Limited Supply Podcast - Season 11, Episode 7: Telemedicine and Subscriptions

Host: Nik Sharma
Release Date: February 19, 2025

Introduction and Upcoming Events

In this episode of "Limited Supply," host Nik Sharma shifts gears to address a variety of pressing topics submitted by listeners. He begins by discussing upcoming industry events such as Shop Talk, Tripoli Miami, Commerce Summit, Commerce Next, and Sub Summit. Nik encourages listeners to connect through these events and join the "Limited Supply" Slack channel for local meetups around the globe.

Key Points:

• Meetup Invitations: Opportunity to join meetups similar to those held in Canada and the UK.
• Virtual Summit Announcement: Nik announces a forthcoming virtual summit focused on social shopping and top-of-funnel strategies, offering free early tickets to the first few hundred participants. Interested listeners are directed to visit Nick.co/VirtualSummit to secure their spots.

Nik Sharma at [00:57]:
"We are also going to be putting on a social shopping and top of funnel style event... if you want to be a part of the virtual event and grab an early ticket, we're going to do free tickets for the first few hundred people."

Telemedicine Brands Navigating Meta's Policy Changes

The core of the episode delves into how telemedicine brands are adapting to recent policy changes by Meta (formerly Facebook). These changes restrict the collection, storage, and processing of personal identifiable information (PII), particularly around sensitive health-related data. Meta aims to reduce the knowledge of users' personal health issues to mitigate legal liabilities.

Key Points:

• Policy Impact: Meta's new restrictions prevent telemedicine brands from running purchase objective campaigns, complicating customer acquisition efforts.
• Data Privacy Concerns: Numerous entities like hospitals and insurance companies inadvertently send PII back to Meta via Facebook pixels, raising legal and compliance issues.
• Adaptation Strategies:
  • Brand Awareness Focus: Emphasizing upper-funnel activities such as content creation and education to build brand recognition and trust.
  • Content-Focused Landing Pages: Developing descriptive, educational web pages that support a full-funnel marketing approach.
  • Custom Events and Incrementality Testing: Implementing custom events (e.g., time on site, pages visited) within onboarding flows to optimize advertising strategies without relying solely on purchase data.
  • Incrementality Testing: Utilizing methods to measure the true impact of specific events on conversions, especially when Meta's reporting is limited.

Nik Sharma at [05:30]:
"Most brands that are telemedicine brands are finding success by putting custom events inside the quiz flow... and incrementality testing is something I would also recommend because that also lets you... understand the conversion."

Nik Sharma at [13:20]:
"From my conversations with Facebook, it feels like they sort of feel like their hands are tied as well. They don't necessarily want to do this... but at the same time they don't want to deal with taking the fall for the legal stuff."

Enhancing Subscription Businesses for Resilience and Growth

Transitioning from telemedicine, Nik explores strategies to strengthen subscription-based businesses. Drawing parallels with media companies like The Wall Street Journal and The New York Times, he emphasizes the importance of creating a compelling subscription experience to reduce churn and increase customer lifetime value (LTV).

Key Points:

• Subscription Experience: Ensuring ease of subscription through dedicated landing pages and clear communication of benefits.
• Default Subscription Options: Encouraging multiple interactions before a customer subscribes, such as sample packs or variety selections, to enhance LTV.
• Welcome Offers: Implementing attractive initial offers like discounts or digital gifts to incentivize subscriptions.
• Optimal Shipping Cadence: Determining the best shipping intervals based on product type to balance cost and customer satisfaction.
• Subscriber Exclusives: Providing special perks or partnerships (e.g., early access to products, discounts with partner brands) to make subscribers feel valued.
• Specialized Content: Offering exclusive content to subscribers, such as newsletters or personalized video messages, to foster a sense of community and loyalty.

Nik Sharma at [10:15]:
"Some of the best subscription companies are actually media companies... they keep giving you offers and ways out, you know, to not cancel. Churn reduction is key."

Nik Sharma at [15:40]:
"Creating any sort of specialized content for subscribers... something like a video of the founder saying thanks for subscribing and we're so happy that you're a part of our family, blah blah blah."

A/B Testing Insights and Successful Conversion Strategies

Nik shares valuable insights from recent A/B tests conducted with various clients, highlighting tactics that have significantly boosted conversion rates. He underscores the importance of tailored strategies and encourages listeners to experiment rather than directly copy these methods.

