4 Tactics to Increase Paid Subscription Revenue
While compelling content is still the biggest factor in increasing sales for publishers, a mix of targeted marketing promotions and online tactics can give subscriptions an extra boost. In an effort to reduce reliance on advertising and diversify revenue mix, publishers are looking for additional avenues to drive paid subscription revenue.
Marketing automation is a powerful way to engage your audience to send personalized, timely and targeted messages. Automation can help you deliver the right content at the right time to the right people. A voyage can span across multiple channels, including your website, email. and social media platforms.
To increase revenue, many offer discounted pricing, shorter terms, or even free trials to entice subscribers. The challenge, however, can be landing on the right price. You should develop a pricing strategy that involves A/B testing before making pricing changes.
Metering allows you to create a paywall or gate specific content on your website. You can limit the number of page views visitors can have on your site before being prompted to register or pay, as well as create a hard gate to prevent access without registration/payment. Metering can help you build your audience and generate revenue by placing a high value on your content. You can adjust your meter based on the audience type. For example, newsletter readers can receive a different meter than first time visitors to the site.
Automated renewals allow you to renew a subscription at the end of the term without requiring the subscriber to take an action. Auto renewals can help prevent customer churn and have a 3x higher renewal rate than standard renewals. Publishers that use auto renewals also have lower renewal costs since they do not have to send a series of renewal messages.