Subscription-based services are one of the fastest-growing industries out there. Over 54% of online shoppers say they have some sort of box service subscription. The subscription industry offers consumers a convenient, personalized, and reasonably priced service that conveniently gives them what they need. The subscription market has touched almost every industry from contact lenses to apparel and its strength only shows signs of growing. So as a business how do you expand your business into the subscription service business?
Know Your Audience
As mentioned, subscriptions are now a common way to buy products and services online. Practically everyone who has a computer tends to shop online every now and then so it is important that you narrow down your audience when beginning your service. eCommerce subscription subscribers tend to be younger and about 60% are women. That is not to say that you can not focus on an older age range or another gender. Your demographic just needs to be focused enough so when it comes time to marketing you are able to reach the right consumers.
Create A Great Experience
While subscription services are popular, consumers aren’t actually in love with subscription services. Many consumers are lost to businesses because their signup and payment process is too difficult to navigate. While customers want a great product you also need to provide them with an exceptional experience. Make sure your website has a clean and clear signup process so your subscribers are happy with you from day one.
Don’t Over Complicate Your Service
Remember to keep your subscription plan convenient, offer value for your money, and offer personalized experiences. Most importantly, remember to provide your customers with variety but don’t make the product options too erratic. A subscriber is most likely to cancel when they have the same products piling up month after month or the products you are offering aren’t living up to what they were promised.
While it might seem like a big challenge getting into an industry that is churning out a new product every day, that does not mean it is impossible to be a successful subscription service. Take your time and figure out what you want to achieve with your business, put together a great service plan, and go from there. Making sure that your business is ready from day one will ensure a long-lasting business. Still not sure of how to start? Contact our team! We can help you with anything from building your brand to website development. Reach out to us today and let’s get started on building the ultimate subscription service.
