You’re going to discover a dead simple way to increase the retention rate of your subscription based app. It will literally take minutes to implement.
How to Increase Retention Rate Of Your Subscription-Based App
Morgan Brown and Sean Ellis worked together to write the book “Hack Growth.” The publication is a great book about hacking growth and it talks about how great companies develop the right infrastructure and the right team to hack growth and raise millions or even billions.
Bing Gordon, a venture capitalist, shared a conversation he had with HBO CEO about the new show called “Rome,” the most expensive TV show ever produced that costs $9 million per episode. The HBO CEO shared with Gordon the power of “Coming Soon.”
The network experienced no churn from the time the show was first announced to the time it actually aired. During those two months, the audience just stick around to see what the fuss was all about.
You can also use this in you SAS product and subscription-based app by simply having a simple screen that reads “Coming Soon.” If you didn’t notice, Amazon Prime and Netflix use this strategy all the time too. When you open their apps, you will see a big banner on their hit shows that says “Coming Soon.”
So whether you’re working on new features, new content or a brand new community, talk about the things which are coming soon and what your product roadmap looks like because your customers will know that you’re:
- listening to their needs
- doing more content
This will make them stick around just to see what this new content is all about.
It’s time to stop working in the darkroom and little bubbles. Share what you’re working on and what’s coming up next in your apps. By doing this, your subscribers are more likely to stay on your platform rather than leave.