisher by not having to send letters or chase up lapsed subscriptions.
Make sign-up easy for your customers
Fewer clicks, no roadblocks and quick access to content make for a happy subscriber. Customers don’t have time to waste on lengthy or complicated sign-up processes. And there’s a good chance your team doesn’t have all day to manage the backend either.
Secure and intuitive sign-ups that automate account creation, have a well-designed interface and convenient payment options are just the start of implementing great subscription management software.
If you want to know more, please don’t hesitate to reach out to Alan and his team. You’ll find all their details on their website www.crmaus.com.au