With the rise of the "subscription economy,” auto-charging customers regularly in exchange for goods and services has become a popular business model. Of course, this is old news for publishers, who have been making use of renewals and recurring payments longer than most other industries. However, auto-charges come with their own challenges---recurring credit card payments have much higher decline rates than stand-alone payments, for example. Here are five tips to improve your subscription payment success rate:
1. Optimizing retries
The most common reason for failed credit card payments is that the credit line on the account has been exceeded. For this 'insufficient funds' scenario, as well as in the case of technical errors, you will likely want to retry the payment before taking …
Congratulations to Alma Talent (the new business unit created when Alma Media acquired Talentum), who went live on Advantage in May of 2016 after an 18-month project. The project team invested many months of hard work and overcame substantial challenges, including a merger of the business in the middle of the project. The implementation of Advantage at Alma Talent replaces the existing circulation, fulfillment, inventory management, reporting, accounting, invoicing and payment systems, along with a revamp of many related, integrated systems and platforms. Many of these legacy systems had been in place for almost 20 years. Advantage is a true evolution for the Alma Talent magazine and books business.
Santtu Elsinen, Senior Vice President & Chief Digital Officer at Alma Media, has this …
At any given time, we at AdvantageCS are working on at least one, usually more, large development projects, be it in collaboration with clients or as AdvantageCS-funded research and development. Recent examples include our eCommerce platform Cider, a Single Sign-On solution and Members Advantage, our membership project. From a QA standpoint, the challenge is to ensure that hundreds or even thousands of hours of development work get tested and that the resulting product is robust and easy to use.
The role of testing in Agile methodologies
Our software development projects are organized in an agile framework called Scrum. Unlike "waterfall" projects, agile projects don't have successive analysis, design, development, testing and rollout phases. These activities are executed …
With apologies for the ending preposition, let’s think about this question for a moment. I’m personally a member of:
Delta SkyMiles (and about 7 other airline frequent flyer programs)
Blue Cross Blue Shield of Michigan
The Society for Scholarly Publishing
Hilton HHonors (and about 5 other hotel loyalty clubs)
My local public library
National Car Rental’s Emerald Club
Best Buy Reward Zone (and many other stores)
My homeowners association
Conservatively, I’m a member of roughly 30 organizations/clubs—not to mention my “membership” in my family, my community, the management team of my company and the human race! If you take the time to list your memberships, it’s likely you’ll find a similar amount.
Why do we join so many …
Traditionally, conferences and events were the domain of B2B publishing, where revenue from events has been surpassing print and ad revenue for some time now. However, consumer publishers are discovering that events are an important diversification strategy in their market as well.
Getting creative with events
From pop culture festivals organized by the likes of New York Magazine and Entertainment Weekly, to kid expos and bridal shows set up by local news publishers, events allow publishers to get creative. In the UK, Time Inc. is branching out into cycling events to complement its titles Cycle Sport and Cycling Active while in the US, The Atlantic presents the Aspen Ideas Festival. Near our AdvantageCS headquarters, the Detroit Free Press even sponsors the Detroit Marathon. As …
These Advantage features are either available now or will be soon. Contact your Advantage account manager for more information.
Advantage Single Sign-On Solution: Advantage now offers a cloud-based SaaS solution for Single Sign-On. SSO is the concept used to describe a centralized access control system managing multiple, related applications requiring authentication. For example, you might have eCommerce sites, self-service portals, content sites on multiple platforms and mobile applications such as iPhone apps. Using SSO, your customers can consolidate access to these via a single set of login credentials.
Multi-language support for inventory items: You can now define multi-language variants for these fields on the inventory item record: 1) Title; 2) Full Title. When these …
Change Creates Cutovers
One constant in any software environment is change. New tools, new techniques, and new applications are appearing almost daily. Implementing something new inevitably means there will be a cutover. Cutover efforts involve stopping production operations on a current system and installing something different. For some initiatives, this is a small effort and can be accomplished during normal business hours. For other larger, enterprise-wide initiatives, this means evenings and weekends. Some projects plan for three-day weekends to limit the downtime on production operations during “normal” business hours.
High Stakes, Short Timeframe
These large projects usually have months of effort that have preceded the cutover. Often, the success of the project is …
We have just finished up a season of conferences, summits, and trade shows in the industries we serve – publishing and membership associations. One of the things that sticks out the most for me at these meetings are the stories of how organizations are increasing their revenue. There appears to be no end to the tactics people have employed to multiply revenue by creatively looking for opportunities for repackaging their content, extending their brands, and thinking outside the box about new value propositions. One publisher we know sells design furniture on a website which extends the brand of their design magazine. Now that’s creative thinking. I don’t know many publishers who sell furniture.
Publishers, especially those in the B2B space, have been experts at diversifying …
In response to declining print sales over the last few years, publishers have experimented with new business models. A trend has emerged, and indications are that it’s here to stay: memberships add value and strengthen the relationship between publishers and their customers.
Proven Benefits of Memberships
In 2014, DigiDay reported that membership models are successful revenue drivers that increase customer loyalty. By offering membership perks such as access to exclusive content and events, publishers engage their customers and dramatically improve subscription renewal rates. These perks also open previously untapped revenue streams
A year later, journalism professor Jake Batsell explained to media association FIPP that membership offerings are beneficial to both non-profit and …
Is One Subscription Just Like Any Other?
In discussions about the concept of subscriptions, I sometimes hear the suggestion that Advantage address market segments other than publishing and content providers. "If you know how to manage a subscription, you should be able to handle any flavor of it," they say. Trendy concepts such as "product-service systems" (PSS) or pronouncements of the rise of the "subscription economy" seem to indicate a new “golden age.” Meanwhile, I remain cautious. As those who know subscriptions well are aware, all subscription systems are not created equal.
How Did Subscriptions Begin?
The etymology of the French word that means subscriptions, «abonnement" (also used in many other languages), comes from Latin a bornare, which could be translated to "put …