The Secret To Higher Customer Lifetime Value
Acquiring a lot of readers? Awesome. But that is just half the battle won.?
Acquiring users does not result in a lot, if you are throwing off readers before they go on to the next stage of the flywheel. Firstly it costs 6 to 7 X more to gain new customers. Secondly, a 5% increase in customer retention can result in a 25-95% increase in company profitability. What if you could retain more readers than you do right now??
Designing a delightful onboarding experience
All brute force is applied until one gets new users or subscribers. Not many newsrooms focus on the vital part that follows next - building an amazing onboarding experience. A true onboarding experience is more than just sending out welcome emails. Rather it is a journey you take them through to nurture a relationship from day zero to the next few months.?
To lead them to take your desired action, you need to keep engaging with them with relevant content via newsletters, podcasts and more. If you have a reader revenue model, you need to keep them paying for a longer duration. The way you engage will determine if they will churn or not.?
“Onboarding is the process by which a new customer is initiated into a subscription or membership product: It’s the experience they’re met with in the moments, hours, and weeks after their initial purchase is made.”?- Jack Marshall, Toolkits
The folks at the Fix have written a piece on?designing an onboarding experience?and how publishers have got 40% higher Customer Lifetime Value (CLV) than the average CLV of all digital subscribers with four strategies.
In Other News
Think of it as an ad-based paywall. This will give publishers an opportunity to monetize their most engaged returning users. A frequent reader will be shown an ad after five visits to continue accessing the website for content.?
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