Many publishers have adopted paywalls and datawalls in recent years, with the revenues of subscription businesses growing, on average, five times faster than those of S&P 500 companies. As more and more readers embrace the value of digital subscriptions, the focus is shifting to how to make your offering stand out from the crowd. This is the subject of a brand new e-guide from Zephr, supported by FIPP, available to download now.
This new e-guide defines the essential tools for success in the digital subscription space in 2021, offering practical guidance on how to use data and align content to attract and keep subscribers, build valuable relationships with subscribers to anticipate their needs, and better tailor the customer journey to maximise relevance for each subscriber.
To put all this into perspective, the subscription economy as a whole has grown by over 350% since 2012, according to Zuora. That means a lot more opportunities to build and maintain a loyal customer base, as ever larger numbers of readers around the world are willing to part with their cash in exchange for subscription and membership benefits.
To make your subscription offering pop in a busy subscription economy, there are four key steps to follow:
Use data wisely
First-party data is the foundation of any subscription business, and the way you choose to use it is key. The goal is to shift from unknown customers to known ones – studies show that a registered user, with explicit data unlocked, is 10 times more likely to convert to a paying subscriber than an anonymous one.
Build audience relationships
Once you have data, it can inform your choices. Where are your audiences coming from? How are they using your service, and at what times of day? From here, you can experiment with different user segments – for example with metred paywalls and content bundles on particular topics.
Optimise your offering
With the pendulum having swung decisively back in quality content’s favour, readers are prepared to pay – but customer loyalty is hard-won and easy to lose, so don’t forget about your subscribers once they have signed up! Focus on long-term retention by keeping audiences happy.
It’s all about the experience
Finally, user experience should be prioritised. No one wants to see the same ads over and over, or be constantly asked to sign up for something they are not interested in. Informed by subscriber data, focus on making the user journey relevant to individual preferences as much as possible. This keeps your offering fresh and makes subscribers feel like their interests are being served.
Download the full e-guide, “The Publisher’s Digital Subscription Toolbox: 4 Steps to create successful subscription journeys”, for many more ideas about how to improve your users’ subscription journey.