OK so you’re running your own subscription video network. Maybe you just launched, or you’ve been growing for a bit. Here’s a brand new way to give that growth a kick in the pants: VHX Promos! Promos are like coupons for your subscription product — now you can discount your subscription...
OK so you’re running your own subscription video network. Maybe you just launched, or you’ve been growing for a bit. Here’s a brand new way to give that growth a kick in the pants: VHX Promos! Promos are like coupons for your subscription product — now you can discount your subscription price for a set number of months. After the promo duration ends, your customer’s subscription will be renewed at the regular monthly price.
A discount lowers the barrier of entry for new viewers, making it easier to subscribe and start watching. It’s all about having an attractive hook to get folks in the door, giving new subscribers the opportunity to try out your library of great content. (You should also consider offering free trials to boost your conversion rates.)
You can choose to limit the timeframe and quantity of promos, which we’ve found is powerful for sales. A limited-time deal creates a sense of urgency, which is great for conversion, and a meaty discount definitely helps. These kinds of discounts have been super effective for transactional sales: On average, offering steep, short-term, flash sale coupons on VHX resulted in 4x higher conversion rates and 6x more sales week over week.
So make your own subscription fire sale! Create a unique promo code, choose the % discount and duration — you can offer your subscribers a discounted price for 1-10 months — and share your code with the internet. You can even choose to display a promo banner to entice visitors on your site and apps.
While it’s been in beta, here’s what we’ve seen with subscription promos so far:
The most popular discount amount is 50% off, with 25% and 75% off tied for second place.
The most popular promo duration offered is 1 month, with 3 months coming in second.
Black&Sexy TV is one of the first VHX sellers to experiment with this new feature: They’ve been offering a promo for 25% off 3 months of their subscription, and they’ve seen 26% growth in sales in just one month.
Holidays are a great time to use a discount, with high sales happening around biggies like Christmas Day, Cyber Monday, or Valentine’s Day. And hey! The 4th of July is right around the corner — how about offering a patriotic promo for your subscription for the weekend? Share that “FIREWORKS” promo code wherever your fans are: i.e. Twitter, Facebook, Snapchat, your newsletter. Heck, print it out on some flag paper and hand it to people at your backyard BBQ.