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3 marketing hacks for a subscription based business

In this webinar, we will look into 3 simple marketing hacks that will turn your business into a subscription service.

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3 marketing hacks for a subscription based business

  1. 1. Pam Cheing Marketing Manager Pam is the Marketing Manager at Ezypay; is interested in SEO, Google Analytics and contributing to the coffee and bacon economy. Meera Krishnan Website Developer & Designer Meera is the Web Developer and Designer at Ezypay, who has loads of amazing ideas and likes to explore new technology. 3 MARKETING HACKS TO TURN ANY BUSINESS INTO A SUBSCRIPTION SERVICE
  2. 2. Sydney
  3. 3. AUSTRALIA NEW ZEALAND SINGAPORE MALAYSIA THE PHILIPPINES HONG KONG TAIWAN CHINA
  4. 4. Pam Cheing Marketing Manager Pam is the Marketing Manager at Ezypay; is interested in SEO, Google Analytics and contributing to the coffee and bacon economy. Meera Krishnan Website Developer & Designer Meera is the Web Developer and Designer at Ezypay, who has loads of amazing ideas and likes to explore new technology. 3 MARKETING HACKS TO TURN ANY BUSINESS INTO A SUBSCRIPTION SERVICE
  5. 5. Pam Cheing Marketing Manager Pam is the Marketing Manager at Ezypay; is interested in SEO, Google Analytics and contributing to the coffee and bacon economy. Meera Krishnan Website Developer & Designer Meera is the Web Developer and Designer at Ezypay, who has loads of amazing ideas and likes to explore new technology. 3 MARKETING HACKS TO TURN ANY BUSINESS INTO A SUBSCRIPTION SERVICE
  6. 6. Increase your SALES REVENUE in the next 12 months by at least 40%
  7. 7. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A What we will cover today
  8. 8. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A What we will cover today
  9. 9. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A What we will cover today
  10. 10. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A What we will cover today
  11. 11. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A What we will cover today
  12. 12. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A What we will cover today
  13. 13. Something we’ve tested and refined over twenty years of being in the subscription business Some brought us good results while others were colossal failures Share ideas that we tried and actually worked for us Balance increasing the revenue VS retaining more customers DISCLAIMER
  14. 14. Transactional Model Converting into a subscription-based business modelHACK 1
  15. 15. The Difference HACK 1 Subscription BasedVS ACCESS Transactional Converting into a subscription-based business model
  16. 16. Converting Into A Subscription-Based Business Model Subscription-BasedTransactional HACK 1 Converting into a subscription-based business model
  17. 17. Why Subscription-Based Business Model HACK 1 Promotes cash flow The monthly price tends to be lower than a standard transactional price Converting into a subscription-based business model
  18. 18. Why Subscription-Based Business Model HACK 1 Promotes cash flow The monthly price tends to be lower than a standard transactional price Consumers have better ownership Customers can choose a variety of services or product from the package as and when it suits their needs Converting into a subscription-based business model
  19. 19. Why Subscription-Based Business Model HACK 1 Promotes cash flow The monthly price tends to be lower than a standard transactional price Consumers have better ownership Customers can choose a variety of services or product from the package as and when it suits their needs Retains customers By building an online community, you give your customers a reason to keep coming back for more. Converting into a subscription-based business model
  20. 20. 5 Major Types Of Subscription-Based Business HACK 1 Digital subscriptions Social networks Small businesses that build connection with their customers Non-profits and trade associations Loyalty programs Converting into a subscription-based business model
  21. 21. Setting The Foundation HACK 1 =BUSINESS Digital Subscription Loyalty Program Online Community Local Community Other Combination Converting into a subscription-based business model
  22. 22. Your Team HACK 1 Transaction Subscription-based CEO Product driven Relationship driven Product Team Big releases Regular iterations Sales Big game hunting Farming Support Minimizing anger Maximize loyalty Marketing One-way communication Two-way communication IT & Operations Custom solutions, requiring plenty of in-house staff Outsourcing non core requirements, leveraging on the cloud and avoiding customisation Converting into a subscription-based business model
  23. 23. You Need To HACK 1 Empower your frontline staff to be able to recognize your members as individuals and take good care of them Invest Measure Rethink Promote Converting into a subscription-based business model
  24. 24. You Need To HACK 1 Empower Invest in your community and the people to manage the relationships and ensure their success Measure Rethink Promote Converting into a subscription-based business model
  25. 25. You Need To HACK 1 Empower Invest Measure the success of salespeople not by the transaction value but on the basis of customer lifetime value Rethink Promote Converting into a subscription-based business model
