What Drives a Strong, Loyal Subscriber Base: 3 Questions to Ask Yourself
Every company strives to flip their funnel and have a strong network of brand champions who will advocate the brilliance of what you offer. That’s wishful thinking, right?
Yes, many organizations struggle to create a loyal and growing following, but that doesn’t mean it can’t be done. At MPP Global, we spend a lot of time helping our clients manage their customers’ subscription journey. This involves bringing together our industry experts, the right sales reps and technical experts, marketing and, of course, the entrepreneurial members within organizations like yours that want to find great and impactful solutions to these issues.
One of the first topics of discussion that come up in our meetings with prospects is around existing technology infrastructure. We recognized that this was a very common theme amongst thousands of digital services and media businesses that are attempting to acquire, monetize and retain a strong, loyal subscriber base.
They have brilliant ideas around driving subscriber adoption with this creative offer or that innovative approach yet are unable to do so based on the in-house systems hindering their ability to execute these ideas. What organizations are quickly realizing is that they’re only as good as the technology enabling their monetization strategy.
Of course, once a Marketing executive manages to deliver a new offering to the marketplace, the expense and effort associated with acquiring a new customer on that new offering is for naught if they’re unable to delight and retain that customer over time.
We thought we’d share the three fundamental questions we guide our digital services (and media!) enterprises to ask themselves when contemplating their subscription strategy.
- With hyper-personalization being the norm, do we have the technology in place to deliver creative, personalized plans to drive exponential subscriber growth and scale to support that growth?
- Are we able to easily offer dynamic and flexible changes to our plans to delight our new and existing subscribers as market conditions change?
- Do we have the technology in place to retain the subscribers we’ve worked so hard to acquire, maximizing subscriber lifetime value?
If you answered “YES” to all three, then congratulations are in order. However, given today’s challenging consumer landscape, if an organization does not have the flexibility to support a personalized, dynamically changing environment for its subscriber base, the ability to maximize Subscriber Lifetime Value is compromised, retention rates will decline and you’re left with wishful thinking again.
If you are cobbling together a disparate set of technologies to address these questions, what would a single platform to support these mission critical strategies mean to you and your team?
Want to know more about how an end-to-end subscription management platform can streamline your acquisition, monetization and retention strategy? Request a demo to chat with our industry experts and see our platform live!