Subscription Services Webinar | Key Takeaways
On Wednesday, 14th October, 3Search held a webinar all about Subscription Services, featuring some amazing guests from TouchNote, Tails.com and the Financial Times.
For those of you who couldn’t make it to the live event, here are our top three takeaways and the full video so you don't miss a thing!
- Is personalisation key?
The answer to this question was an overwhelming yes! Although perhaps not in the way you first thought…
Paolo (Tails.com) and Joana (TouchNote), whose products can be personalised in the traditional ways, told us that you must also consider what the customer expects. They want you to know them completely. Where they’ll be and what they’ll want.
For customers, this is the main benefit to the subscription model and you mustn’t neglect it.
Joana also mentioned how critical it is to ensure that your customer understands how to use your product in the best way. This will create customer habits. Ensuring that they become reliant on your product and what it does for them.
Fiona (Financial Times), followed up on this point by mentioning data. The Financial Times cannot personalise their product in the ways that Tails.com and TouchNote can, so they look at the data and see what their readers want. For the Financial Times, this is then a balancing act between what readers want to see and what they need to see.
The result is higher engagement and better retention rates.
Data is undeniably the key to success nowadays. If your company is lacking data analysts, it might be worth looking into recruiting one.
- Subscription Fatigue Is Real
Something that really shocked me was what Paolo said about subscription fatigue. I didn’t even realise that this was a thing!
Paolo pointed out that, despite popular belief, subscriptions can’t replace everything! With the number of subscription services now available, they can be very difficult to manage which, in his opinion, is a major negative. You must make sure that the positives outweigh this negative to make the service worthwhile and keep subscribers loyal.
Furthermore, as the market becomes more saturated, businesses are having to do more to stay on top.
In a previous blog, about subscription services, I mentioned that the first is normally the best. But recent news shows that Netflix is starting to lag as subscriber growth slows and share prices fall.
Is the market simply becoming too much?
Fiona went on to say that subscription fatigue wouldn’t see the decline of subscription model-based businesses, but an increase in bundles. Subscription services will begin to add more and more features to stand out from the crowd. Something that Amazon Prime is extremely successful in, for example.
Bundling removes the need to become over-subscribed and makes your customers' subscriptions far easier to manage.
- The Importance of Flexibility
Our final key point is arguably the most important.
Following on from the previous two points, Paolo mentioned how important it is to remember that your product isn’t the only thing in your customers’ lives. Other commitments and life circumstances can change very easily, especially in the current climate.
It can be tempting to hide that cancel button when people can cancel after just one bad experience. The subscription industry is brutal – there are rarely second chances.
But Paolo pointed out that customer experience is far more important than customer retention. It’s important to remember that “the cancellation reason might be because of circumstances that aren’t to do with your brand or your product”. You have far more to gain from a positive experience than a customer who is forced to stay subscribed.
Michael summarised this point nicely by saying, “If it’s not right for them right now, that doesn’t mean it won’t be right for them again in the future.”
Overall, this was an interesting and informative webinar and we look forward to hosting more in the future.
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