Welcome back Hustlers! In this week’s episode, we are featuring Matthew Holman! Matthew is the Head of Growth at Qpilot. Qpilot offers merchants a truly dynamic and flexible software to manage their repeat orders.
If you struggle to manage 'subscriptions' for your best customers, you should know that there is a solution that can automate everything you need to make their subscription experience amazing.
In this episode we discuss:
Subscription fundamentals (different types of programs, customer experience, discounts, when are subscriptions a good fit)
Places to collect data to learn about the program (Google Analytics, conversion tracking, post purchase, cancellation)
Unit economics (what discounts make sense)
How to think about churn (people that churn right away versus those that churn over time)
Fundamentals for scale (data collection, iterating, flexibility)(0:00) - Intro with Alex & Owen preamble
(9:14) - Business tip of the week - Top 5 Chrome Extensions for your business
(16:00) - Hustle Nation tip of the week (Setting goals & creating systems)
(22:23) - Our worst subscription purchases
(32:00) - Common mistakes in a subscription business
(34:40) - Day 1 of launching your business and what you should do
(38:38) - Owen’s story of getting lured into a sneaky subscription while in university
(42:26) - Businesses that run excellent subscription businesses
(44:45) - How one business did a watch subscription and offered a Rolex to get subscribers
(47:00) - BarkBox losing subscribers and niching down
(49:00) - How to manage the threat of big box retailers starting a subscription business
(51:16) - McDonald’s use of great coffee beans & their attack on Starbucks business model
(56:00) - Marketing your subscription business
(1:00:41) - How to avoid churn as soon as a customer subscribes to you
(1:03:00) - How businesses can trap you into a subscription
(1:05:50) - How Qpilot helps businesses run their subscription business
(1:07:00) - How to manage logistics with shipping
(1:10:21) - How Qpilot acquires new customers
(1:11:30) - Debunking the “average” subscription metric & focusing on looking at common drop-off points
(1:14:20) - Managing the accounting process of building a subscription business with uplifts, discounts, and returns.
(1:16:00) - Offering the right discounts to the customer
(1:18:25) - How to recover revenue when customers having credit card failures
(1:20:30) - The future of subscriptions
(1:22:00) - Game changing apps for your business & Shopify’s ecosystem
(1:26:25) - Quotes & phrases that has had an impact on Matthew’s life
(1:28:00) - Wrap up & closing remarks
To learn more about subscriptions, follow Matthew and checkout his newsletter!
- LinkedIn: https://www.linkedin.com/in/holman-matthew/
- Twitter: https://twitter.com/subscriptiondoc
- YouTube channel: https://www.youtube.com/channel/UC4bPOQPNvVYYwv_-ywHyzpQ
- Weekly Subscription Newsletter: https://content.autoship.cloud/subscription-prescription-registration