Digital subscriptions are trending. They give customers ease of access to products and services they need and provide businesses with a relatively low-maintenance platform to reach people. The global digital subscription market is growing exponentially — valued at $96.61 billion in 2022 and projected to grow to $2419.69 billion by 2028.
If you run a subscription business, knowing how to increase digital subscribers is essential to stay ahead of the curve in such a competitive market. Luckily, you can grow retention and attract new subscribers with a few simple tips.
What Is a Subscription Business?
Subscription business is a broad term for any business model in which customers pay a regular fee for access to a product or service. Consistent technological advancements have transformed this business model, as it's easier than ever for customers to start and cancel subscriptions on their mobile devices.
When executed well, subscription models have fantastic potential for repeat business. However, you must work harder to convince customers that your product or service is worth a regular fee. Getting — and keeping — recurring sales requires a specific strategy. With the right brand and products, a subscription business benefits you and the customer. Customers have frictionless access to something they know they need, and you have a recurring revenue stream you can rely on.
Tips and Tricks to Increase Digital Subscribers
In the digital age, your business must offer online subscriptions to remain competitive. Knowing how to increase digital subscribers is essential to build your client base and keep your business running. Remember the following ideas to grow your digital subscribers.
1. Make It Easy
Customers like subscription services that are straightforward to sign up for. When people must navigate multiple pages and enter their details more than once, they may lose interest and turn to someone with a more user-friendly approach. Similarly, they want to be able to opt out, suspend or cancel whenever they choose. Though most subscribers won't decide to end their subscriptions, they want to know they can.
Ensure your customers understand how your service works, then make the process easier and faster.
2. Focus on Strategy
Many people don't want to commit to paying for something over the long term, so you need a strategy to show them why they should. Some people believe subscriptions are expensive and difficult to cancel. Ensure yours is hassle-free.
If someone has a negative experience with your service, you're missing out on months of income. Instead of taking that chance, think about how you can showcase your unique selling points and engage your subscribers from the start . If you're confident in your delivery, consider offering a free trial so customers can experience the benefits firsthand.
3. Create Flexible Pricing Plans
Though you want to earn a profit, your pricing needs to be as affordable as possible to prevent alienating customers. Consider having at least two pricing plans — a cost-effective option and a full-service subscription that offers a little more.
4. Prioritize Quality
The subscription market is competitive. Regardless of your products or services, ensure your customers receive quality service. They'll keep their subscription active if they can rely on you.
5. Offer Incentives
A typical example of an incentive in digital subscription is to remove ads. Some people will happily pay a few dollars more per month for additional perks. Consider different incentives you could offer depending on your products and industry. If you make them appealing enough, you could convert people on incentives alone. Once they experience your service, they'll subscribe.
6. Add Customization
People want subscriptions that simplify their lives and give them something they enjoy. With 71% of people expecting personalized brand interaction, there's every reason to provide it in a subscription. Quality subscription management software makes it easy to offer your customers options. Consider giving them a choice of terms, products and pricing so they can subscribe according to their preferences.
7. Bundle Your Offerings
Create subscription bundles that add value for clients and complement your existing offerings. Doing so enriches customer interactions with your brand and takes it beyond transactional.
8. Be Transparent
Many potential customers remain skeptical about subscriptions, worrying that signing up will force them to buy things they don't need. Clearly state your terms and conditions on your website and position them so customers can see them. Allow people to cancel anytime to build a trusting relationship with your brand.
9. Refine Your Infrastructure
Your website, login and signup should be as frictionless as possible. Evaluate your existing website and consider whether the infrastructure could cost you subscribers. Consider streamlining your login interface and forms.
10. Go Beyond Borders
One of the most fantastic things about digital subscriptions is that they transcend geography. If you haven't already, consider whether you could grow an international client base and how you could adapt your marketing strategy to leverage a new group of potential subscribers.
11. Ask for Feedback
Retaining customers is the cornerstone of a successful subscription business. If you can get customers to set up automatic payments and use your services for years, you're well on your way to lasting prosperity. However, keeping customers happy in the long term requires feedback from them. Start open and honest conversations and ask them where you can improve. They'll appreciate your interest in their satisfaction and responses to their suggestions.
12. Use Analytics
Customers provide you with actionable data by subscribing and canceling. If you can use data such as your churn and retention rates, you can identify opportunities for improvement and make the necessary changes to keep customers happy and interested. An innovative subscription management software can help you leverage your data and increase subscriptions.
13. Get Expert Help
Managing your subscriptions is vital to increasing them. With suitable subscription management software , you can control every element of the buying journey, process payments, create different pricing models and offer loyalty incentives in one place. Partnering with a reliable software as a service provider can give your customers the experience they need to remain subscribers in the long term.
Increase Digital Subscribers and Strengthen Existing Relationships With CSG
Subscribers are the heart of your business, and as a subscription business owner, you must focus on upgrading the experience for existing customers while simultaneously attracting new ones. Striking the perfect balance can be challenging, but with CSG, you can create an exceptional experience every time. Go beyond simple subscriptions and engage with customers on their terms with Ascendon. This all-in-one subscription management software allows you to streamline every part of the customer journey.
We're here to help you simplify some of your most significant business challenges by channeling the power of all to turn an everyday customer experience into an extraordinary one. Reach out to us to learn more about how we can help you transform your subscription business today!
