DANBURY, Conn. – As media consumption patterns continue to shift from legacy media to a network of digital content/consumer intersections, consumers are embracing the subscription business model as a cost-effective and efficient purchasing model. Pressured by a wide variety of time constraints, these consumers are seeing great merit in procuring products/services in the direct-to-consumer channel.
Despite this growing trend, subscription marketers continue to struggle to find cost-effective and efficient strategies and tactics to acquire new customers.
The experts from Fosina Marketing Group recently shared some cost-efficient strategies for attracting new consumer customers and maximizing lifetime value while minimizing risk in these efforts. Here are their insights:
- Engaging Messaging: Your advertising message is battling with many others for the attention of your prospects. Spend time on developing a series of subject lines and messaging that reinforces your unique selling proposition and entices the viewer/prospect to click thru to learn more. Be in a constant mode of test, optimize, and deploy.
- Compelling Offer: Ensure that you are developing landing pages that make it exciting and easy for the prospect to understand the value of your offer and easily move down the path from interest to purchase. Your prospect is seeking value during this process so be sure to have a strong and compelling call-to-action.
- Leverage the Pay-for-Performance Channel: You can work with the Fosina Marketing Group to help you leverage a cost-per-acquisition (CPA) strategy that mitigates your overall media costs when compared to other “reach”-based media alternatives. Not all media providers offer this option, so it’s best to work with an organization like Fosina Marketing Group to execute this strategy.
- Investigate Emerging Channels: Once you have established your foundation in the pay-for-performance channel, it is prudent to investigate other digital channels that offer a high concentration of your target audience engaged in consuming relevant content. While these areas may not perform in the same way as CPA efforts, they can be valuable as a component of an integrated digital marketing acquisition strategy. While attractive, it is critical that the marketer establish some benchmark in terms of ROI to avoid wasting time and budget.
- Post Conversion Customer Nurturing: Your prospect has placed his/her first order – great news! But it’s no time to celebrate just yet. Make sure that you have constructed a customer nurturing and communications process and plan to keep your new customer engaged with your product/service. Too often, we see marketers take their newly minted customer for granted and struggle with a lack of engagement post-transaction. At Fosina, we can help you construct an ongoing communications strategy that will help with retaining customers and building lifetime value.
- Build and Leverage Customer Advocates: Your customers can actually be your best salespeople and sources for new customers through a carefully constructed “referral program.” Here, existing customers share their experiences and advocacy for your products through social media recommendations: sharing, posting, etc. Make sure that you do all that you can to foster an environment that encourages and rewards customers for sharing their positive thoughts with their friends, family, and colleagues. Forbes Magazine recently reported that an amazing 81 percent of Americans’ consumer purchasing decisions are influenced by their friends within the social media sphere.
- Reduce Churn: The biggest challenge subscription marketers face is ongoing churn in their “customer” database. You can reduce overall churn with an aggressive effort to engage with your customers, post-transaction. You have much that you can and should share with your customers about your company, products, and the latest news regarding your industry. Don’t miss this opportunity to keep the dialogue moving in the right direction. Don’t be an absentee landlord to your customer file. If you are not speaking to your existing customers frequently, you can bet your competitor is attempting to “steal” your valuable customers – in every way possible. Protect Your House – stay in touch.