A look into The State of Subscriptions: Offer customization to increase customer LTV
Now more than ever, consumers crave experiences and products that are catered to their preferences. They want to be able to customize everything from the product or service to payment methods to the frequency at which they receive their goods. In the subscription industry, there are innumerable opportunities to allow subscribers to customize their plans, and to stay competitive, subscription businesses must abide by the new demands.
Get a sneak peek of the subscriber demand for customization in our State of Subscriptions report.
Subscriber growth is directly correlated to customization and personalization strategies that will cultivate long-term subscriber relationships. The idea of subscriber growth stems from maximizing consumer lifetime value–how much value does a subscriber need to see from your service to stay? And with macroeconomic pressures, consumers are more likely than not to seriously evaluate their subscription budget.
To create incomparable value is to allow your subscribers to customize a subscription that caters to their exact wants and needs, whether that be billing frequency, the ability to pause a subscription, or choosing their preferred payment method at checkout. Having an ideal subscription plan gives consumers more incentive to stay–and keep buying from your brand. In fact, our research revealed that subscribers feel more loyal (51%) and tend to spend more money (42%) with brands and businesses they subscribe to, so you’ve already achieved the first step by acquiring a new subscriber.
Next, you’ll need a subscription management and recurring billing solution that helps you identify your ideal customer profiles and optimal acquisition channels, along with capturing and connecting the unique data that helps you understand the retention tactics that resonate well with your most high-value subscribers.
Learn more about our predictions for the year and subscription trends and insights by downloading our full State of Subscriptions report.