Studies show that formulating pricing strategies can help businesses acquire new subscribers as well as retain existing ones.
Numerous researches show that pricing is the most crucial decision a business can make. While running a subscription business, companies must pay more attention to the quality of the product and its price. Publishers should analyse their subscriber base and according change their pricing strategy as well as the communication strategy.
Along with talking about the features and prices, publishers should highlight their values - like supporting independent journalism. They can also adopt a discount strategy and offer special offers based on certain circumstances. Using discounted trials can also help boost subscription rates and eventually revenues.
Publishers can then focus on increasing engagement by revamping onboarding series, driving subscribers to newsletters and encouraging people to download the app. Further, regularly monitor and analyse subscriber data to inform pricing strategies.
[7 minute read]