A global consumer study has revealed precisely what customers expect from their subscription providers, with the findings shedding light on the growing sophistication of consumer demands.
Commissioned by subscription management specialists Recurly, 6,000 respondents (1,016 from the UK) were surveyed about their subscription service preferences and expectations.
The findings reveal that despite the financial instability of recent times, UK consumers are still flocking to subscription suppliers in their droves, with an estimated 44 million new subscriptions over the last 12 months.
However, some customers are starting to feel the pinch. The data highlights that consumers are becoming more selective with their subscriptions, with almost half (47%) cancelling at least one service within the past year due to a general need to reduce their own expenses (37%) or because of price increases (36%).
The subscription sector is fertile but temperamental, like being flush in a casino but knowing that you’re only ever one bad hand away from losing it all.
But how can companies protect themselves against the whims of frugal consumers, and ensure that they not only attract but retain their customer base?
Personalisation is power
A familiar word in the customer experience sector in recent times, and for good reason; the ability to personalise an individual’s experience is no longer an added bonus, it is expected.
Consumers want to control how, when, why, and to what they subscribe; and they expect companies to cater to these desires.
74% of respondents listed personalisation as one of their top reasons for subscribing.
This is evidenced in the findings of the report, where 74% of respondents listed personalisation as one of their top reasons for subscribing.
Within the bracket of personalisation, features like the ability to upgrade or downgrade subscriptions as needed (83%), customise plans and pricing (81%), and add items when required (78%) all featured as key priorities.
Moreover, 65% of those surveyed admitted that flexibility to customise their plan based on what they use would lead to them changing their minds about cancelling a subscription.
By giving consumers the flexibility to adapt their subscription service to suit their lifestyles, companies are enhancing their chances of retaining customers.
If you want a loyal customer, reward customer loyalty
It may seem obvious, but in a competitive market, providing a quality product with a high level of service is not enough – customers want to feel valued and are more than happy to look elsewhere if the grass appears greener.