Refreshing Your Approach to Renewals
The seasons may come and go, but renewals are a constant. So here are some ideas from people who make a living at helping to generate successful renewals.
Robert Lerose, Lerose Copywriting (pictured left):
1. Put your best offer in the first effort and emphasize that it won’t get better down the road.
Subscribers are smart. Because they know they’ll get many chances to renew, they often hold out until the end in the hope of receiving an even greater deal. By sweetening the pot in a later effort, you reward them for procrastinating. Also, it costs you more money to mail each additional effort and it’s unfair to early renewers.
Editor’s note: This can also condition subscribers to start accepting your first offer, knowing it will be the best one.
2. Send a welcome letter or package before the first issue.
Some publishers report a boost in their renewal levels after mailing one. The welcome letter accomplishes many strategic objectives: a) it creates a “family” feeling between the publication and the subscriber; b) it reinforces the subscriber’s good judgment in choosing your publication; c) it previews benefits to come; d) it solicits his suggestions; e) it gives you a golden opportunity to present any of your other products or services.
3. A potent but underused tool in a renewal strategy is … humor!
Renewals may be the only place in direct mail where you can apply humor. Used carefully, humor can disarm the subscriber and turn a tough sell into something appealing. For an advance renewal, my headline read LAST CHANCE! and the first line said: “Renew in advance?! Are you crazy?!” The opening continued in a self-effacing tone and beat the old control 2-to-1.
Editor’s note: If you take the “humor” route, run it by a couple people first. It’s so easy to offend these days. Notice that Robert used a self-effacing approach—a very smart strategy.
4. Stress the new.
In addition to reselling the original benefits, highlight any new, improved or updated features to demonstrate the indispensability of your publication in changing times.
Carol Brault, Access Intelligence, LLC
5. Send email alerts in between issues to keep the connection frequent between you and your readers, i.e., late-breaking news or special issue coverage.
6. For special renewals, when you mail to expires, term it a Reinstatement Notice rather than Renewal Notice.
7. Mix up the touch points between email and print, and bill-to and ship-to. Make sure you distinguish print and electronic customers and vary carrier envelopes and forms.
Stuart R. Jordan, Stuart R Jordan Consulting LLC
8. Renewal response is best when subscribers are still receiving the publication. It’s important that the customer think of the renewal as a continuation of a prior decision as opposed to a new buying decision.
9. In a study he conducted of industry contacts, 83% of respondents reported that their Internet generated subs renewed less than non-Internet sources. Less than 27% reported that they have implemented a separate renewal strategy for their Internet generated subs. Perhaps we need to re-think how we are attempting to renew Internet generated subs.
10. He calls Digital Involvement Marketing a new way to think about renewals. It forces you to listen and learn. Start by establishing a two-way dialogue with the subscriber base. Then use surveys and/or email to solicit feedback. Identify likes and dislikes, hot buttons and objections. And lastly, gather social proof.
And a final generic tip:
11. Make value-add offers instead of using discounts for renewals.
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SIPA’s Fall Publishers Conference
Tuesday, October 4
McGraw-Hill Conference Center
New York
As always, we are committed to making sure you have
a forum to discuss the issues that matter to you—like
renewals—and to provide you with the information you
need to grow your business. So, join us in October to
discuss, share and learn about the topics that matter
most to you and the strategies to find solutions.
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