Chief Subscriptions Officer: The benefits of hiring a Chief Subscriptions Officer
Chief subscriptions officer is a new position created to help grow the revenue of blogs, magazines, or other subscription-based publications. The chief subscriptions officer will need to identify future trends in the publishing world and lead the team in developing strategies for obtaining more subscribers.
Businesses are constantly looking for new avenues to grow their subscriber base. Though some may be more creative than others, the goal is always the same: acquire as many subscribers as possible. If you’re in charge of subscriptions at your company, check out this post!
What is a Chief Subscriptions Officer?
A Chief Subscriptions Officer is a person who manages the process of getting new customers.
A Chief Subscriptions Officer is the person in charge of subscriptions for a company.
A Chief Subscriptions Officer is someone who works to get customers.
The Chief Subscriptions Officer or CSO is a new position that has emerged lately within larger advertising agencies. Their responsibility is, in a way, a return to “the fundamentals:” they’re there to develop and execute the agency’s subscription-based program strategy.
The role of the CSO has recently been hyped up as one of the most critical positions for modern digital enterprises – not just advertising companies. They help companies offer their services through subscriptions rather than through one-time purchases.
Typical tasks done by this individual include being fully responsible for gathering information from potential customers about their needs, developing pricing/price points and determining how much consumers should be willing to pay for each product (backend work), and marketing.
A Chief Subscriptions Officer is in charge of running subscriptions for a company. They might take care of setting up the payments, invoicing, etc.
The CSO’s tasks may include
- I am managing, collecting, and analyzing information about individual and corporate subscriptions.
- Negotiating contracts with partners to enhance subscriber retention rates and revenue.
- Supervising customer service personnel.
- We are preparing budget forecasts, performance projections, and statistical reports.
- We are assembling subscriber-related data used in marketing activity planning.
Why do companies need to hire Chief Subscriptions Officers?
The subscription economy is expected to increase by 30% annually, with the industry set to reach 9 billion dollars in 2020. Subscriptions are predicted to surpass stores’ profit margins within three years.
A customer might be subscribed to many different products or receive promotional offers. With each additional purchase, there is a new customer ID and billing information associated with it.
This creates a challenging task for companies trying to keep track of customers’ data and integrate systems across business units which often lack standardized processes within their organization.
This officer manages subscriptions at scale by optimizing automated marketing campaigns, ensuring financial reconciliations between sales teams to avoid discrepancies in invoicing, automatically merchandising inventory during periods of low open rates, etc.
This role is responsible for subscription billing and renewal for a company’s customers.
Companies that sell subscriptions, memberships, or content to generate revenue need a strong team behind the scenes to keep things running smoothly.
The duties of this position include more than just maintaining current subscriptions but also ensuring new subscribers can enter the system, processing subscription payments correctly, and reaching out to past subscribers that haven’t paid for some time.
If this position isn’t filled, it can throw off the entire business model as these functions will start slipping under management due to less mobile staff during peak periods like holidays.
Why you should hire a Chief Subscriptions Officer
A chief subscription officer does a lot for executive leaders. If you need to add a key staff member, you will brief them on your needs and goals to manage their marketing campaigns more effectively.
If they lose potential subscribers, sales will suffer immensely. It’s best to keep an open relationship with customers by listening to their needs and following up promptly in a perfect customer service manner.
Their main goal is to build relationships with people who will be continuously investing in your company long-term, thus creating repeat business, which means compounding revenue through new and retained customers.
A chief subscription officer will be most helpful for companies that want to build and maintain a robust and engaged subscriber base. Also, this person is in charge of determining which content is monetized, determining pricing structures, and ensuring everything fit within company-wide budgets.
As consumers continue to trend towards subscription-based models like Netflix or Spotify, it becomes more important than ever for different professionals to control these platforms.
For example, if we go back ten years, every person with an internet connection had access to YouTube—today, we know that’s not the case anymore. This means several people are in charge: advertisers who need ad space, graphic designers who need portfolio pieces, and developers who build new features.
A Chief Subscriptions Officer will enable strategic and tactical content acquisition, curate distributor relationships to ensure timely access to information for members, maintain member activity rates, keep supply-chain costs down, and work with engineering teams to continuously innovate on the digital reading experience.
The benefits of hiring a Chief Subscriptions Officer
- Finds new subscribers
- Keeps track of your subscriber list
- Monitors the engagement with your content and what is going viral
- Builds a relationship with influencers who can help promote you
- Tracks down potential sponsorships
- Have someone else take care of the day-to-day tasks, freeing up your time for other projects
- Hire a Chief Subscriptions Officer to help you with marketing and sales
- Get a second opinion on important decisions
- Save money by hiring an outside professional
- The Chief Subscriptions Officer will help you to grow your subscriber base
- They’ll be able to identify new opportunities for growth and development
- They’re not just good at managing relationships – they also know how to build them
- You’ll get an expert in subscription management, which is a massive part of the business these days
- A Chief Subscriptions Officer will help you manage your subscriptions and renewals
- They’ll make sure that any new subscribers get the correct information about their subscription, like an email with a welcome message or a phone call from customer service
- They’ll also be able to help with cancellations if someone decides they don’t want to keep their subscription anymore
- A Chief Subscriptions Officer can help you better understand your subscribers and what they want
- They can also be a voice of the customer, giving you feedback that is unbiased by company bias
- The CSO will work to improve your subscriber retention rate by identifying the reasons why people unsubscribe from your service and provide solutions for those problems
- You’ll have someone who understands all aspects of subscriptions: marketing, operations, finance, etc., so you don’t need to hire multiple people for these positions
- Your company will be more organized
- You’ll save money on subscriptions you don’t need anymore
- You’ll have a better understanding of your business’s needs and how to meet them
- You can focus on other aspects of your business that are important
- They can help you keep your current subscribers happy, which will lead to more sales in the future
- You’ll save money by outsourcing tasks that are time-consuming and costly
- A CSO can help you grow your subscriber base
- They’ll be able to identify opportunities for growth and reach new audiences.
- A CSO will work with you on developing a strategy for your company’s content marketing efforts.
- They’ll also have connections in the industry, so they can provide introductions to other businesses that might want to do business with you.
- Subscriptions are the new gold mine for many companies
- The CCO’s job is to create a strategy that optimizes revenue from subscriptions
- A Chief Subscription Officer can be hired to work with other departments, such as marketing and customer service
- The goal of the CCO is to increase conversion rates by evaluating what customers want and need
- A CSO takes the pressure off of your team to handle subscription management
- They can help you develop a strategy for handling customer complaints and cancellations
- A CSO will be able to identify areas where customers are unhappy with their subscriptions, which may lead to product improvements or changes in pricing
- The presence of a CSO gives customers more confidence that they’ll get excellent service.
The Chief Subscriptions Officer captures and maintains an interest in a company’s products or services. Their job entails developing strategies to ensure that customers remain loyal, find new clients, and increase sales year-over-year. If you are intended in ways to grow your subscription business through digital marketing channels like SEO or social media advertising, contact our team today!
We will work with you individually to develop an actionable plan specifically around your needs. What has been working well for other companies? Let us know so we can get started right away!