20Growth: The 7 Core Levers to Win at Consumer Subscription: Growth Loops, CAC + LTV Benchmarks, Pricing, Packaging, Notifications, Discounts, Paywalls | The Breakdown with Phil Carter
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 20 September 2024
⏱️ 79 minutes
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Summary
Phil Carter is one of the best growth leaders of the last decade helping world-class companies like Faire, Quizlet, and Ibotta accelerate their growth. Today, Phil is a growth advisor and angel investor who helps Seed - Series C consumer subscription businesses define their growth strategy.
In Today's Episode with Phil Carter We Discuss:
The Seven Core Levers to Win at Consumer Subscription:
- How to Optimize Subscription Pricing and Packaging:
Step:
- Single vs multiple subs tiers?
- Monthly, weekly or annually?
- How often should it be revisited?
- Biggest mistakes companies make with pricing and packaging?
- How to deliver immediate value through new user onboarding?
Target Metrics:
- Best tactics for delivering value in the shortest amount of time?
- Biggest mistakes companies make in user onboarding?
- Thoughts on the very long surveys companies like Noom make people fill out pre getting access to the product?
- How to boost paid marketing efficiency by investing in desktop web flows?
Target Metrics:
- Why is now the time to be investing in desktop workflows?
- What are the most effective and specific tactics to do so?
- How to optimize paywall visibility and conversion?
Target Metrics:
- Why is paywall view rate so important?
- What is good vs bad?
- What are the most common places to trigger paywall?
- Thoughts on hard paywall vs consumer value first?
- Specific tactics to refine paywall design to maximize conversion?
- Single biggest mistakes companies make when it comes to paywall conversion?
- How to distinguish and emphasize premium value props?
Target Metrics:
- What are the most effective ways to do this?
- Who does it best? Lessons from them?
- How to leverage motivation tactics (stats, streaks, badges, leaderboards, notifications)?
Target Metrics:
- What is the most effective?
- Do we not have notification overload?
- What used to work but now does not work?
- Who does this best? Why them?
- How to leverage strategic discounts and promotions?
Target Metrics:
- What are the most effective discounting methods used?
- What are the biggest mistakes companies make when using promos or discounts?
- Who does it best? What do they do?
Transcript
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| 0:00.0 | Oftentimes, the biggest wins come right on the heels of a failed AV test. |
| 0:06.0 | CACs almost by definition will go up over time. |
| 0:11.0 | The average consumer subscription app is losing more than 50% of its annual subscribers in the first year, |
| 0:16.0 | and more than 50% of its monthly subscribers in the first three months. |
| 0:19.0 | Anytime you increase the number of notifications |
| 0:20.8 | or emails you send, in the short term, it's like the sugar high. It's going to lead to a short-term |
| 0:25.9 | pop in your metrics. But if you do that too many times, you kill the channel. This is 20 Growth with me, |
| 0:30.9 | Harry Stebbings. 20 growth is the monthly show where we sit down with the best growth leaders in the |
| 0:35.1 | world to unpack their strategies and tactics. |
| 0:38.3 | Today is probably the most dense episode when it comes to really granular tactical advice. |
| 0:44.0 | Joining us in the horse seat is Phil Carter, one of the best growth leaders of the last decade, |
| 0:48.5 | helping world-class companies like Fair, Quizlet and Ibotter accelerate their growth. |
| 0:53.5 | But before we dive in today, as this is my growth podcast, I'm so excited to share with you |
| 0:58.6 | the story of the fastest growing company in my portfolio, voyantus.a.I, who isn't being asked |
| 1:04.1 | by their board to improve unit economics. Voyantis is the first and only company I've seen |
| 1:09.6 | that has found the way for you to crack this nut |
| 1:11.7 | by not only leveraging your first party data to predict customers' lifetime value, |
| 1:16.7 | but truly coupling these predictions with a prescriptive layer integrating with and influencing |
| 1:21.8 | each and every step of your customer's growth journey. |
| 1:24.9 | Voyantus helps you acquire the right customers in Google and META, allocate incentives to the |
| 1:30.4 | right customers via your Salesforce and Brays, and trigger the right upsell option at the right |
| 1:36.2 | time for each of your customers. |
... |
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