The 4 top things to consider when starting a subscription business
One of the most exciting facets of any subscription business is when you choose the goods.
Think about it– you get to decide all of the awesome products that you are going to load into your boxes,which will then be shipped out during your subscription period. So much fun! It is at this moment that you are able to actualize the vision you have created of your company, and make your customers so happy, that they stay subscribed (and recommend you to their friends!)
But where to start? This is a wildly important component of your business, and it’s something you can’t really afford to screw up. (Strategically or financially). Here are the 4 main things to consider when you are building your subscription boxes.
What are you selling? Who are you selling it to? How is it different? Some people call this your “niche,” and I suppose it is, because if you aren’t bringing something new and innovative to the marketplace, it’s going to be a tough sell. Does your target customer love all things Comic book related, and thus you have a box chock full of nerd gear, or are they a cookie-phile who only loves the most artisanal morsel? Either way– have a market, and know it.
What did you promise?
If you said you would give your client $30 worth of product- make sure it’s all in there. You don’t want to be known as the service that promises the world and just delivers a fraction of the guarantee. Your word is your bond, and beyond that, it’s your reputation. If you don’t deliver, not only will you not retain your customer base, but you won’t garner any more customers. Then you will have too much product, and crushed dreams.
Make it pretty
Envision Santa, coming to your door and dropping off an ugly brown box that is poorly labeled and improperly packaged. Total bummer. Don’t be the Jack Skeleton of subscription, delivering a half full box of poorly branded products that rattles as your customer excitedly shakes the box. The time and dedication it takes to package and present your brand is a critical step towards your success. Even if your customer’s parcel is chock full of awesome, if it looks like likes a dud, it will be.
Don’t be boring.
Seriously. If there is meant to be variation in your subscription, make sure there is. Keep your product range fresh and fun, and always ensure that your client is going to be excited when they open your package. This is the exact opposite of how you want your customers to feel when they open their delivery:
So now you know the 4 key components of building a subscription box. Remember, don’t forget your brand or your consumer–who you are, who they are, what they like, and what you’re selling. Also, keep your promises–your reputation depends on it. Always make certain that your box is beautiful, because in the world of subscription–beauty matters. Be exciting, be different, and be exceptional. Above all, have fun, because if you don’t, your box will show it.