Brands Can Build New, Organic Revenue Streams and Strengthen Core Consumer Relationships
The current business environment has many companies scrambling to reduce costs while simultaneously expanding to new platforms to stay in touch with their audiences.
Many brands have worked hard to develop new products to connect with their enthusiast base; video, mobile and web-based content, experiential (very hot right now), e-learning classes, and years of digitized archives to name a few. Those brands are trying to use these “assets” to build a deeper consumer relationships but are missing an opportunity in their deployment.
Too often, we see that each new brand platform is marketed in a silo (SVOD) or maybe bundled with one other product (i.e., the print and digital subscription bundle). If your brand wants to become, or remain the most sought after source in the category, why not build an uber-customer by bundling all of your platforms into a single, high-priced subscription program?
The benefits from this thinking travel not only upstream but downstream as well:
- By bundling these new assets into a single program you create new, organic revenue streams through an enhanced subscription offering. This opens that elusive door to a paywall strategy for content and services.
- The program strengthens the relationship with your core enthusiast – your best customers. Improved engagement and longer retention are natural benefits. You also increase the wallet-share within your category.
- A private marketplace is built whereby you connect key advertisers with your core enthusiasts. Deals, discounts and additional content allow customers to more deeply engage in their passion.
Ultimately, this program can become the top of a strategic consumer hierarchy. Lead off by marketing to your strongest customers with the “best” your brand has to offer and move down the hierarchy to it’s lowest engaged customer (the free newsletter). This hierarchy allows for the logical marketing of multiple bundles with varying benefits and price points, while giving your consumer a seamless and quality user experience.
The benefits created by leveraging this type of strategy will maximize your marketing ROI, consumer engagement and deliver some of the most exciting opportunities to come along in consumer marketing in years.