· By Jordan West
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 where creating a value experience for the customer is crucial.
- 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 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 brings a proven track record of driving results through meticulous data analysis, qualitative research, and impactful AB testing.
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/
In this episode's sponsor is Revenued - is a financial technology company that provides businesses with revenue-based financing solutions. Instead of relying on credit scores or collateral, Revenued offers funding based on a company's revenue. This allows businesses to access capital quickly and repay it as they generate income.
Learn more here: Revenued