Lockdown was good for subs. People had nowhere to go, few things to spend money on and time on their hands to indulge their existing passions and discover new ones. A subscription was a no-brainer for many.
Keeping hold of this covid-cohort post pandemic was always going to be a challenge as people returned to a more normal existence, but it has been made infinitely harder by the cost of living crisis and our slide into likely recession, accelerated by last month’s mini-budget.
This coming crisis is an economic one and as such, more familiar territory to publishers than a public health crisis. That being said, it could be of an order of magnitude not seen since the great depression of the 1920/30s.
This winter, many people will face the choice of ‘heat or eat’. For most people, discretionary expenditure like subscriptions will come under extra scrutiny. Netflix, the poster child of the subs world, reportedly lost almost a million subscribers between April and July this year.
So, publishers are going to have to work doubly hard and be extra creative if they are to retain their subscribers.
Perhaps, then, this is a fortuitous time to roll out our latest (sponsored) subscriptions special. Leading subs experts, from publishers and suppliers, give us their insights into all aspects of subscriber retention. Do take a look.
Without wanting to steal their thunder, here are just seven of the many takeaways that stood out for me from the special feature:
- First impressions count and delivery is key: your first interaction with a new subscriber sets the tone.
- Communicate regularly (even with auto-renewers), but not without reason. Subscribers don’t like to be pestered, but nor do they like to be ignored.
- Make it easy for people to cancel. Yes! Easy cancellation can help subscriber acquisition efforts, because people won’t fear being trapped.
- Involuntary churn is a thing, but it shouldn’t be. Well thought through processes, with an emphasis on automation, should prevent unwelcome leakage.
- Never stand still; constantly review all aspects of your retention marketing.
- If people lapse, err… find out why and use that information to help prevent future subscribers lapsing.
- Ultimately, the quality of your product is the # 1 determinant of subscriber retention, so continual investment in your brand will drive high renewal rates.
As everyone knows, it costs lots more to acquire than to retain a customer, so investing in your product and honing your retention strategies makes good business sense.
Unfortunately, as a number of our respondents point out, many publishers under resource their retention team. Now might be a good time to put that right.
Thank you to our respondents for their wise words.
This article was first published in InPublishing magazine. If you would like to be added to the free mailing list to receive the magazine, please register here.
