Long-term subscription plans help with cashflow and boost revenue. It's common practice to incentivize these with a percentage discount, but you can get more takers by offering dollars or free months.
When LOLA offered a percentage discount for a 6-month plan, people selected it roughly 8.5% of the time. That's not bad. But when they offered dollar discounts, that number increased to 19.5%. And when they offered it in terms of free months, it increased to 22.94%. The value of ten dollars is easy to understand, as is the value of getting a month for free. But a percentage doesn't feel as solid, and it requires customers to do the math themselves. That little bit of friction had a big impact for LOLA. It should be noted that LOLA creates physical products, but this trend should translate to other types of subscriptions as well.
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Good advice and the videos of deep dives into subscriptions at ProfitWell are great.
Yeah, good stuff!
Exactly. I do that at https://pagemtr.com. Clients are always happy to get gifts like that.
Nice 💪
Nod to @patticus of ProfitWell 💪
This comment was deleted 3 years ago.
Good luck! 🙌