There's a group of loyal readers you may be missing out on. Whether the subscription expired or was canceled, these former subscribers stay logged in and active on your site. And this very small, highly targeted slice of your audience is ripe for win-back offers.
First let's delve into the numbers, because they truly speak for themselves. For our initial five-week beta test, sites created a specific audience to target former subscribers.
Among those test sites that had at least one sale for this audience, an incredible 13% of those stopped by the paywall became a re-subscriber! This was 12 percent higher than the highest performing industry conversion rate of 1%.
We also found that:
Most of the re-subscribers signed up for digital subscription offers, but there was also a significant number of print and digital combined purchases. This showcases not only the effectiveness of targeting this specific audience but also their propensity to engage and invest at a higher value.
When targeting former subscribers, remember to offer just one package. By simplifying the choice, you minimize decision fatigue and boost clarity. Choose a focused, tailored offer that aligns with their needs, emphasizing value and increasing conversion likelihood.
It's also important to create a personalized paywall specifically for this dynamic audience, just like you would for brand lovers or anonymous users. But unlike with those audiences, set the meter to one free view only or hard locked. Whether the former subscriber intended to cancel or stopped involuntarily due to a credit card issue, we know they have a higher likelihood of paying.
Another best practice is to streamline the re-engagement process for former subscribers. With Premium Credit Card Management for BLOX Pay, any previous payment information is securely saved, enabling users to effortlessly resubscribe. This frictionless reactivation not only simplifies their return but also enhances their experience.
Ultimately, success goes beyond numbers. It's about understanding your audience and meeting their unique needs. Engaging with targeted segments such as former subscribers can powerfully elevate your conversion rates, thereby boosting revenue and fortifying the overall success of your subscription services.
Bridget Sibthorp-Moecker is director of audience for BLOX Digital.
