Most people are ready to see 2020 in the rearview mirror – and although we are too, it’s important to pause and absorb retrospective insight, especially as you plan for 2021. Subscription businesses experienced some encouraging trends in 2020, as captured in the Alliant DataHub, including a 15% increase in new customers and a 27% increase in new customer orders.
While changes in consumer behavior have been a factor, we’re confident that this is also due to these subscription marketers smart use of data. They’ve maintained a commitment to managing and actioning on their 1st party data, which not only helped them succeed in a turbulent year, but will also give them great insight for 2021 planning and execution.
Do you want to develop a strong data strategy to help power your subscription marketing in 2021? Check out the eBook “5 Data Habits of Successful Consumer Marketers”. Read on for a few key highlights, and download the eBook for full access.
1. Knowing your data is knowing your customer
Subscription marketers gather thousands of data points that are a valuable asset if kept and organized properly. For everyone in subscription marketing, it’s important to maintain records accurately while keeping the data that matters most.
2. Your 1st party data is just the beginning
First-party data ignites the fire, but second and third-party data fuels it. Data enrichment appends data to a CRM or other first-party source, allowing marketers to more accurately segment and model data.
3. Model what matters most
What are your subscription marketing campaign KPI’s? Response? Order Volume? Predictive modeling uses your first-party data to predict future behaviors – providing the opportunity to hit goals and target prospects with the highest potential. This allows marketers to target audiences that not only look like their best customer, but purchase like them.
4. Embrace customization
Although models from platforms and partners are effective and convenient, they aren’t always transparent about what attributes drive the model. Custom models which use a human touch, incorporate data points that include positive and negative transactional behaviors - creating a stronger, more responsive audience before the campaign even starts.
5. Prove it and use it
Now it’s time to use the data and models to launch your next subscription marketing campaign! Remember to test everything and be creative because the possibilities are endless.
If you enjoyed this sneak peek, the Alliant subscription marketing experts have even more insightful advice in the full eBook “5 Data Habits of Successful Consumer Marketers”. Download the eBook for a deeper dive into fundamental data management practices and ensure your 2021 subscription marketing is a success.
Join us for the Subscription Trade Association’s 2020 SubSummit (it’s free!) where we will be a sponsor. Meet us in the Expo Hall or Networking Lounge to talk about how Alliant can help fuel your 2021 subscription marketing strategy.