Ep 520: Why Prepaid Should Be On Your 2024 Roadmap with Shanda Hurst and Nikita Richard, Ordergroove
Whether you're an established brand or a growing business, prepaid subscriptions could be the missing piece in your growth puzzle.
In this episode, Jordan West, Shanda Hurst, and Nikita Richard of Ordergroove discuss the game-changing impact of prepaid subscriptions. This underexplored topic sheds light on how prepaid subscriptions can revolutionize the way business owners think about cash conversion cycles and customer retention. The conversation dives deep into the nuances of prepaid subscriptions and how they offer an inventive way to elevate customer experience and drive revenue growth.
Listen and learn in this episode!
Key takeaways from this episode:
The commitment aspect of prepaid subscriptions can be an effective marketing tool, especially in the health and wellness space, where creating a value experience for the customer is crucial.
Implementing prepaid can lead to increased customer retention, with higher renewal rates and a positive impact on monthly subscriptions.
From a financial perspective, prepaid subscriptions can help improve the cash flow cycle for ecommerce brands.
When considering implementing prepaid, it's important to carefully structure the incentive offers, potentially offering tiered discounts for different prepay periods.
Prepaid subscriptions can also offer an opportunity to provide a VIP experience for customers and introduce new products or services.
Recommended Apps/Tool:
Ordergroove: https://www.ordergroove.com/
Strava: https://www.strava.com/
Going.io: https://www.gong.io/
Fireflies: https://app.fireflies.ai/
Today’s Guest:
Nikita Richard is an expert in the world of subscription-based businesses. With a deep understanding of the fundamental concepts of regular subscriptions and prepaid memberships, Nikita has witnessed the evolution of this business model since its early days with companies like Birchbox and BarkBox. She has seen the expansion of prepaid subscriptions into new markets, such as consumables like coffee and vitamins. With her knowledge and experience, Nikita continues to be a leading voice in the subscription industry, helping businesses navigate the complexities of this popular business model.
Shanda Hurst, is passionate about crafting and implementing ecommerce strategies. She excels in optimizing customer journeys, elevating conversion rates, and enhancing customer retention. She brings a proven track record of driving results through meticulous data analysis, qualitative research, and impactful AB testing. Her leadership style reflects a product owner mindset, ensuring strategic vision and effective execution for sustainable business growth.
Connect and learn more about Shanda, Nikita and Ordergroove:
LinkedIn:
https://www.linkedin.com/in/shanda-hurst/
https://www.linkedin.com/in/nikitarichard/
Website: https://www.ordergroove.com/
Growth Plan: www.upgrowthcommerce.com/grow
Million Dollar Offers: www.upgrowthcommerce.com/grow
This episode’s sponsor is Motion App- they bridge the gap between media buyers and creative teams with fast, visual reporting for your Meta, TikTok, and YouTube ads.
If you’re ready to learn how the best DTC and e-commerce brands use Motion to ship winning Meta, TikTok, and YouTube ads, book a demo today, or start a free trial at Motionapp.com.
Even better, Motion offers a monthly subscription plan so you can dodge those annoying annual contracts.
Get 50% off your first month when mention UpGrowth Commerce or Jordan West.
Learn more here: Motion App
Get 5 Offers for 2 Products (10 in total) along with 10 highly engaging tried and true creatives, 30 captivating headlines, descriptions, and ad texts sent to you for only $99. Go to https://www.upgrowthcommerce.com/offer and order now - this offer is only available for a limited time.
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