Subscription Show 2020: 3 Key Takeaways
I hope you enjoyed Subscription Show 2020 as much as we did. There was certainly a lot of great information shared over the course of six days between the keynotes, sessions and networking events. In case you couldn’t make it or missed any, here are my 3 key takeaways that I know will be valuable to your business:
- Companies need to look beyond subscriptions as a transaction and instead treat them like a relationship – one built on trust and communication. Providing value and flexibility, such as allowing your customers to manage their own subscriptions, helps increase retention.
- Trying to outrun your churn rate will only burn out sales. Instead, look at indicators such as low usage, increased interactions with customer support, and billing issues. Sign up for your own service and see where points of friction might impact the customer experience.
- Don’t underestimate the importance of payments to the overall process. Per a WorldPay study, 72% of people are more likely to make a purchase if they can see the payment options at the start of their interaction (e.g. the home page). That same study shows 26% of users will drop and shop elsewhere if their preferred payment is not an option.
Hopefully, you were able to stop by our booth to learn more about us. If not, be sure to catch our 5-minute video, “Why Payments are Critical to Subscription Business Success.”