None of these five techniques are groundbreaking, but some of them do require a robust CRM. If you’re trying to cut renewal costs with an antiquated or, worse, budget CRM, you’re going to struggle getting number one, Use Auto-Renewal, to work for you.
I know that investing in a high-quality CRM can carry a high upfront cost, and a learning curve, but, as the article notes:
Finding ways to cut subscription renewal costs has a big impact on your profitability. Assuming you operate at a 20% profit margin, every dollar saved in your circulation efforts is the equivalent of $5 of new revenue to your bottom line.
It’s not hard to do the math. Getting a $10 subscription to renew equals $50 of new revenue. New acquisition is always sexier, but you have to invest in your renewal efforts in order to run a profitable subscription-based business .
You can read the original post, and learn more about all five tactics by heading over to the Publishing Executive website.