You feel very frustrated when you see low subscription rate on your product as compared to your competitors . Is there a growth hack to increase the number of people who signup ? Anything can be done to create an immediate impact to boost online sales ?.
Well, the answer is yes.
There are areas to focus on to grow your subscription business, there are many things you can try to improve in each of these areas. Here are few things, that can be easily implemented :
Free Trial Usage: Your product is the end result of all your hard work, then why the free trial ? Yes, it is obvious to be money minded. Just think from customer perspective,why they should go for paid subscription at first hand ?. Don't you think they should get a chance to build a trust with your product before they buy? After all, your product belongs to a customer.
Get a free trial period in place for new customers. You can set trial period from 5 days to 30 days, depending upon your business environment. If a product has multiple features and has more complexity, keeping longer trial period would keep your customers engaged.
Pricing Model : $39 or $40, which one you pick and why ? its easy,most of us go with $39 as this is lower and gives more value proposition with the product features. You have to come up with multiple flavors of price schema for your target segment for example: For Beginner, For Professionals & For Enterprise or For Experts.
Your target customers have to understand why they are opting paid subscription and what it means to them. You can also refer your competitor pricing section and come up with your competitive price range. Over and above your pricing supports your product. Neither too high nor too low.
Lead Conversion Page : A lead capture page is a type of landing page differentiated by an optimized lead capture form.This form allows you to collect maximum leads for your respective offers and nurture them down your digital marketing funnel.
To be successful collecting leads, your lead capture pages need to have the right balance of “request” and “benefit.” The “request” are the form fields you use, and the “benefit” is the offer you’re promoting.
A lead capture page that requests visitors for irrelevant information to the offer is abandoned or dropped because a poorly optimized lead capture form is one of the leading causes of landing page friction . Ideally, your form should not ask for more than basic contact information on the user’s first interaction with your company.
For example, if you’re offering a such as a free ebook or webinar; your lead capture form should have no more than two or three form fields. You can create a more detailed form if you’re offering something such as a free trial or a product demonstration. The length of the form also depends on how far down your customers are in your funnel.
Effective use of Marketing Channels : Your are creating a revolutionary product for your end customers, but have you ever thought how a customer is going to reach out to you ? Hmm.
This is a mind-boggling situation.
Can you make your product omnipresent ? Well , the answer is yes and no both. At times we waste a lot of time in highlighting or sponsoring ads on those channels where we get zero ROI. So let's stop using those channels which yield zero ROI. Let's understand which online channels are really productive and get maximum output. For example, you cannot sell on twitter, but it's a good branding platform and you can get followers and lot of referral traffic. Similarly, for B2B companies LinkedIn is an ideal platform to build followers and later turn to customers.
At times same channels work for other business but may not work for you. Identify rights channels and increase your ROI.
Blogs: Blogging is considered to be the best content marketing strategy to increase SEO ranking and to acquire customers. You get long-term followers and customers if you produce unique and effective content through your blog. It is considered to be the best platform to increase awareness of your product and services. You can find many best practices and case studies on google for companies who increased ROI by 3x to 4x.
SAAS business is still evolving and there are no fixed standards, just implement few basic things and measure the results.
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