  26. 26. You Need To HACK 1 Empower Invest Measure Rethink how you quantify customer satisfaction and quality support Promote Converting into a subscription-based business model
  27. 27. You Need To HACK 1 Empower Invest Measure Rethink Promote a culture of marketing innovation because it is now no more enough to just stick to key types of campaigns and activities Converting into a subscription-based business model
  28. 28. A Typical Sales Funnel HACK 1 Aware Trial Sign Up Loyal Members Total Available Market Aware but not engaged Happy Customers Converting into a subscription-based business model
  29. 29. Subscription-Based Funnel HACK 1 Total Available Market Marketing done for you! Aware Trial Sign Up Loyal Members Increasing Engagement (CLV) Referral Source Forever Transaction Converting into a subscription-based business model
  30. 30. If The Price Is Right HACK 2 You’ll be able to predict your cash flow better Pricing for a subscription-based business is not as simple as it seems Create the right pricing strategy
  31. 31. 4 Revenue Streams HACK 2 1. Subscription • Most people prefer to have three pricing options • Most likely to choose the middle option • Price according to the value your customer receives • Be prepared to adjust the pricing 2. A La Carte Services 3. Supplementary Products 4. Partnership Streams Create the right pricing strategy
  32. 32. 4 Revenue Streams HACK 2 1. Subscription 2. A La Carte Services • Once-off, special products or services • Don’t automatically add on these services into higher tier pricing 3. Supplementary Products 4. Partnership Streams Create the right pricing strategy
  33. 33. 4 Revenue Streams HACK 2 1. Subscription 2. A La Carte Services 3. Supplementary Products • Offer additional products that make sense and add value to your service or product 4. Partnership Streams Create the right pricing strategy
  34. 34. 4 Revenue Streams HACK 2 1. Subscription 2. A La Carte Services 3. Supplementary Products 4. Partnership Streams • Effective and money-saving method of increasing your income and increasing the value of your service without much investment Create the right pricing strategy
  35. 35. FREEBIE or FREEMIUM? HACK 2 Create the right pricing strategy We offer free stuff to build interest and to showcase the value of their product or service When would be the best time to offer something for free or a freemium? WHAT IS THE DIFFERENCE?
  36. 36. We offer free stuff to build interest and to showcase the value of their product or service When would be the best time to offer something for free or a freemium? WHAT IS THE DIFFERENCE? FREEBIE • Offers the full experience FREEMIUM • Offers the most basic subscription level • Meant to build awareness • Build a community of users FREEBIE or FREEMIUM? HACK 2 Create the right pricing strategy
  37. 37. FREEBIE or FREEMIUM? HACK 2 Create the right pricing strategy The danger of providing a freemium is that you may find it challenging to convert majority of users into paying customers. It is a good idea if having more users can add more value to your business.
  38. 38. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A Recap
  39. 39. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A Recap
  40. 40. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A Recap
  41. 41. HACK 1 Converting into a subscription-based business model HACK 2 Create the Right Pricing Strategy HACK 3 Use the right technology HACK 4 BONUS Q&A Recap
  42. 42. Using The Right Technology HACK 3 Use the right technology 1. Marketing Automation • Helps you keep track and measure the performance of different levels in your sales funnel • If the customer leaves, you can device campaigns to win them back 2. A Good CRM 3. Subscription-Based Billing System 4. Customer Success Tracker
  43. 43. Using The Right Technology HACK 3 Use the right technology 1. Marketing Automation 2. A Good CRM 3. Subscription-Based Billing System 4. Customer Success Tracker Marketing Sales Customer Support Lead Convert to Customer Retain Customer
  44. 44. Using The Right Technology HACK 3 Use the right technology 1. Marketing Automation 2. A Good CRM 3. Subscription-Based Billing System • Create payment plans that make sense to their industry • Automated to collect payments every day, week or month 4. Customer Success Tracker
  45. 45. Using The Right Technology HACK 3 Use the right technology 1. Marketing Automation 2. A Good CRM 3. Subscription-Based Billing System 4. Customer Success Tracker • The happier your customers are, the higher the likelihood of retention.
  46. 46. Conclusion Hire more people Hire new talent Investing more into your business Right mindset Right price Right tools
  47. 47. Passive Churn HACK 4 BONUS – Passive Churn Occurs when a business loses members not because of a bad product or service, but simply because the customer had a bad payment transaction.
  48. 48. Failed Payment HACK 4 BONUS – Passive Churn Insufficient funds Expired credit card Cancelled credit card
  49. 49. Established standard procedures in handling failed transactions Automated process Fully trained customer support team
  50. 50. Q&A

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