Why am I thinking about that?
A lot of our clients work with subscriptions – for digital or physical products. This is a great chance to increase lifetime value, for example through:
- Giving access to videos on a monthly basis
- Shipping food or supplements on a monthly basis.
Here at Digital Ideas we’re developing Dynamic Funnels, a software you can use for your subscriptions funnels. We’re trying to implement as many growth hacking tactics as we think makes sense, and one of them is: vouchers. Here’s what I came up with:
Use case: customers refer customers
How it works (all numbers configurable): If a person you referred starts a subscription on his/her own both of you get 50% off the next/initial purchase.
- If you refer more than 10 people you’ll get 50% off as long as they are on their plans.
Use case: send a one-time discount, applied manually by user on order page. The voucher could be a percantage or a fixed amount: 20%/US$5 off the first payment and valid for a specific time frame. You generate the same voucher ID for multiple user, each one can use it only once though. Example: VALENTINES-2017 is valid on February 13th & 14th 2017.
Use case: make friends and employees test the products, but with real CC information so they can have the full experience and even buy your additional products.
How it works: This voucher overwrites the initial payment with – for example – $1 or 50%, and every recurring subscription with $1/50%. Your friends or partners can now use your product and refer clients to you – and you’ll earn the profit.
Use case: one time discount, applied automatically to everyone accessing the order page
How it works: You configure an automatic discount with a start and end date, as well as an percantage/fixed amount.
* 93% off (the first payment), until the end of the week.
* Example: only $67 instead of $957
This voucher type can also be coded into the page. The advantage of making this a voucher is to have the “scarcity” more real.
Dynamic Funnels offers a page where you can adapt your subscription. An (configurabel) “cancel subscription” button allows you to cancel your order. If you do so you can automatically give a one-time or recurring discount on the product if they stay on the subscription.
For example: “We hate to see you go, let us offer you a 20% discount on all future payments and access to this extra-product”.
What’s your opinion?
And now I need your feedback! What voucher types would you like to see in our software/in your business? For feedback leave a comment below or send an e-mail to Matteo. If you are interested in a Dynamic Funnels presentation, hit us up as well!