Subscription-based business models allow online brands to retain their customers and increase repeat purchases to earn recurring revenue. Although subscriptions are an excellent way to increase customer retention, it doesn’t mean you can’t acquire new customers.
By focusing on the churn rate and developing the right strategies for customer acquisition, you can create a balance in your business. A leading subscription app for Shopify, Appstle Subscriptions, helps merchants retain their customers while attracting new ones.
In this guide, their e-commerce specialists have shared effective marketing strategies for growth. Keep reading.
Content has become an essential part of every business’s marketing strategy and for good reason. It gives merchants a chance to offer valuable information to potential and existing customers, without them having to purchase anything. This helps build trust so they eventually turn into your subscriber. Moreover, you can also use content to build better relationships with the audience and keep them engaged with your brand.
Did you know that almost half of your customers prefer to check three to five pieces of content before making a buying decision? So why not offer them some killer content that turns them into repeat customers? Make sure you post meaningful content that guides your customers and identifies and solves pain points. This way, they will see the value of subscribing to your business and stay loyal to the brand.
Email marketing is another great tool to connect with customers and prospects directly. It lets you customize your emails according to the audience and add valuable information that persuades readers to take action. Emails are only successful if they deliver some value to your audience, so instead of sending generic stuff, personalize each email for better results.
Here are some things you can do using an email marketing strategy:
- Send surveys to get feedback
- Handle buyer remorse
- Cross-sell or up-sell
- Send important reminders
- Build connections for a better customer experience
If you’re not utilizing influencer marketing, you’re missing out on a lot! The influencer marketing industry has increased to $16.4B in 2022, and it keeps growing. Regardless of your business type and size, influencer marketing can help you send your message to the masses. These social media personalities have a loyal following that trusts their reviews and suggestions.
Hiring them can help you market your subscription business to their followers and get more subscribers. There are different categories of influencers, ranging from nano influencers to mega ones. You can choose the category according to your budget. Most brands prefer micro-influencers the most because they have a highly engaged following and don’t charge a high rate.
Do you have existing subscribers who are happy with your offerings? Make them a part of your marketing strategy. People trust their friends and family more when it comes to product/service recommendations. Asking your subscribers to recommend your brand to their peers will increase your chances of getting more subscribers. You can offer rewards and discounts to them in return.
Besides that, you can also ask your subscribers to leave online reviews on different platforms, share your business on their socials, share photos and videos of your products, etc. Seeing positive reviews will attract new customers and eventually boost your subscriber count and revenue.
Offering a free trial is another great way to target new customers. This strategy is trickier than others because you have to navigate some challenges and make sure customers like your subscription program.
The goal of this strategy is acquisition and not revenue. Once you acquire subscribers, revenue will follow. Most companies ask customers to give their credit card information to sign up for the free trial, but this can sometimes backfire. If you’re new to the market, it’s best to not do this and let people experience your services. Some companies also offer a trial version with fewer features to entice customers to subscribe to unlock them, which is another great strategy.
The key to a successful subscription business is a loyal customer base. With loyalty programs, you can reward your loyal subscribers so they stick to your brand for the long term. After becoming your subscribers, your customers will get rewards for their purchases, which will encourage them to buy from you frequently. If they’re satisfied, they will talk positively about your brand, which brings more subscribers.
Your existing subscribers are your most important assets. Showing that you care about them will help you grow for many years.
If you want to add a loyalty program to your online store built on Shopify or Shopify Plus, check out Appstle Loyalty and Rewards. It’s a modern, technologically-advanced application that allows you to incorporate an effective loyalty program into your store, and manage everything in one place. Appstle also offers subscription apps for Shopify with ease of migration from other apps like Bold Subscriptions, Yotpo Subscriptions, etc. Working with this company will help you scale your business in no time! Contact them for details.
