Wave marketing for renewals – lay out campaigns and track the results throughout the subscription life cycle
The Renewal Manager is a web-based platform for defining and executing a renewal marketing strategy. Users from the marketing and sales teams can lay out a renewal campaign and track the results throughout the subscription lifecycle – testing and adjusting offers as response rates are tallied.
While the primary objective of renewal marketing is customer retention, it is also an opportunity to increase revenue by offering upgraded products and bundles.
The web UI makes it easy to create offers and select the target audience for each renewal series and effort. Wave marketing ensures that subscribers are given every opportunity to renew. With each wave offers can be made ranging from early renewal discounts to special upgrade opportunities. Multiple offers can be made in each renewal communication, allowing the subscribers to choose which offer best suits their needs.
The message and the medium may be as important as the offer. Include images and formatted text to make the piece interesting. Marketing users can determine the output format and test the results.
KEY FEATURES AND BENEFITS
- Campaign-style renewal requests
- Wave activities for subscriber lifecycle
- Create enticing offers
- Early-bird discount/price
- Multi-year offers
- Premiums – books, content, partner
- products and services
- Bonus subscriptions
- Payment terms – incentive for direct debit or credit card payment
- Upgrade – more content, bundle offer, premium edition
- Auto-renew discount/price in subscription
- Define target audience for specific offers
- Manage renewal campaigns for single titles or groups of publications
- Analytics and renewal metrics – renewal rate, value, avg. MRR:
- by wave and offer
- by customer type/segment/churn risk
- by product