Subscriber acquisition is both an art and a science—and it can be a complex undertaking. A business needs to know who its best customers are likely to be, have a thorough understanding of what it is they want and what the business can provide (their pain points and how best to solve them), and how much customers are willing to pay.
For subscription businesses, there are a number of very effective tactics it can employ to acquire new customers. Recurly has published a new e-book that delves into this topic and shows how a recurring revenue business can use these tactics to improve subscriber acquisition.
For example, both B2B and B2C businesses can benefit from offering free trials so potential subscribers can see their value. Businesses can opt to require payment information at the time of signing up for the trial or not, and there are pros and cons to each choice.
Discounts and coupons are another way to entice prospects to convert, along with upsells and cross-sells. And gift subscriptions, which include gift cards and gift plans, can be an effective way to leverage a business’ most loyal subscribers, giving them a means to share their enthusiasm with friends and family via a gift subscription.
All of these are popular and effective tactics which subscription businesses employ to support customer acquisition. There are, as well, accepted best practices related to all these tactics that help ensure that they’re being employed in ways that will optimize results.
And speaking of results, what metrics should subscription businesses monitor to ensure that their subscriber acquisition programs are performing as expected, and how should these metrics be calculated?
Download our new e-book to learn more about these acquisition methods, the best practices related to them, and the metrics you need to be measuring to track your results.
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The value of Recurly is that we no longer have to worry about the different aspects of subscription management. Instead, we can focus on things that are our core competency, like adding value to our service and expanding our offering. That’s been a huge win for us.