Digitally ready and agile, in times of crisis and beyond

I get asked a lot how our business was affected by COVID. As a fully digital platform with no physical outlets, and products delivered via digital channels (meaning no shipping dependencies), we weren't really impacted by the lockdown, at least not in a negative way. 

We actually experienced growth during the lockdown months, as so many people were stuck at home and were looking for ways to keep entertained without leaving their homes, our digital newsstand was the perfect outlet for home entertainment. As a result, we saw a significant increase in traffic and orders.

Although probably the normal reaction to this increase would have been to just enjoy the organic growth and continue business as usual, we decided to pivot our marketing strategy and shift the focus from acquisition, and instead strengthen our retention programs in an effort to engage and retain the wave of new users coming in.

As part of the new direction we launched several initiatives meant to generate engagement and retention:

• "STAY HOME & READ FREE MAGS" a campaign offering access to free magazine subscriptions. In partnership with our media publisher clients we were able to build a portfolio of over 200 magazines which consumers were able to access for free for the duration of the lockdown. We’ve seen impressive adoption, with over 50,000 redemptions in the first week. Once we were able to prove the value of our product, 10% of redeemers have converted to paid subscribers. What we found very interesting, was the fact that not only new users were redeeming the free offer, but also a large percentage of existing subscribers who were accessing different content than what they purchased previously.
  

• We also launched several email capture forms on our website that would allow us to grow our email audience and target users with more personalized emails. 
  

• Another step in this process was strengthening our cart abandonment program, testing various message frequency and timing options, which led to a significant increase in open rates and conversion rate.
  

• Additionally, this experience has prompted us to rethink our new user on-boarding strategy. Based on the learnings from our FREE READS campaign, we understood that first time customers would be more likely to convert if we provided access to free or low priced content so they can “test drive the platform” before committing to a subscription. As a result we added an extra campaign in our welcome program giving first-time users access to $1 subscriptions.
  

• Another initiative involved gamification - Leveraging game mechanics, to get users to perform certain actions or achieve specific goals or milestones in order to win a reward. The way we introduced gamification, was by rewarding users with virtual trophies based on how many sessions they had, and encouraging them to keep coming back in order to get to the next level. This strategy has helped us increase retention by 15%.

While in our case the change we introduced was a shift in our marketing strategy, other businesses had to completely change the way they were doing business.

- Retailers: We’ve seen more and more retail companies pivoting their strategy to focus on digital channels, a trend which started pre-Covid though was now accelerated because of the outbreak. Additionally, the virtual fitting rooms leveraging VR technology have seen an increase in popularity.

- Real Estate companies have shifted their strategy by introducing virtual tours given the fact that in-person property tours were not an option, trend which might continue going forward.

- Dating apps have also started introducing features which allowed users to set up virtual dates.

- Video streaming services allowing sharing movies and shows between friends to watch together virtually. As an example the Google Chrome extension Netflix Party which allows account holders to organize virtual movie parties. (Not owned by Netflix, though its success should be an eye-opener for all video streaming services...)

What else is missing? How about a collaboration between Zoom and digital clothing companies, which should eliminate those embarrassing moments when we forget that our meeting attire consists of a formal shirt and underwear...

As a conclusion, the Coronavirus crisis created a world in which agile ways of working and digital strategy are a prerequisite, proving the importance of adapting fast to changes, constantly innovating and finding new ways to engage with customers from the convenience of their home by leveraging digital channels and new technologies.