Episode 02: Tips for Acquiring and Retaining Customers in the Subscription Space with Melanie Stout, Partner at Paul Larsen Consulting
In this episode of the Subscriptions: Scaled podcast, Nick Fredrick, President of Rebar Technology, welcomes back previous podcast guest Melanie Stout, Partner at Paul Larsen Consulting, to dive into acquisitions in the subscription space.
Melanie dishes on how subscription businesses are increasingly considering creative and customer-centric ways to differentiate and boost their products in a time when online retail competition is higher than ever. This includes finding ways to push payment processes into the background by adding in-app wallets, additional payment methods such as Apple Pay and Google Pay, and integrating payment systems such as PayPal, as well as exploring new ways of engaging customers by adding subscription services with intangible value.
Melanie also touches on ways in which a subscription model can actually work against businesses, such as when the product would provide greater value as single-sale rather than as a subscription, as well as active steps that subscription businesses can take to decrease or prevent churn - namely, by offering more flexibility in the subscription by allowing subscribers to pause their subscription, downgrade their subscription tier, receive a discounted subscription, or even easily cancel their subscription account.
The episode wraps with Melanie going into the changing trends in the subscription payment space. She details the recent increase in insufficient funds and fraud and suggests that in the future, subscription businesses should see less friendly fraud given the increase in rules and regulations around information and clarity in the subscription sign up process.
You can reach Melanie at mstout@paullarsenconsulting.com and LinkedIn, and don’t forget to check out Paul Larsen Consulting.
Don’t forget to rate, download, and subscribe to the show and share this episode with your network. See you in the next episode!
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