Marketing is a big part of any business. It increases your brand awareness, engages your target audience, and crucially helps them make a buying decision, which is why you need a strong marketing strategy. But what about subscription businesses?
When it comes to subscriptions, customers need a little more persuading, as they’re committing to a regular payment that needs to be worth their money. Get this right as a subscription business, and you’ll find that customer acquisition and retention will be much easier.
Here’s all you need to know about marketing your subscription business.
Why is marketing your subscription business important?
The subscription economy is set to reach $1.5 trillion by 2025. While that’s undoubtedly a good thing for subscription businesses — as it shows a clear demand for new products and services — it also means that you’ll have ample competition, and that’s why your marketing tactics need to be spot on.
Marketing your subscription business in the right way provides the following benefits:
- It’s easier to attract your target audience.
- Effective marketing can help your business grow.
- You’ll have a good opportunity to engage with potential customers.
- It can increase your overall reach.
- Strong marketing will build your credibility.
- It’s generally easy to track, monitor and measure.
- Ultimately, it can generate more revenue.
Once you’ve got everything in place to create a great customer experience — such as investing in a reliable billing platform and ensuring that your website is well-designed — marketing can get your name out there so you’re in the best position for growth.
What are the best marketing strategies for subscription businesses?
Answer the who, what, why, when & how questions
Your marketing tactics should make it as easy as possible for customers to know who you are and what you’re offering. But this also extends to the how, when and why questions: how will your product help your customer? When is the right time for them to purchase? Now? Why should they invest in your product or service?
In essence, your marketing messages should seek to answer the who, what, why, when, and how of your business, whether that’s across your social media posts or as part of your influencer marketing plan. When people understand what they’re being offered, they’ll be more inclined to sign up on the spot.
Be present on social media
If you’re not already utlizing social media, then you’re missing out on a huge opportunity to connect with your target audience. First, you need to find which platform they’re using. For example, if you’re a beauty subscription box targeting teens, Instagram or TikTok is likely the best platform for you.
On the other hand, as a SaaS business, LinkedIn could be the best place to reach your audience. Today, social media is one of the main places where people discover new brands. Be present, make consistently engaging content, leverage influencers who represent your industry, and use these platforms to achieve a wider reach for your business.
Write engaging content around your product or service
Another great way of marketing your business while educating your audience is through content marketing. Set up a blog page on your website and start writing about topics related to your industry, products, and services. Guides, top tips, thought leadership articles, and so on are not only vital for SEO — mainly through the inclusion of relevant and high-intent keywords — but they can help position your business as a solution to common problems (especially with a compelling CTA).
However, content marketing also serves another purpose: increasing your brand’s authority. If you can show in your content that you know your industry (and your audience) inside out, this will tell users and search engines that your brand is a trusted authority, particularly if you can build links to your content from other credible sources.
Win new customers with special offers
Who doesn’t love a discount? Free trials, discounts, and coupons can be a great addition to your marketing strategy. A subscription management platform like Chargebee, for example, enables you to widen your top-funnel acquisition by offering free trials.
Offering discounted rates to new customers can make your product more enticing, as they won’t be paying full price for a service that they might not be ready to commit to — this is a great way to boost acquisition. During this period, though, it’s vital to make a good first impression if you want to retain their custom.
Marketing is one of the most important parts of growing your business, though naturally it may take a little trial and error to get it right. Identify your audience, find the most effective ways of communicating with and engaging them, and you’ll soon reap the rewards.