Are you struggling to grow your digital subscription program? Involuntary churn and sluggish acquisition may be quietly draining your subscriber base and revenues.
A recent Reuters study on journalism and subscriptions revealed that while 80% of publishers consider subscriptions a vital revenue stream, only 30% saw significant growth in 2023. This underscores the need for effective strategies to overcome growth plateaus.
Why is growing subscriptions so challenging? When publishers hit a growth plateau or are simply not growing as fast as they’d like, it’s often due to 3 main factors:
Sluggish growth in new starts
High subscriber churn
One-size-fits-all paywall marketing
While many publishers face these common challenges, implementing effective strategies can transform these obstacles into opportunities. At BLOX Digital, we’re excited to share actionable insights that can revolutionize your subscription model and drive growth.
Boosting new subscriptions
One of the key parts of growing your overall subscription program is getting new subscribers through the funnel and paying. This can be a challenge, but there are acquisition strategies you can use to get growing again.
Boost new starts instantly with our latest paywall design:
We recently released a brand new paywall design that not only looks modern and sharp but also performs better. The Toast design improved conversions by 40% and increased the number of people moving through the funnel by almost 300%. It’s a simple, free upgrade for BLOX Audience+ users.
Optimize your payment path:
Using a one-page purchase path can significantly reduce friction and increase conversions. Make sure your paywall presents a single, clear offer to avoid overwhelming potential subscribers.
Enhancing retention
Retention is critical to maintaining your subscriber base and revenue. BLOX Digital has invested heavily in helping you retain more subscribers with practical and tactical ways to reduce churn.
Monitor and Mitigate Churn:
High subscriber churn can silently kill your subscription program. Regularly track and analyze your churn rates. Remember, the lower the churn, the better. General statistics suggest an average churn rate of 6-8% for subscription programs.
Automate Payment Updates:
We’ve introduced premium credit card management tools that automatically update expired or invalid credit cards, significantly reducing involuntary churn. Sites using this tool see an average monthly churn rate of 3.3%, compared to almost double that without the tool.
Engage Subscribers with Dynamic Experiences:
Personalized user experiences are crucial. Our BLOX Audience+ tools allow you to tailor the subscriber journey, offering personalized paywalls and targeted messaging to keep users engaged.
Leveraging AI-powered audiences
AI-powered audience segmentation by BLOX Audience+ can greatly enhance your ability to engage and retain subscribers. By understanding user behavior, you can deliver more personalized experiences and targeted offers.
Identify likely subscribers:
Use AI to analyze user behavior and identify those most likely to subscribe. This helps in presenting tailored offers to the right users, boosting conversion rates.
Recover abandoned carts:
Implement strategies to re-engage users who started but didn’t complete the subscription process. Our tools allow you to follow these users with personalized messages, encouraging them to finalize their subscriptions.
Win back former subscribers:
Develop win-back campaigns targeting former subscribers with special offers and incentives. This approach has proven to be very effective in recapturing lost subscribers.
By modernizing your paywall, optimizing your acquisition and retention strategies, and leveraging AI-powered tools, you can unlock your subscriber potential and drive significant growth in your digital subscription program.
For a deeper dive into these strategies, watch the full webinar recording here. Stay updated with the latest from BLOX Digital by following us on LinkedIn and visiting our new BLOX University website for more training videos and in-depth discussions.
