5 successful strategies to leverage your subscription revenue
Subscription revenue is at the forefront of all digital publishing media houses. It’s what keeps the system running. Albeit there’s other revenue flows coming in, the subscription revenue is the most important as it reflects on the quality and credibility of your platform. With the increase in digital participation today, there are a lot of subscriptions being drawn out of a single card. How do you stand out? Why should they remember you and choose you? The competition is brutal out there, let’s look at how you can get more out of subscriptions.
1. Upsell your way into it
Having a subscription will only benefit you if it is done on levels. Don’t stick to a single subscription plan. Upselling is a common sales technique that influences consumers to upgrade their existing subscription plans. The goal is to attract new users to the baseline plan and then slowly encourage them to upgrade.
You need to have several benefits scattered across each plan. These should be gradual and should make a stark difference in the subscriber experience on your website. This way your subscribers keep making you money one upgrade at a time.
2. Keeping giving them Add-ons
Add ons, additional benefits evokes a similar feeling to that of seeing a “sale” sign. Keeping your existing customers happy is very important - providing them exciting gifts as an added benefit ensures that they are happy to be committed to your platform.
You can offer add ons by offering OTT access for a month, digital movie premiers, 1-on-1 Q&A with celebrities, etc. A subscription is an extended relationship and if you want to keep that revenue rolling, give them more than a single benefit!
3. Referral programs are in
The snowball effect has saved all publishers at some point in time. It is important to keep in mind that you come with referral campaigns that provide benefits to your subscribers. The chances are that your readers already promote your platform if they’re loving their experience. However a referral program gives them the added push to ensure their friends actually join in to your platform. Don’t forget to give offers to the new folks joining - make them feel welcome with a tiny discount at least initially.
This could mean a deduction in their monthly subscription, an upgraded plan, or even cash rewards!
4. Be a platform for your subscribers
We’ve seen how many small businesses have emerged over the last two years alone. It’s important to look into how you could benefit your subscribers as a platform. Do they want to sell their products? Give a shout-out to the local store launch? Maybe it’s a marathon invite!
Encourage your subscribers to use your platform for these fun advertorials/advertisements. You could always give them a discounted price and include regular local ads that could even be region specific. Use your social media and brand’s impact to promote your subscribers. The extra dollars don’t do you any harm.
5. Sell more and spend less
Easier said than done, yes. But who doesn't like member benefits? From sports membership to digital content, people are looking for member benefits to stick around with brands/publishers. Everyone is keen on taking care of their subscribers - you should too!
You could achieve this by offering gift boxes, member specific events, member discounts, cross platform benefits and more! The key is to not spend too much while still selling enough. Hand out samples from partners for a member gift box - help everyone! Keep them guessing and keep it interesting.