How publishers should use analytics to support subscriber renewal discussions
Stats on how research is used, customer behaviour and content popularity help justify renewal fees.
It is no longer enough for a sales team to go into subscriber renewal discussions simply hoping the client will sign for another year and accept a reasonable increase in fees.
The technology a publisher of high-value information uses to supply content and interact with subscribers should provide a wealth of information that enables them to demonstrate the value it provides to their customers.
Show the value of your content
Publishers need to be able to demonstrate the value they provide. This can mean more than simply ensuring a renewal, it can turn the conversation from ‘please buy us again’ to ‘this is the value, this is how to serve your customers better, this is what we need to do next year’.
Change the approach from a sales pitch to a conversation about a developing relationship. Outline a roadmap for future licencing agreements tailored to the specific needs of the client and move towards a lasting and valuable partnership for each party.
Renewals become an issue for publishers if the content is no longer deemed to provide a good return on the cost.
Use data as evidence
Edify Digital Media, a London-based publisher of leather market information, uses content usage data to understand what their customers like and develop upselling campaigns. Edify’s co-founder Maria Wallace elaborates; “As publishers, user analytics are valuable as they provide information showing what content is of most interest – so we can produce more – and warm sales leads for possible subscription upgrades or new business opportunities”.
Underplay the renewal and build in reliance
The ideal situation is for the renewal process to become a predictable administrative task. For example, within the SaaS sector where there is baked-in reliance on the service, renewals are often not a problem. Renewals become an issue for publishers if the content is no longer deemed to provide a good return on the cost.
If an account manager can make use of dashboards and alerts to quickly and easily stay up-to-speed on how content is being used, they don’t need to wait for the renewal.
If a new piece of content is published that has high relevance for a client, but lies outside their licence, a manager has a range of options to deepen the customer relationship. They might provide time-limited free access, offer a reduction, or even use this content as a way to cross-sell into a new area.
Whichever approach is taken, proactive help of this kind ensures the client maximises their subscription and is regularly reminded of the value the publisher provides.
See how the Publish Interactive platform can help your publishing company make renewal meetings procedural by viewing our analytics features, or book a product tour to be guided by an expert.