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10 proven tips to acquire, retain, price, optimize, and accelerate your recurring revenue, such as conversion rate optimization for subscription billing
The measurable business impact of each tactic
Effective ways to implement these strategies for your recurring revenue business
Businesses with a recurring revenue model grow 5x faster than their peers–but it doesn’t happen by accident. Successful subscription businesses are constantly iterating, finessing their offerings, incorporating new innovations, adopting best-practice strategies, and working towards conversion rate optimization for subscription billing. Acquiring new subscribers and retaining them as well as existing customers are some of the biggest challenges, and it takes time, energy, and resources to understand what works (and what doesn’t).
However, you can save your efforts and let us show you what makes a big impact on your bottom line. Download your copy of the high-impact tips now and get started supercharging your recurring revenue.
With more than a decade of subscription industry experience and partnerships with some of the world’s leading recurring revenue brands and experts, Recurly has a strong grasp on what resonates with consumers. We’ve identified the 10 highly effective, actionable best practices used by the fastest-growing subscription businesses in the world and pulled them together in this quick and handy checklist.
For example, are you allowing your valued customers to pause their subscriptions? Over 50% of consumers would consider pausing a subscription instead of canceling entirely if given the option. Hit all of your acquisition, retention, and growth goals with this quick guide.
1. Optimize your checkout pages for conversion
Increasing your completion rate by 1% could mean thousands of new subscribers. The checkout experience and flow directly impact the completion rate from the look and feel of your checkout pages to pricing options. Clearly display cost details, offer a final order review, provide easy access to refund and privacy policies, and allow a “Save my information” option to open the door for additional marketing and promotion to follow. Pro tip: The more concise your information is, the better.
2. Personalize for profits regardless of digital, physical, or hybrid model
According to Deloitte, 71% of consumers who customize products are prepared to pay a premium price. Give subscribers the flexibility to tailor their subscription by making it possible to have both a subscription and one-time offerings in the same cart. This could mean giving subscribers the chance to try out products and then mix and match options for a high-value, custom box. Lastly, package together service and product offerings—A TV purchase comes with a warranty service every month.
3. Pricing and promotions can unlock LTV
Nailing pricing is more than getting packaging right; it also means lowering the barrier to entry by offering different payment options and cross-promoting to optimize your offerings. Report on promotions at the point of acquisition and subscriber performance downstream—how long they stay, what they buy—to focus acquisition efforts and deliver long-term results. Embed gifting throughout the subscriber lifecycle to build loyalty, like sending welcome gifts, celebrating milestones, or sending a free product on their birthday.
Download our guide on 10 High impact tactics to increase subscription revenue to see the rest.