Hello! Are you looking for a steady and predictable income every month? And have you thought about starting a business online? If you have answered yes to both questions then you have come to the right place.
Today, we will talk about different ways you can increase user engagement on your subscription-based membership store and scale your sales to new highs.
DID YOU KNOW?
Subscription is an emerging business model applied by many merchants, especially in the eCommerce field, thanks to its advantages. This model is popular because it is convenient, and on average, more economical for the consumer.
The idea behind such a store is that visitors have to become members of your e-store to purchase products or services. They pay you a fixed amount on a timely basis in return for the goods or services they consumed. Think about Netflix, AmazonPrime, Spotify, NatureBox, Dollar Shave Club, and many more.
IT’S A FACT!
Acquiring a new customer can cost 5 –10 times more than retaining an existing customer. Subscription businesses create extremely loyal, repeat customers — and repeat customers spend 67% more than new customers. This is the premise of customer lifetime value and one of the most important factors in determining a business’s success.
Why it is important to retain your subscribers or members?
With a subscription model, you’re uniquely positioned to make more revenue from existing customers. You have made a perpetual connection with your customers and already build a trusting relationship with them. It is easier to market additional products or services (Cross-Sell/UP-Sell) because they already know you provide a valuable product or service.
But how can you retain your subscribers or members for a longer period?
Reward your loyal customers and apply GAMIFICATION techniques to retain your subscribers or members.
Everyone likes rewards – it’s just part of how we’re wired – and obviously, your customers fall into this category of “everyone.” This is why you should always link your subscription services to a reward program. It doesn’t need to be extra luxurious; a simple points management system will do wonders. Your customers have to earn certain points to unlock badges, ranks, gifts, free shipping, or a one-month upgrade.
Which is the best points management system to gamify your subscription-based membership e-store?
Duh! The answer is too obvious. myCred!
But why only myCred when other gamification plugins are also available?
myCred is the most powerful and easy-to-use points management system that allows you to build and manage a broad range of digital rewards, including points, ranks, and badges on your WordPress/WooCommerce powered website. It is easy to set up and works with a vast library of third-party software. myCred has an extensive collection of affordable premium addons that can help you create a lucrative reward system perfect for your subscription-based online store.
How can gamification encourage subscribers to renew it?
Gamification aims to bridge the gap between when a user first subscribes to your store and when you earn their loyalty. A loyal member stays longer and is more likely to renew your subscription service.
When you reward your subscribers or members with points and provide them a roadmap to earn more points for certain actions then they are more likely to follow it.
How does gamification discourage users to cancel subscriptions or not renewing them?
Nobody likes to lose their hard-earned points! You can make your subscribers alert with points EXPIRATION notification. It’s your business and you can make fair rules like abolishing subscribers’ points when they cancel a subscription or NOT renew it on time.
Well, you can use myCred Expiration Add-on to set expiry dates on any user’s points. You’re also capable of sending an email notification to the user to let them know that their points are close to an expiration date.
For Example World’s most popular recruiting site LinkedIn is also using a gamification technique to discourage users from canceling their premium subscription or not renewing it on time in the form of LinkedIn InMail.
InMail messages is a premium feature, and it allows you to directly message another LinkedIn member that you’re not connected to. InMail messages that don’t receive a response will no longer be credited back. Instead, you will get an InMail credit for every InMail message that receives a response within 90 days of the send date. A reply back or a “not interested” response will both result in a credit. You’ll receive the credit back once the recipient responds.
This is the number of InMail message credits you receive on a monthly basis:
This is the number of InMail message credits you receive every month:
Premium Career: 5
Premium Business: 15
Sales Navigator: 50
Recruiter Lite: 30
Maximum InMail message credit accumulation per account type:
This is the maximum number of InMail message credits you can accumulate in total:
Premium Career: 15
Premium Business: 45
Sales Navigator: 150
Recruiter Lite: 120
NOTE: The InMail messages compose window will display the number of InMail message credits left on your account so you can easily view your current allotment.
HOW myCRED OTHER ADD-ONS CAN HELP YOU TO GAMIFY YOUR SUBSCRIPTION-BASED OR MEMBERSHIP STORE
1 myCred WooCommerce Plus (PREMIUM)
myCred WooCommerce Plus addon helps you award points to your WooCommerce store users using the myCred points management system. Without a doubt, WordPress is the number one website builder with over 1.3 billion active websites, accounting for 40% of the total number of websites on the Internet. As a result, WooCommerce Subscriptions is the most popular tool to quickly bring subscription capabilities to your eCommerce website.
Luckily myCred WooCommerce Plus is compatible with WooCommerce Subscription. Users can buy subscription products and services on a WooCommerce store using their myCred points.
2 myCred MemberPress (FREE)
Membership sites add a layer of stability and reliability to your income stream that just doesn’t exist when you sell one-off products or services. myCred MemberPress add-on integrates myCred with the MemberPress WordPress plugin. The integration awards myCred points when membership is subscribed and developed using Memberpress.
What can you do with the myCred MemberPress add-on?
(i) Award points on the purchase of a new membership: Give users points when they purchase a subscription product.
(ii) Award points when membership is renewed: Give users points when they renew their subscription product.
(iii) Award points when a specific membership is purchased: Give users points when they purchase a specific subscription product.
3 myCred Paid Membership Pro (FREE)
myCred Paid Membership Pro addon allows you to reward or deduct myCred points based on actions like new membership purchase, membership renewal, membership cancellation, or membership expiration.
What can you do with the myCred Paid Membership Pro add-on?
Points for Purchasing Membership: Award myCred Points for New Membership Purchase with options to set Points, limits, and select All or Specific memberships for rewarding points.
Points for Renewing Membership: Award myCred Points for Membership renewal with options to set Points, limits, and select All or Specific memberships for rewarding points.
Points Deduction for Membership Cancellation: Deduct myCred Points for Membership cancellation with options to set Points, limits, and select All or Specific memberships for deducting points.
Points Deduction for Membership Expiration: Deduct myCred Points for Membership expiration with options to set Points, limits, and select All or Specific memberships for deducting points.
We at myCred are also accepting custom requests to gamify your subscription-based membership store. With REST API, Zapier, and myCred Central Deposit, we can offer you infinite possibilities to gamify your subscription-based membership site with tailor-made development. CONTACT US NOW!
WRAPPING UP!
Subscription-based eCommerce businesses offer online shoppers a convenient, personalized, and lower-cost way to buy what they want and need on a recurring basis. Using gamification techniques and a points management system you can retain your loyal subscribers for a longer period of time to earn handsome revenue.
