Every subscription business owner should know that subscriber data is the single most important asset for your business. Subscriber data is the driving force for both new sales and upsells. The key is understanding the data and applying it correctly to your marketing campaigns. Keeping track of your subscriber data has never been easier with access to modern tools. It has also become increasingly important as competition stiffens. Understanding your customers on a deeper level has a direct correlation to your bottom line. You can collect subscriber data in a multitude of ways; from newsletter sign-ups, free trials, paywalls, and more. This collected information can provide profitable insights into how you should tailor your future products and services.
Let’s just get one thing straight, If you aren’t using subscriber data to upsell, you are missing out.
Upselling is an important sales tactic for subscription businesses. It allows you to increase the recurring revenue you are collecting by tailoring your efforts to subscribers who stand by your offerings. Statistics suggest the probability of selling to a current customer is 60% to 70%, compared to 5% to 20% for a new customer. Deepening relationships and looking for ways to provide more value to your existing customers should be your main priority if you wish to increase the lifetime value of your customer.
5 Ways To Use Subscriber Data To Up-Sell:
1. Create Custom Bundles
With customized bundles catered to specific subscribers, you are more likely to convert them into higher-paying customers by improving their experience and delivering exactly what they need. By creating unique offers where all of their requirements are met, you have now created an offer they can’t say no to.
2. Suggest Relevant Products
Anticipating your customer’s needs is one of the top ways to upsell. For example, try suggesting product offerings that might relate to or complement the products or services they currently use. This way you are more likely to squeeze more juice out of the lemon.
3. Personalize Your Campaigns
Just because they use your product does not mean you should stop marketing to them. The same way you would use personalization on your standard marketing campaigns. In the same way, you would use personalization on your standard marketing campaigns, you can use dynamic content for upsell campaigns as well. You have even more opportunities for personalization with current customers as you have much more data being collected. This data can be tracked and analyzed through your subscription management platform.
4. Upsell The Value Not The Cost
Whether selling on a marketing email or an upsell call, you’ll want to focus on the benefit and value-added. Leave the cost as the final nugget before they ideally say yes. Take a look at how they are currently using your product or service and look for ways to provide more value.
5. Schedule Regular Catchups
A crucial strategy to deepening relationships with your current customers is by checking in on them on a regular basis. By analyzing their subscriber data you can use these monthly catchups to suggest more products or services based on what they’re currently using or what’s relevant to their business.
Conclusion
At the end of the day, subscriber data found in your subscription management dashboard, you can ensure that your data is accurate and up-to-date. Don’t forget to personalize your offerings, make sure not to waste that valuable data that is otherwise just sitting there. If you are looking to improve your management for your subscriptions and memberships, you can get started with a Pelcro free trial today or schedule a demo call with an expert. Find out what Pelcro can do to elevate your business.
