As the curator of the INSIDER Guide to New Product Development (NPD), I’m constantly keeping an eye out for bite-size information that will help you develop and scale better subscription products. Here’s my “Five on Friday” compilation for December 4th, featuring the five best trends, tips, quotes or stats from my reading this week.
1. SBA Provides Solid Advice on Cybersecurity
Even if you believe your company is too small to be a victim of cyber crime, it pays to be prepared. According to a 2013 Small Business Technology Survey by the National Small Business Association, 44% of small businesses reported being the victim of a cyberattack, with an average cost of approximately $9,000 per attack. You can report cybercrime or cyber fraud to the Internet Crime Complaint Center.
2. Text-Heavy Images Not Okay for Facebook
According to AdRoll, an image used in a Facebook ad may not include more than 20% text. How can you tell if your image is acceptable? Use Facebook’s grid tool (you need to be an active advertiser or sign up to see this) to see how much text is on your image.
3. Older Subscribers are Digital Shoppers, Too
It seems that every day there’s a new graph illustrating who’s researching, buying and commenting about purchases online. What is less often showcased is the large number of older consumers who do so regularly. The message on this graph, versus the actual facts, highlights the mistake in the narrative that digital buying is for the young. After all, Mark Zuckerberg will be 32 next year!
4. Attention to Customer Retention Builds Customer Acquisition
In a recent Small Business Trends article, Amir Elaguizy, CEO and co-founder of subscription commerce platform Cratejoy, had this to say about building a subscription customer base:
“Your subscriber base – especially if it’s a big, happy subscriber base – is your biggest customer acquisition asset. . .As your business grows, that asset becomes more and more powerful. And because you’re having those frequent interactions with them, you can really maximize the value you get from those subscribers as opposed to a more transactional business.”
5. Help Your Subscribers Help You
As you can see from Elaguizy‘s quote above, an excellent way to garner new subscriptions is toyou’re your current, happy subscribers to spread the word. Copyblogger recommends holding free Q&A sessions for subscribers and non-subscribers on a service like Google Hangouts. This will engage prospects with free access to your experts – and the expertise of your subscribers.
I would add the option of in-person get-togethers. Do you have a high concentration of subscribers in one city or area? If so, have an informal coffee, lunch or drinks session to get them together and discuss a shared topic, and have them invite their friends. This isn’t a selling event, nor does it have to be a highly-planned, formal seminar; rather an opportunity for your subscribers to share what they like about your offering with those who might also be interested.
Hannukkah begins Sunday; best wishes to all those who celebrate the Festival of Lights!
Have a great weekend, everyone.
Diane
Diane Pierson has deep experience in product management and marketing, having delivered results to companies including Dun & Bradstreet, LexisNexis, American Lawyer Media and Copyright Clearance Center. She has built products & services that have delivered over $100 million in revenue and knows what works, and what doesn’t, when executing product plans and strategies. She is also a contributor to Subscription Insider. (Read Diane’s full Bio)
