Upload
dovetail-services
View
87
Download
0
Tags:
Embed Size (px)
Citation preview
First impressions and the sensitive ‘nursery’ period
Paula McGrorty
Agenda
Underlying principle
First impressions count
Standard practice
Suggestions
ROI/break even point
Questions
The principle is that by engaging with your subscribers in the early months, you can increase retention and conversion.
Increasing conversion by spending a little more at the start of a contract could have a significant impact on revenue and overall subscriber levels.
In order to increase retention and conversion you need to do something different to make your subscribers feel special.
Underlying Principle
Renewal intention by tenure
Less than 6 mths
6 mths - 1 yr 1-2 yrs 2-4 yrs More than 4 yrs
0102030405060708090
100
53
6575
8086
Tenure
Ren
ewal
%
First impressions count
Deliver on your promises!
Sign up process – how easy is it?
How quickly do subscribers receive confirmation of their order?
How quickly do subscribers get their first issue?
“I ordered and paid for XXXX in October, but it took until January to see the first copy…that’s three months! I know that the magazine comes out every other
month, but why don’t you send out the current issue rather than make us wait for the next one? When I can get a book from Amazon the next day, your
service is prehistoric!”
Standard practice
Welcome letter
Welcome email
Combination of both
Suggestions
HTML emails Renewal at birth Welcome pack Welcome series 1st issue carrier Referral offer Repeat purchase discount
Suggestions
Customer feedback Free gift comp slip Trial issue follow up SMS Early bird renewals Segmented email marketing/newsletters Subscriber discount and benefits Members club
ROI
3 examples of how a small investment in communications with your customers can pay dividends.
1. Follow up welcome email2. 1st issue carrier3. Welcome pack
1. Follow up welcome emailSpending 8p per customer and increasing uplift by 1% can achieve a revenue uplift of 5.5% at the end of year 1.
2. 1st issue carrierSpending 50p per customer and increasing uplift by 3% can achieve a revenue uplift of 14% at the end of year 1.
3. Welcome packSpending £1.70 per customer and increasing uplift by 5% can achieve a revenue uplift of 14% at the end of year 1.
Summary
Do more than the basics Make subscribers feel special Test different options Spending a little more can increase your
conversion rate and will pay for itself