Payway Blog

Subscription Show 2020: 3 Key Takeaways

October 21, 2020 at 2:57 PM / by Kim Miller

I hope you enjoyed Subscription Show 2020 as much as we did. There was certainly a lot of great information shared over the course of six days between the keynotes, sessions and networking events. In case you couldn't make it or missed any, here are my 3 key takeaways that I know will be valuable to your business:

  1. Companies need to look beyond subscriptions as a transaction and instead treat them like a relationship – one built on trust and communication. Providing value and flexibility, such as allowing your customers to manage their own subscriptions, helps increase retention.
  2. Trying to outrun your churn rate will only burn out sales. Instead, look at indicators such as low usage, increased interactions with customer support, and billing issues. Sign up for your own service and see where points of friction might impact the customer experience.
  3. Don’t underestimate the importance of payments to the overall process. Per a WorldPay study, 72% of people are more likely to make a purchase if they can see the payment options at the start of their interaction (e.g. the home page). That same study shows 26% of users will drop and shop elsewhere if their preferred payment is not an option.

Hopefully, you were able to stop by our booth to learn more about us. If not, be sure to catch our 5-minute video, "Why Payments are Critical to Subscription Business Success."  

 

 

Tags: Events

Kim Miller

Written by Kim Miller

As Vice President of Business Development, Kimberly Miller brings to the table several decades of experience in marketing, selling software and self-service solutions to the industry. Kim has also served as a long-time valued advisor to Payway, and over the past 14 months has helped the company create programs and processes that are driving and delivering business growth.

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