Sunday, December 20, 2009

Improve subscriber lifetime value as well as shorten the conversion process

If you’re having trouble bonding with your subscribers or notice they’re dropping off your file before they make a purchase, consider implementing a proven strategy that helps improve bonding, LTV (life time value) as well as reduces the average sales conversion cycle by about 50%...

…implement an introductory series of emails for your new subs.

These are targeted messages to your “new to files” written with bonding in mind. Its job is to help these new folks buy into your philosophy, get to know who you are and what you do, help them bond with you or your “gurus” and reinforce your credentials – all through the power of editorial.

These emails should be staggered and go over a course of a few weeks. These names should be suppressed from general population and they should preferably not get any promotions during this bonding process.

One caveat, you might want to offer a special “welcome aboard” offer at the end of the series, such as 20% off their first order.

But in addition to your editorial messages, you should help the subscriber develop that “warm, fuzzy feeling” and offer quality content and free bonus reports.

If your email service has the ability to track conversions down to the user level, set it up so that for every user that doesn’t convert in a timely manner (i.e. 30, 60, 90 days), another, targeted editorial message goes out to them automatically – sweetening the offer to convert to a paying customer.

This could plan be modified slightly for each publisher, but the ultimate goal is to let new subscriber develop a connection with the guru/publication before any hard sales offers.
Ultimately, it has been proved that LTV and conversions improved by more than 50% (when group of new subs/cohorts were tracked over a course of time). In addition, the subs that did become customers, converted quicker and stood on file longer than those not in the "intro series" emails.
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