Key Takeaways from SubSummit 2022

This year’s SubSummit did not disappoint. With insightful keynote sessions, workshops and track sessions, it provided the latest strategies from subscription industry experts.

Taken from the SubSummit cliff notes, we thought we’d share key messages that resonated with us. Whether you were able to attend in person or virtually – or not at all – we hope these key messages inspire and motivate you to build a successful business.

 

“Make it abundantly easy to rejoin after a payment failure”  -Max Mautner, Netflix

 

• The subscription industry is expected to reach $275 billion by the end of 2022, up $51 billion from 2021.

 

• Create meaningful relationships with your subscriptions. Survey your customers, be engaged on social; they will tell you what they want and you can optimize your offering to reduce churn.

 

• What you’re saying as a company is that you care. People want to buy from companies that care about the environment, that have good stories. It’s not just about making money. At the end of the day, it’s about making money with a clear conscience.

 

• Know where you excel and which weaknesses your business has. Hire a 3PL that supports your business and fills the gaps.

 

• Capturing your consumers’ reasons for cancellation is an incredibly important data point that allows you to improve your business and pursue new opportunities, adding to both your top and bottom lines.

 

• Reduce friction after a payment failure by allowing customers to retry their current payment method. “Make it abundantly easy to rejoin after a payment failure”

 

• Subscription is a business model, not a service. People buy the solution you possess to solve their problems.

 

• The best subscription companies have more than 20% of new revenue coming from existing customers.

 

• Each segmented customer has DIFFERENT needs. A new customer doesn’t have the same need as an existing customer.

 

• Consumers prefer simple price plans. If implementing rate plans, make sure they are purposeful and target a specific audience.

 

• Payments make the greatest impact on your bottom line and directly affect your audience. Why wouldn’t you want to make transactions more like relationships between you and your customers?

 

• Track your visitors, sales, and conversion rate. Then double down on what’s working and ditch what’s not.

 

• Your number source of sales needs to be “Referred by Friend.”

 

• Your box is not the only thing your subscribers are interested in. Leverage Facebook groups to make connections and expand your community.

 

• It is crucial to be as up-to-date as possible on the latest FTC regulations affecting subscription-based marketing.

 

• You need to be a necessity, not a novelty.

 

• Detail at least 3 customer profiles for reference to understand who your audience is and who you are talking to.

 

• Branding is the key to long-term success.