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Insight of the Day: What Subscription Consumers Want (And Don’t Want) Now

The subscription industry is rapidly growing and evolving, encompassing a wide range of products and services. Here's what consumers want and don't want from subscriptions now:

What Consumers Want:

  • Free trials: A free trial is a significant incentive for consumers to try out a subscription service.

  • Convenience: The convenience of automatic deliveries and easy access to products is a key factor in customer retention.

  • Bundling: Consumers want the option to bundle multiple subscription services together for a single charge.

  • Easy cancellation: Surprisingly, easy cancellation policies make consumers more likely to resubscribe if they are satisfied with the service.

What Consumers Don't Want:

  • High prices: Price is still a significant factor in subscription cancellation.

  • Hidden costs: Consumers want transparent pricing and no hidden fees.

  • Difficulty unsubscribing: A difficult cancellation process can lead to frustration and negative brand perception.

Additional Insights:

  • Subscription awareness: Most consumers are aware of their active subscriptions, but some may not track them all.

  • Communication is key: Regular communication with subscribers about the value proposition of the service is essential for retention.

  • Resubscription potential: Former customers who had a positive experience are likely to resubscribe if the cancellation process is easy.

Implications for Businesses:

  • Offer free trials and bundling options: These are effective ways to attract and retain customers.

  • Prioritize convenience: Make it easy for customers to manage their subscriptions and access products.

  • Be transparent about pricing: Avoid hidden fees and communicate the value of the subscription clearly.

  • Simplify cancellation: A frictionless cancellation process can improve customer satisfaction and increase the likelihood of resubscription.

By understanding these consumer preferences and adapting their strategies accordingly, businesses can thrive in the ever-growing subscription market.

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