Optimize Subscriptions For Your Store with Recharge!
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, maximizing 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 optimize your subscriptions in key ways and pave the way for long-term customer relationships.
- The subscription e-commerce 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 optimize subscriptions: What’s in the guide?
In the guide, Recharge breaks down ways to optimize 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 optimization. This includes:
- Key opportunities to optimize 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).
- 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 visualizing 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 optimizing 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 personalized 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 optimizing 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.