Unlocking Customer Loyalty: The Impact of Subscription Bonuses

October 3, 2023 by
Unlocking Customer Loyalty: The Impact of Subscription Bonuses
Stride Retail, Nate Elwood

Not too long ago I wrote about the power of subscriptions in creating customer loyalty.  But the real impact of subscriptions happens when your customers feel like they're getting even more "bang for their buck" beyond the "subscription savings."  So, I decided to add a little "bonus" subscription blog.

A few weeks ago I had the opportunity to gather with some of the great minds in the eCommerce world, and they spoke about the power of subscriptions, specifically.  I've compiled my notes from that little conference and tried to present you with some of the key findings about subscriptions that they spoke about.  So, here goes.

In the bustling market, keeping customers hooked to your brand is the golden ticket to sustained growth. Here’s where the charm of subscription bonuses comes into play.


Value Addition:

Subscription bonuses are like thank-you notes to your customers. By offering discounts, exclusive content, or free trials, you add a cherry on top of the valuable cake that is your service, making the subscription sweeter for them​​.  (With that said, have you ever thought about hand-writing a "thank-you" note to your subscription customers?  If you are just new, this could be a great way to increase loyalty and get people talking about your awesome subscription product.)


Engagement and Loyalty:

Bonuses act like magnets that keep customers coming back. Companies like Netflix and Spotify have mastered the art of engagement by offering personalized recommendations as bonuses, fostering a sense of loyalty and community around their brand​.  What can you offer to your customers to keep them engaged?


Perceived Exclusivity:

Everyone loves a VIP pass! Offering subscriber-only bonuses instills a sense of exclusivity, making your customers feel valued and part of an elite club​​.


Regular Evaluation:

The effectiveness of bonus programs isn’t set in stone. It’s crucial to regularly evaluate and tweak your bonus offerings based on key metrics like customer engagement and retention to ensure they continue meeting the evolving needs of your customers​​.


Balance:

While bonuses are the icing, remember, it’s the cake (your core service) that matters most. Ensure your core offering is robust and valuable, with bonuses serving as a delightful extra, not a replacement​​.


Subscription bonuses are not just a trend, but a tried-and-tested tactic to build a loyal customer base. As you navigate the subscription economy, incorporating these bonus strategies could be your catalyst for a thriving customer community and sustained business growth.


Unlocking Customer Loyalty: The Impact of Subscription Bonuses
Stride Retail, Nate Elwood October 3, 2023
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