How Moneywise Used Limio to Increase Their Subscription Conversion Rate
Moneywise is a monthly magazine and website that helps millions of people make the most of their hard-earned money. Owned by award-winning online investment platform Interactive Investor (ii.co.uk) in the United Kingdom, Moneywise believes investing is for everyone and is key to achieving life goals. Its mission for over 29 years is to help people do it by providing independent, accessible and engaging content that makes it simple, and helping people to free up more money to invest by showing them how to save money, make more money and spend wisely.
With one million page views, 72,000 monthly readers, a magazine subscriber base of over 10,000, and 140,000 newsletter subscribers, Moneywise is a crucial guide to the financial world for many.
The challenge: what did Moneywise want to do?
Against a background of low savings rates, uncertainty over the state pension and pension freedom legislation, Moneywise is perfectly positioned to grow its subscriber base of beginner investors with its tag line ’the magazine that pays for itself'.
However, selling magazine subscriptions in the digital age is a challenge for any organisation. Furthermore, Moneywise was using an eCommerce provider that offered little flexibility. For example, all subscribers went through the same purchasing experience. With no inability to create different landing pages, Moneywise could not launch new campaigns and trial new strategies. It was hard to dive in conversion analytics and derive insights.
In a world where a large proportion of its readership is on their phone, improvements could be made to simplify the purchasing experience on mobile and tablets, from more mobile-friendly designs and payment options such as Apple Pay and PayPal. Moneywise wanted to shake things up and approached Limio with a simple ask: we want to optimise our conversion rate.
The must-have: what must the eCommerce shop do?
Moneywise had clear criteria for the solution they wanted:
- Analytics: Strong analytics capabilities that could track conversion rates across marketing channels, demographics and devices and derive insights about the readership most likely to subscribe.
- Mobile-friendly: A mobile-friendly experience, to increase conversion rates on mobile traffic (55% of traffic is mobile and tablet).
- Conversion optimisation: A campaign-based platform to trial new promotions, new bundles, and new experiences such as gifting.
- Automated: Moneywise wanted to make sure fulfilment would not be impacted negatively.
- Secure: With an FCA-regulated parent entity, payment security and customer data protection were critical.
Moneywise worked with Limio to deliver new campaigns with the Limio Shop to access the vast, untapped potential of their subscription ecommerce. The first campaign for Moneywise was delivered within two weeks. It is an engaging, mobile-friendly shop including an express checkout with Apple Pay, Google Pay and PayPal and regular checkouts with credit card and direct debit. All data feeds into Google Analytics e-commerce and Facebook Pixel Analytics for detailed analytics on conversion rate, funnel efficiency, dwell time and traffic, segmented by marketing channels such as banner ads, newsletter, or CTAs. Creating or updating campaigns can be done in minutes, facilitating the collaboration between editorial, marketing and design teams on new campaigns.
Moira O’Neill, the editor-in-chief of interactive investor, Moneywise’s parent company, says: “Our challenge is that we need a solution that is flexible but doesn’t require lots of time or resources to work with. What we have found in Limio is a partner that helps us to try new strategies and put them rapidly in place.”
Within two months, the results from the new secure, mobile-friendly purchasing experience have been very positive. Within 2.5 months, Moneywise saw an increase of 66% of the conversion rate and a 33% increase in dwell time and traffic.
New conversion optimisation strategies were introduced such as a gifting campaign, which doubled the number of orders in its first launch week. The analytics enabled Moneywise to reach new insights into the audience most likely to subscribe. Switchover for fulfilment operations has been seamless and automated. The outcome was successful and is opening up new possibilities. “Using Limio, we’re able to make the purchasing experience best-in-class and consistent with our editorial site. It’s a great partnership and we’re pleased that Limio keeps suggesting new ways to grow further,” says Moira.
Leveraging on this success, Limio recently launched the Limio Shop for Moneywise’s sister publication, Money Observer.
But the most exciting development lies ahead. In 2020, Moneywise plans to test new propositions, such as a referral scheme and buy one/get one for a friend. New strategies such as abandon basket, social proof, and visual cues will be trialled and A/B tested.
The insights derived from the analytics will allow Moneywise to run more targeted, audience-specific purchasing experiences and see if they increase conversion rates, as well as further assessing the efficiency of individual marketing channels and promotions. Limio will also be able to improve retention rates using its cancellation prevention capabilities.
Limio is an all-in-one subscription commerce platform, headquartered in London. The platform offers product catalogue, drag & drop website builder, and subscription management capabilities while delivering subscriber analytics and insights. Limio is backed by investors from Crane VC and Episode 1, as well as the founders of Gumtree and Entrepreneur First.