Ignite OPM’s Sub Summit 2019 Recap
The Ignite OPM team ventured to New Orleans for Subscription Summit 2019! While in NOLA, the team enjoyed catching up on the digital subscription space’s latest and greatest. These insights revolved around the challenges and intricacies of scaling a digital subscription brand. Read on to discover the biggest takeaways from Sub Summit 2019.
Now more than ever, digital subscribers are demanding a highly-personalized user experience. During Bespoke Post VP, Chloe Thompson’s track session, she discussed how their business revolved around selling thousands of different products. This vast product offering enables their user experience to be extremely specific to each customer. Bespoke Post’s customer base is 95% male, so this is especially important as men are not typically loyal to a single product. Allowing customers to switch from box to box at any time differentiates Bespoke Post in the subscription space. This flexibility also helps the brand maintain its users longer than other brands who are more rigid in their offers.
During the Pushing Through the Plateau fireside chat, Brent Freeman and Evan Padgett of Stealth Venture Labs discussed the importance of product expansion. Although offer expansions can be risky and pricy, the pair emphasized it’s crucial in order to avoid stagnancy. Product expansion also helps to minimize churn rate by keeping customers intrigued and invested. Freeman and Padgett also reinforced the importance of saving and reinvesting in customer acquisition, stating “customer acquisition will never get cheaper”.
Customers as Community
Maintaining and growing a customer base is challenging in the digital subscription space. Ipsy’s VP of Growth, Alessandra Sales discussed the pertinence of content, mentioning the brand’s 8,500 content creators. These content creators are a community of brand ambassadors and Ipsy subscribers. Utilizing organic fans’ love of the product in marketing creates a sense of honesty that helps to attract new users. Ipsy nurtures fandom in online forums, sharable content, and fan loyalty programs. Getting the client involved above and beyond the buying process creates an invaluable community.
Make sure your subscription brand is making the most of your marketing efforts. Have questions or want to expand your marketing reach? Contact Ignite OPM now to learn how our team can help expand your reach.