How do you improve the renewal rates of pre-approved annual subscription?
The pre-approval of annual subscriptions is one aspect of the subscription business where a little time and attention can deliver a tremendous impact on both retention and recurring revenue.
Most subscription businesses overlook annual renewal rates.
First, when you are a start-up, your first annual renewal is a year away, so it gets put off.
Second, the charge is pre-approved, so the natural assumption is that renewal rates will be high.
Third, since annual renewal rates are often higher than monthly subscribers, the focus of time and attention tends to be on the higher churn rate monthly renewals.
Most annual renewals are preapproved, meaning the subscriber authorized the company to charge them each year for their subscription renewal. However, I don’t know a single subscription company that gets anywhere near 100% renewal rates on annual subs.
And, as for the ones who aren’t optimizing the 10 areas I’m about to share with you, they’re losing a lot more of their “high value” than they should be, costing them a lot of money they could have gotten had they not lost the customer because they overlooked some basic retention systems.
This episode of Be Unleavable® Subscription Growth reveals 10 ways to increase pre-approved annual subscription renewal rates to keep more of your high value annual subscribers, making their LTV higher than ever!.
🔧 How I Fix Retention Problems:
Is improving retention a 2023 priority?
When I take on a new client it’s important to demonstrate my effectiveness as quickly as possible. After all clients are paying me $9,700 to $29,970 a month, they want proof that its working.
A 7-day new subscriber email sequence has been my go-to secret weapon for improving subscriber retention quickly. Transforming their high-churn week into a retention week makes a big enough improvement to see within overall retention rates.
And now, these emails are available to download. Plus, I’ve recorded a video about each email describing how to quickly adapt it to your subscription business. Most report the entire process of watching the videos and adapting the emails takes two to three hours, one afternoon at the most.
The single fastest way is to improve retention is this 7-day new subscriber welcome sequence. The faster you get these 7-emails working for you, the quicker you will accelerate your subscription growth.
This is the most important first step to improve retention for all of your subscribers. First test with new subscribers during their first 7-days, then once you see the results scale this approach to improve retention for ALL of your subscribers.
When I launched these 7-emails program three months ago, I set the price at just $97 for the first 99 orders. Even though we sold through the first 99 a few weeks ago, I’ve been too busy to get the site updated.
That’s in progress now, soon the price will be the regular price of $497. Still a ridiculously low price for the impact these emails will have within your business.
Grab yours now while you are thinking about it.