Key Points:

1. Massive CTA for Nutrition Facts:

   • Strategy: Adding a prominent call-to-action (CTA) button labeled "See Nutrition Facts" near the product image or shop section.
   • Results: Increased clicks and higher add-to-cart rates, especially effective for consumables and beauty products.

   Nik Sharma at [18:10]:
   "Adding the CTA button near the photo gallery... gets the most clicks and has the highest driver to add to cart."

2. Enhanced Social Proof:

   • Strategy: Utilizing industry-specific endorsements over generic customer reviews.
   • Results: Significantly higher conversion rates when using quotes from well-known influencers or industry authorities.

   Nik Sharma at [19:15]:
   "Social proof from someone with a big following in the wellness space... significantly outperformed the run-of-the-mill customer social proof."

3. Icons Over Paragraphs:

   • Strategy: Replacing lengthy descriptive paragraphs with intuitive icons and concise text.
   • Results: Improved readability and user engagement, making information more accessible and scannable.

   Nik Sharma at [20:25]:
   "Making everything super skimmable, scannable, easy to read... helps people get to the punchline quicker."

4. Authentic Social Proof Screenshots:

   • Strategy: Incorporating direct screenshots from TikTok comments or Instagram DMs instead of stylized reviews.
   • Results: Higher add-to-cart rates due to perceived authenticity and relatable user interactions.

   Nik Sharma at [22:05]:
   "Taking a screenshot of TikTok comments... did really well for adding to cart and ultimately converting to purchase."

5. Relatable Taste and Smell Descriptions:

   • Strategy: Adding descriptions like "tastes like pineapple" or "smells like apple pie" to make sensory attributes more relatable.
   • Results: Enhanced relatability and trust, particularly effective for consumable and fragrance products.

   Nik Sharma at [23:50]:
   "Taste and smell are two very hard things to sell on the Internet because they're two things that people don't believe until they see it or smell it."

6. Comparison Charts:

   • Strategy: Creating comparison charts that position products against generic alternatives rather than specific competitors.
   • Results: Clearer value propositions and improved customer understanding of product benefits.

   Nik Sharma at [25:00]:
   "If you're selling an electrolytes powder, compare it to a sports drink... you saw this outperform for a friend of mine who runs a brand."

7. Animated Thumbnails for UGC Videos:

   • Strategy: Using animated thumbnails on user-generated content (UGC) videos to increase engagement.
   • Results: Higher interaction rates as animated elements draw more attention compared to static images.

   Nik Sharma at [26:15]:
   "If you have animated thumbnails, I would definitely recommend that and... allows your subscribers to feel special."

Conclusion and Next Steps

Nik wraps up the episode by reiterating the value of the discussed strategies and encouraging listeners to implement and test these tactics within their own brands. He also teases upcoming content and initiatives, inviting feedback and continued engagement through the virtual summit and future episodes.

Key Points:

• Feedback Encouragement: Nik invites listeners to share their thoughts on the episode and stay tuned for future content.
• Virtual Summit Reminder: A final prompt to join the virtual summit for in-depth learning and networking opportunities.

Nik Sharma at [28:00]:
"I hope you found this episode valuable. Please sign up for the Virtual Summit. Nick.co/VirtualSummit and I will see you next week. Have a great week."

Notable Quotes

• "Most brands that are telemedicine brands are finding success by putting custom events inside the quiz flow... and incrementality testing is something I would also recommend because that also lets you understand the conversion." — Nik Sharma [05:30]

• "Creating any sort of specialized content for subscribers... something like a video of the founder saying thanks for subscribing and we're so happy that you're a part of our family, blah blah blah." — Nik Sharma [15:40]

• "Taste and smell are two very hard things to sell on the Internet because they're two things that people don't believe until they see it or smell it." — Nik Sharma [23:50]

Final Thoughts

In this episode, Nik Sharma provides actionable insights into navigating the evolving landscape of digital marketing for telemedicine brands and enhancing subscription-based business models. By leveraging upper-funnel strategies, optimizing customer acquisition through custom events and incrementality testing, and implementing effective A/B tested conversion tactics, brands can build resilience and drive sustained growth in a competitive market.

Listeners are encouraged to experiment with the discussed strategies, adapt them to their unique contexts, and engage with the "Limited Supply" community for ongoing support and knowledge sharing.

For more in-depth discussions and exclusive content, subscribe to "Limited Supply" on your preferred podcast platform and join the community at limitedsupplypod.com.