3) Benchmarking Audible's Retention Strategies Against Competitors
Project Objective: Compare Audible's customer retention strategies with key
competitors and uncover actionable insights to improve subscriber stickiness and
reduce churn.
Deliverables:
• Competitive matrix benchmarking Audible's retention features and pricing against
competitors
• Summary of user sentiment across services based on public reviews, app ratings,
and forums
• List of top-performing competitor tactics for customer retention
• Strategic recommendations for Audible to enhance retention
• Concept mockups of proposed new features or campaigns
• Final presentation deck
Introduction
Hamon
Been Audible
Call center
A few positions
Process improvement
Program management: Marketing + Tech
Retention + Product marketing, working with product partner, strategic
prospective on what we need for retention: AB test, product, coordination =
making sure everything is right
Project: not crazy expectation, just a framework
Rention: 2.5 offer, selling for ages, Audible premium plus
Keep & finish membership
Selection of titles, podcast included, top tier most members
Audible plus, only selection, cheaper only keep from catalog
Main Products
Launched in-between standard: 1 book per month, don’t get to keep the
book, targeted to customers: retention effort like someone tries to cancel,
listeners like heavy listeners
Office premium plus, take one if you stay and get discount for amount of
time
Churn rate
Measure and keep below certain number, different with month-to-month,
depending on how many people acquire
Promotion campaign in, never has influence for churn rate
Overall Goal
Member base = Acquire + Retention, how aggressive to acquire, and what
we do to retend
Churn rate is primary, different
Somtimes wouldn’t consider customer churn, saving is we need to be
conscious about
This we never use and different tier of membership before, introduced
last year, hard to estimate long term effect
Assumption is standard membership is cheaper, so would be
retained in the long run, and if we increase long run, cost is lower and benefit
is not negative, customer is staying every form
Second is run, cancel sales = how many customers annually save, if we
launched this how many customers would be saved
LTV, gather rate
99% month, if we rentend
Wider retention team, finding strategic to acquire churn
To keep more customer we anticipated we keep, retention rate
We have tactical and strategic
Project = Market comparison, and provide can be not too important, it is
benchmarking, try to compare apples with oranges, and if we change the
taste of oranges such as
If we compare spotify like competitiors
Audio book, what we are doing is to provide form of entertainment, so
not only competing 15 dollars, maybe comparing with sitting and watching
Netflix, project also consider that
Intead of subscription angle, should benchmark upon any form of
education and entertainment
Interesting for us, what we do with fresh set of eyes, and maybe 15 years,
comparing unbiased, what tactics and strategies, and what
What we can we learn with tiktok
Don’t want that and if you too little comparison,
What benchmarks we are looking at
Long time positions of list of competitors
Are we customer we are looking at is global, tech companies to
Current retention strategies
With Germany, Haietus, suspend membership for 3 months, audible
gives credits, if cancel you lose credits, so Haietus to avoid lose and retend
benefits than outright. In Germany every 4 months, can pay a few months
In international markets can take Haietus once a year. It is more
flexible and more benefits. Can have immediate revenue as customers don’t
pay
Second, is discount memberships: default if stay can pay every
months, absolute discount after Haietus. Recently, 50% subscribers discount,
maybe should not discount aggressively, US has different ones, discpunt
annual membership, if pay 10 save 12 and if 9 months even more. Every
discount work quite well
Third and hopeful, silver membership but not yet worked out. Pay
40.95 per month, 70.95 for 2 months, small amount every month, and credit
two months. 6 every month, need to make customer pay every month.
Single month payment and less money payment and less benefit
However, people like Hard-sell, like not explaining too much, and still
possible take it but still standard offer. And silver membership replace
something sensible
PED
Short no, long depends
Are People who buy 10 per months, read literature, and impaired; are
people who only take promoted memberships, and take 2.95 4 months, use
membership period to access deals. Look on reddit and see people invest
time, and can pay little
In other words, One segment, and listen a lot and willing to pay; the
others are listen and price sensitive
Logistic things
Would you recommend timeline: Internally, from office whatever works.
Role for Ramon as consultant, and project management is up to the
team
At least to have a biweekly thing
Schedule