How to Market Better Within a “Subscription Economy”
February 26, 2019
The shift in our economy is going quickly from one time purchasing towards a subscription market across all industries (in case you haven’t noticed!) And all signs point to this rapidly increasing. In light of this, what attempts are your and my brands making towards marketing more to our ongoing subscribers than just to new leads? Let’s explore.
In “Subscription Marketing” Anne H. Janzer puts forth the term “Value Nurturing” as a proposed stage in the marketing life cycle. Marketers generally have a leadnurturing stage but nothing in the cycle for ongoing consumers, There is such a missed opportunity here for several reasons.
Ongoing subscribers are more valuable over time in a subscription or ongoing basis than just a potential customer. They have more value monetarily, as peers and synergistic partners, and as advocates for you and your brand.
It will reduce ‘churn’ (loss of ongoing subscribers) when you give value consistently.
You learn better from healthy long-term relationships and garner better feedback on how to improve.
Value nurturing will actually in turn keep the product or service optimal and at its best. The experience of your consumer will be that much richer.
It’s just good relationally. Simple as that.
Is value nurturing in your marketing team? If not here are few ideas for ways to begin or continue in that marketing your current customer base.
Ways to Nurture Ongoing Customers
Create content in a library or online forum. People value training and tips that will speak to them and help them. This could be in written form such as good articles. In video format such as a webinar or training series, audio podcast, you name it.
An occasional gift or valuable freebie — out of the blue. Everybody loves this!
Highlighting or show-casing your consumer in a testimonial or story. Everyone wins in this.
Consistent check-ins to see how they are doing and what could be better. Take the feedback and take action where possible and beneficial
Have brainstorm sessions regularly as a team on how to make the ongoing customer base feel special.
About Waves Media
Waves Media is a full service video production company serving San Diego and Los Angeles, and all around the country. We combine cinematic visuals with powerful storytelling, to create engaging and compelling videos that can capture your audience. We produce videos of all kinds, from explaining your product or service, to interview style narratives, to full on motion graphic pieces and much more.