How do companies like Twitter – that have been selling advertising – make the pivot to subscription revenue?
This is the eternal question all subscription businesses wrestle with: What can I offer my subscribers that will help me sign-up for new subscribers and retain them for a long time so I can grow recurring revenue?
And, this is the key question facing Elon Musk at Twitter right now.
How can a business that’s been delivering a service, in this case paid for by advertisers, incorporate a paid subscription to generate recurring subscription revenue from a large number of users?
This episode of Be Unleavable® Subscription Growth reveals how Twitter can pivot to a subscription focus, generating recurring subscription revenue to build a better platform for all users. There will be several valuable lessons you can take away, so look out for those as we go along.
🏊 🚴 🏃 Where I’ve Been:
My wife and I competed at the Clash Daytona Sprint Triathlon last weekend.
I improved my time in each of the swim, bike and run segments of the event. And, I was 10th place in my age group.
Best of all we stayed in an RV all weekend at the track watching the professional triathlon races, hanging out with friends and drinking recovery beers.
🔧 How I Fix Retention Problems:
Is improving retention a 2023 priority?
Subscription leaders often discover I can help them accelerate implementation within projects that include:
- New Subscriber Retention/trial conversion rate – onboarding new subscribers to reduce churn within the first 30-90 days, which is highest churn period for most subscriptions.
- Long-term retention – creating long-term engagement and annual renewal processes.
- Cash flow forecasts for subscription businesses – often initiated by subscription business investors inviting management to have a conversation with me.
- Accelerating subscriber acquistion – Shorten CAC Payback period by proper measurement and choreographing upgrades, upsells, cross sells.
- Subscription team training – leading to a shared vision of the member experience and business model to deliver it.
If any of these projects resonate with you, hit reply to let me know more about what you’d like to implement within your subscription business.
👀Watch Subscriptions: Scaled here.