‘Tis the renewal planning season

It’s the most wonderful time of the year! Oh sure, the holidays are magical, but it’s also that wonderous time when many theaters are planning their subscription renewal campaigns*. If a leap of faith renewal is not part of your subscription plans for the coming year, I’m here to share some reasons why you should consider it.

But first, a little context. A leap of faith renewal is when you ask your current subscribers (or members) to re-up for the next season without knowing what shows will be included in the season. Sometimes, there may be a title or two to whet their appetite, but it’s not necessary. These renewal campaigns, also called early bird renewals, are typically a simple letter and order form. In exchange for signing up before a deadline (which comes before the season announcement) and without knowing the lineup, early bird subscribers get something in return – a discount, a waived fee, an add-on, etc.

And here are six reasons why your subscription campaign should include a leap of faith renewal.

1 - It’s an easy sell

It’s called a ‘leap of faith’ campaign, but for your longtime patrons, it isn’t much of a leap. They’ve been coming like clockwork every year, regardless of what shows you’re producing, so why should this year be any different. Your most loyal members are renewing year after year because they know what they’ll get when they walk through your doors. They understand your brand and they’re on board! Take the easy win.

2 - Devo will love you

Even if you’re not including a donation ask (though in most instances I would recommend you do), the messaging included in a letter like this can lay the groundwork for future fundraising appeals. By promoting the experience and the organization as a whole, you’re reinforcing the messages used by your colleagues in the development department. It also helps both your teams identify the patrons who are most loyal and likely to take the next step with your company.

3 - Low cost, high impact

You’ll notice that I describe the mailing above as a simple letter packet, not a fancy brochure. The cost of sale for renewing a big percentage of your subscribers this way is very low! It can be as little as 2 or 3 cents spent for every dollar you earn! And when you’re talking about bringing in perhaps half of your subscription revenue with such a small investment, you’ll have more to commit to your acquisition campaign.

4 - Think of all the time you’ll have

You know how much work goes into a subscription campaign. When you start getting you’re your acquisition campaign, there will be designs and show descriptions for everyone to sign off on. None of that is needed for this campaign. With this first piece of the campaign out of the way, you’ll have more time for everything else, including an amazing acquisition campaign.

5 - Gets cash in the door early

You’ll be in between development’s calendar year-end and fiscal year-end fundraising campaigns, current year subscription sales will have slowed to a trickle (if there’s anything coming in at all), and without an early bird campaign, you’ll be relying on single ticket sales throughout the early spring until your season announcement happens. For some, starting to see subscription revenue early might be a life saver, for others, it might be a nice-to-have, but I don’t know any finance director who wouldn’t rather have cash in the door sooner than later.

6 - See the future

After you run an early bird campaign for a few years, you’ll have a sense of how many patrons you can expect to renew during that time frame. If you see a significant variation – in either direction – it’s an early indicator that your projections and/or your strategy may need to be adjusted. Knowing this sooner means you’re more likely to identify the cause of the change and make adjustments to get back on track.

Making a significant change to how you’ve launched a subscription campaign can be daunting, but now is a great time to start. As with anything new, it may take some time for your audience to adapt, but stick with it, you’ll see benefits to the whole organization soon.

*I am told by reliable sources that not everyone thinks of this process as something to look forward to. Maybe it’s just me? So if you need or want some help with this process, let me know. When I say I’d be happy to help, I’m not kidding. I really do love this stuff.