As we enter Q4, growth is top of mind. ‘Tis almost high volume sales season, and to make the most of this time of year, you’ll want to keep an eye on your “subscriber share of wallet”—essentially, what percentage of sales comes from subscriptions. With subscribers bringing in three times the revenue of a non-subscriber across industries, focusing on increasing your subscription share will deliver high returns.
A higher subscriber share means your customers want to stick around and love what you offer. This brand loyalty turns the heat down on acquisition, while also increasing opportunities to cross-sell, upsell and market to your best-fit customers.
More subscribers also means more predictable revenue, which is how brands of tomorrow are thinking about long term success and sustainability. This stability is gold when strategizing your brand’s next move.
So how do you optimize your subscriber share of wallet? Let’s start with three simple strategies you can (literally) implement today.
- Default to subscriptions
By setting up products to default to subscription instead of one-time purchases, you are calling attention to your subscription program and creating an opportunity to educate your customers on the benefits of subscribing. - Highlight perks of subscribing
Speaking of benefits, our Subscription Widget 2.0 makes outlining those perks on the product page easier and more beautiful than ever. Not to mention that this customizable, no-code block allows for A/B testing to maximize conversion. - Convert to subscription at checkout
By enabling our new Checkout Upsell feature (available for free to Pro users on Shopify Plus), you can display a “subscribe & save” link during checkout, turning one-time shoppers into subscribers with one click.
So as you gear up for a busy season, prioritize your subscriber share of wallet to make your brand stronger and more resilient for the long haul!
