Optimise subscriptions for your store with Recharge!
August 09, 2022
These days, both consumers and businesses are increasingly relying on subscriptions. In fact, according to UnivDatos Market Insights, by 2028, the global subscription ecommerce market is estimated to reach $2.64 trillion. With this in mind, how can subscription businesses set themselves apart from the competition, maximising revenue while getting the most out of the recurring business model?
To answer this question, we’re thrilled to share Recharge’s latest ebook, Succeed with Subscriptions. This free guide breaks down actionable insights and step-by-step instructions to help you optimise your subscriptions in key ways and pave the way for long-term customer relationships.
Are you a Recharge merchant? Check out another version of this guide just for you with step-by-step instructions on how to get the most out of subscriptions using Recharge.
- The subscription ecommerce market shows enormous promise for merchants.
- To get the most out of your recurring offerings, it’s important to regularly audit your business processes.
- Consider key features and integration partners that can help you get the most out of your subscriptions.
How to optimise subscriptions: What’s in the guide?
In the guide, Recharge breaks down ways to optimise your subscriptions in four key areas: attracting and converting subscribers, growing your subscription sales, improving the customer experience, and tackling subscriber churn.
You will also find resources you can take back to your team, including diagrams of various best practices from a sample store, expert insights, and step-by-step instructions on how to leverage different types of features to get the most out of your subscriptions.
Customer acquisition & conversion best practices
The first step in setting your subscriptions up for success is to gain a group of loyal subscribers to your business. In Section 1 of the guide, we break down how to attract that core group of recurring customers through conversion optimisation. This includes:
- Key opportunities to optimise your website for sales
- Essential web pages for explaining the benefits of your subscriptions on your site
- Valuable marketing strategies to increase your customer conversion rate
Pro tip: For example, your marketing communications—such as marketing emails, paid advertisements on social media, and transactional SMS—are a prime opportunity to reach potential customers and convert one-time purchasers into subscribers. In the guide, we break down the key elements to include in each of these communication types, from your value proposition to your product photography to your CTAs (calls to action).
How to increase sales for your subscription business
Once you’ve gained a loyal subscriber base, it’s time to identify areas to increase your sales by growing AOV (average order value) and LTV (customer lifetime value) for your store. Section 2 of the guide covers ways to increase the value of each of your transactions and subscribers, such as:
- Best practices for cross-selling and upselling
- Strategies for making your subscriptions more flexible, such as product swaps and delivery skips
- Opportunities to strategically bundle products in different ways
Pro tip: Having trouble visualising what effective cross-selling and upselling might look like for your store? The guide includes diagrams that show how to cross-sell and upsell to your customers across different pages of your website, from your product detail pages to your checkout page.
Strategies to improve the customer experience
More and more, businesses compete with each other on the quality of their customer experience: Most people want to stick with businesses that focus on their priorities. Section 3 of the guide reviews tactics subscription businesses can use for optimising the customer experience, such as:
- Ways to empower your customers to manage their own subscriptions through the customer portal or via transactional SMS
- Opportunities to reward your most loyal customers with perks
- Strategies for creating membership programs that are tailored to your unique audience
Pro tip: Showing your appreciation for your subscribers, who are arguably your most valuable customers, can make them feel seen and understood by your brand, furthering your personal connection with them. At times, it may even increase engagement with your brand. A gesture as simple as a personalised note with a discount code to celebrate their anniversary with your business can go a long way in encouraging them to stay with you.
Ways to tackle subscriber churn
While optimising the customer experience can be an important strategy for reducing your customer churn, the work doesn’t end there. Section 4 of the guide dives into the strategies you can use to reduce your churn, learn from it when it does happen, and even win your subscribers back, such as:
- Crafting a compelling value proposition that connects your customers to your brand’s greater purpose
- Understanding the two types of churn and how to tackle each
- Unpacking key ways to retain your subscribers
Pro tip: Take your value proposition: It’s arguably your store’s most important piece of copywriting, as it reminds your customers of your unique value. When your value proposition is crafted effectively and communicated throughout your brand experience, it can help reduce the chances that your longtime customers will churn. The guide contains best practices for how to create a value proposition that compels your subscribers to stick with you.
Ready for more key strategies? Download the guide today.
Whether you sell curated monthly boxes of beauty products or recurring deliveries of household essentials, it’s crucial to audit your business regularly to make sure your subscriptions are the best they can be. After all, the subscription landscape is constantly changing and evolving. By advocating for your customers’ needs and preferences in this way, you can lay the groundwork for lasting subscriber relationships. For more best practices and key takeaways, download Succeed with Subscriptions for free today.
Thank you to the kind folks at ReCharge. To chat about other ways to utilise subscriptions please Get in touch