Four ways to grow your subscription business

The SaaS industry is continuously expanding and you might be keen to ensure that your company grows with it. Various other sectors are now exploring subscription models from the gaming industry to shoe producers. How can you stay on top and continue to boost your subscriber numbers?

Here are some options worth considering.

Create a connection

A subscription business model is different from the typical ecommerce company. In a subscription business, customer retention is far more crucial to growth compared with the acquisition.

For high levels of growth, your subscriber churn rate must be low. To do this, you need to ensure that you deliver value. There are lots of ways to approach that target but one of the best will be developing a connection with your customers.

To form a connection, approach customers on social media and engage. Send out messages to individual consumers and deliver rewards for being part of this exclusive group.

Content is king

You should not underestimate the importance of content in your journey to achieve growth with your business. You need to make sure that you are hitting the right mark with the content you create.

It should deliver the information that customers want and need. Therefore, you should avoid direct promotion where possible. Content is often what gets your customers to subscribe in the first place, but you need to be consistent.

You should also make sure that you are exploring new types of content. Webinars are a great option. With a webinar, you can connect and interact with your audience. They will feel more connected to your business and this can boost loyalty.

Think about pricing

If you want your subscription business to grow, it’s essential that you choose and maintain the right price. This is a balancing act and it’s certainly not just about undercutting the competition.

If your price is too high customers won’t see the value of joining your business. On the other hand, if it’s too low, they might question whether you’re offering any real value at all.

To solve this issue, keep a check on the market. Explore your competitor price points and aim to keep your price around the same level.

You might also want to consider offering incentives for longer subscriptions. Disney Plus is doing this right now by providing a discounted price for those who sign up for a full year.

Get referrals

Do you want to grow your number of subscribers? Well, then referrals are going to be key. With referrals, you can get your customers to work for you and build up your brand reputation.

You need your customers to recommend your service to friends, family members, and followers.

The right referral system will do this for you. One way to do this is to attend conferences. You can offer financial incentives for those willing to deliver referrals.

You can target influencers too. They provide fantastic potential and can deliver the high referrals that you need to boost business growth.