It’s not secret that the COVID-19 pandemic is affecting many different industries–and the subscription industry is no exception. Gyms, magazines, SaaS and paywall-centric companies seem to be getting hit the hardest. Even in the face of uncertainty, though, many subscription companies can take steps to not only stay afloat, but thrive. Here’s 3 tips to consider.
Adjust Your Freemium Models to Retain Existing Customers
Now is the time to hold on to what you have: your loyal customers. Rather than shut your existing customers out from your services, offer whatever you can for free. For example, many gyms that were forced to close have both refunded their customers and started to offer virtual work out classes for free. These actions keep their brand awareness alive. When this is all a thing of the past, customers will remember who had their backs.
Embrace Online Video Services
It’s amazing how much you can accomplish online today. It’s no surprise that subscription streaming providers like Netflix, Hulu, and Amazon are thriving right now; nor is it shocking that grocery delivery services are thriving either. If this is not inline with your capabilities, then consider producing educational content. Colleges aren’t the only ones who’s online courses are in demand. From music to computer lessons–hobbyists and career-driven individuals are always looking to learn new skills. Rather than go to or back to college–and endure the high costs of attendance–people are turning to online courses. If you’re a SaaS company, is there something you can try teaching? If it’s not specifically related to the product, maybe you can offer software development courses.
Show Your Support to The World & Keep Marketing
It’s important to let potential customers know that you’re flexible and supportive. Free incentives are always welcome, but so too is the acknowledgement that everyone is in this together. Don’t let the outbreak stop you from marketing your services or products either: now is the time to stay active on social platforms. Continue to post regularly while actually interacting with the community too. If something catches your eye from a connection of a connection, then like, comment and share! This will create much-needed awareness. Be genuine, supportive, and attentive; in time, old customers will return, and new customers will find you.