911: QPilot: Start A Subscription Program and Skyrocket Your Sales With Matthew Holman

Subscriptions for businesses are now booming. A lot of people go over the comfortability of having goods and services delivered to them easily without hassle. It is a powerful tool to have recurring revenue, as well as engagement opportunities, to connect more with your customers and further increase your sales. But how do you set up a subscription program for your business? The first step is to gather information on why individuals are subscribing, and the second is to relate that information to the reasons why people don’t. This will provide you with crucial information about how to get people to interact with your product and subscribe for longer.

Matthew Holman is the co-founder of QPilot and the founder of Subscription Prescription, a weekly newsletter that provides tips on subscription conversion, retention, and more. As an expert in the subscription business model, Matthew works directly with brands to help them launch and scale great subscription programs. Today, Matthew discusses the current state of subscriptions, including the rise in subscription fatigue, the growing trend of consumers enjoying the convenience of subscription services, and the importance of personalizing the subscription experience and understanding the "why" behind why customers subscribe.

Quotes

“There's certainly subscription fatigue going on with the abundance of streaming services and other monthly subscription offerings all vying for your dollars.” - Matthew Holman

“What makes subscriptions really powerful is that it's not just about recurring revenue; it's an additional engagement opportunity. As a brand, you have a targeted audience that trusts you and likes your products, which means you can sell even more to them.” - Matthew Holman

“The best advice I ever got was to keep focusing on the things that are working and make those better and better. Once you have that down, you can start figuring out how to add other things.” - Matthew Holman

Takeaways

00:48 Subscription programs provide recurring revenue and increased customer engagement opportunities for brands.

07:05 Understanding the "why" behind customer subscriptions, and addressing pain points, can significantly improve retention and growth.

09:23 Brands should avoid making hasty, top-down decisions to implement subscriptions without thoroughly understanding customer needs and preferences.

12:18 Personalization and customization are crucial for successful subscription programs, allowing customers to tailor the experience to their needs.

20:38 Focus on optimizing and improving the subscription strategies that are already working, rather than constantly chasing new ideas.

Resources

Podcast: Play in new window | Download (Duration: 21:29 — 29.7MB) | Embed

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Filed in: Archive 4: 2020-2023 • Interview • Podcast

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