3 Reasons to Convert Subscribers into Customers Instead of Paid Subscribers
Money💰, More Money💷, & Bigger Money🤑
Actually, the reasons aren’t all money
However, they all have a role to play in revenue generation.
It may seem shallow that I write about money all the time, but let’s face it…it’s why you and I are here. I want to generate revenue for my business by buying my chocolate Labradoodle, Kona, toys from Chewy.com. 🐾🐕🦺
I’m sure you’re fond of money, too. If you’re a purist and prefer to have no emotional connection with the stuff.. well, I’m sure your landlord or mortgage company likes it. ☺️
Money is, however, numerous uno
The sooner a subscriber purchases a service or product from you, the better their chances of making another purchase.
These purchases contribute to their CLV, or customer lifetime value. When you offer an affordable, problem-solving service that relieves a subscriber's challenge, you can charge much more than you’d charge for a paid tier on Substack.
There’s nothing wrong with having a paid tier on Substack as long as it’s significantly different from your free posts. That is why most publishers fail to attract paid subscribers. Coupling a paid tier with a service is the best of both worlds.
In the runner-up slot is positioning
When your service succeeds, it positions you as the go-to professional to consult when your customer faces similar or related business challenges.
In the land of suffering, the person who wields pain relief is crowned King. Take away someone’s pain; they’ll be your best friend. They’ll never forget it.
In a business setting, when you solve a particularly painful or limiting problem, you can be handsomely rewarded over and over.
“If you’ve ever solved a problem, you have a business.”
~Dan Koe
Third place belongs to authority
When you're perceived as an authority in your area of expertise, you can command higher fees than Nancy Newbie, who has only been around for a few months.
How do you establish authority? There are many ways to create authority. You can write a book (even a mini-book), get booked on a podcast, or have a YouTube channel.
There is no ‘authority fairy’ who will wave a sparkly wand while sprinkling pixie dust on you, instantly transforming you into an authority figure. No, if you want to be an authority, you must create it yourself.🧚🏼♀️
Here’s the take-home message
Converting subscribers into paying customers results in immediate cash flow and a strong likelihood of repeat business from the same customer for years to come, thereby becoming your long-term client and positioning you as their go-to authority.
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