Top Tweets for #Lmaim
Churn rate is 50% higher for monthly subs than annual subs. Let that sink in. And comparative CLTV isn't close. #LMAIM
Important pricing tips:
- Never offer a trial for annual subscription
- For monthly subs, there's often 60-80% lift from offering some form of trial (conversion boost generally offsets churn)
- Challenge of multi-mth discounting is the eventual jump to full price
#LMAIM
How important are known users? 10x more likely to register than subscribe...but once registered and/or sign up for a newsletter, propensity to convert is tenfold. Email conversion rates (user started in email, saw an offer & converted) are at least 2x+ any other channel. #LMAIM
While the majority (68%) of site visitors may be 1-and-done, that doesn't mean they're all a lost cause for subscription conversion. 37% of conversions occur on a user's first active day -- consider the role of premium (locked) content to drive "quick converters" #LMAIM
So many insights & pearls from our just-wrapped (virtual) Innovation Mission to circle back to & clean up. Here are a few from @piano_io @msilberman #LMAIM ...
Starting up the final morning of the (virtual) Innovation Mission with critical digital subscriptions benchmarking data & best practices from @piano_io @msilberman #LMAIM
Despite the cohort being unable to meet in person, the Consumer Revenue Innovation Mission has been full of inspiring insight for attendees. Stay tuned for takeaways from #LMAIM. https://t.co/qW1PgBUTDb
Interesting attendee straw poll of programs that make them feel like valued members (beyond media). Responses range from Amazon Prime to Starbucks, Airline frequent flyer programs to home gym technology (think: Peloton). #LMAIM
The virtual Innovation Mission is live, with @Hearst Newspapers discussing building a successful membership program. And virtual coffee to boot! #LMAIM @toddjpeterson
For @SCMitchP @postandcourier, creating a culture of experimentation has been all about having a longer-term roadmap that testing fits into. Taking a “scrum mentality” to growth. #LMAIM
Sessions per user are an essential metric. I.e. frequency of usage. Are you forming habits with users? Think: Email newsletters & push notifications. @AnntaoDiaz #LMAIM
2-4% of email newsletter subscribers become paying subs over time. Even more data on the power of an email relationship in driving propensity. #LMAIM
Ultimately, digital transformation through reader revenue is all about organizational adaptability & willingness to experiment. Culture, culture, culture! #LMAIM
The fundamentals of a sound subscriptions business start with foundational benchmarking across the full audience funnel. Here’s @pmdoucette talking through one key metric that can be tracked: digital starts per UV. #LMAIM
Our first ever virtual Innovation Mission is live! Consumer revenue focus, starting with a 4-hour deep-dive into key insights from the @GoogleNewsInit Subscriptions Lab. @LocalMediaAssoc @pmdoucette @benmonnie @FTIConsulting #LMAIM
It’s been nearly a year since I led a group of media execs to @industrydive for a @LocalMediaAssoc Innovation Mission...and yet @seangriffey’s words ring clearer today than ever: “There are no trade secrets here — this is an execution game.” Indeed it is. #LMAIM
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