Subscription-based business continues! In fact, they have grown 5-8 times faster than traditional businesses over the past 9 years.
Recurring income is one of the main reasons many businesses switch to subscription models. Whether you’ve already done this, or you’re considering adding subscriptions to your store, you need to know the best way to market your products to create a consistent revenue stream.
One thing to keep in mind is that buying subscription products is not the same as buying one time. So you have to make some changes to keep customers interested in your monthly subscription offers.
Read on to learn some important tips for successfully marketing subscription-based products.
What is a subscription business model?
First, let’s talk about what subscription-based business means. This is a type of business in which consumers pay a small amount of money to get a product or service. The billing process is arranged weekly, monthly or yearly, but this depends on the product or service being sold.
The subscription-based business model allows companies to build more revenue. Subscriptions also help to increase the trust of customers by always providing the tools or services they need.
A typical subscription business is selling products that need to be filled. Examples include food, cosmetics, pet supplies, stationery, and more. Basically anything people want to buy all the time!
How To Get More Customers?
Build excitement with the first release
If you are planning to launch a subscription product or service for any company like thetradebuzz.com, you should try to create excitement before the launch date.
One way to do this is to create a waiting list where customers can sign up. You can encourage customers to sign up by offering a free bonus or bonus product. By setting up a waiting list, you can generate excitement and buzz about subscription products even before they are released.
You can also post it on social media before starting your subscription. This gets followers and customers excited about your new subscription offer and makes them feel engaged. You can promote new subscriptions and offer special offers. Social media is a great tool, so be sure to use it to create excitement! Learn more about how to create a social media strategy for your subscription business.
Your goal is to impress customers with your subscription release, so be sure to pay attention to every detail. For example, one of your priorities can (and should) be packaging. You want to create an unforgettable boxing experience. Share your product review on social media and show how you put it together.
You can also send your product to many loyal customers or brand representatives for free before you start. They can upload an unboxing and watch a video about the subscription. You can use the content in your own marketing efforts to build prospects for your subscription products.
Provides “subscribe and save” mode
The most obvious way to increase subscriptions is to offer subscription discounts. Suppose you sell dog food in a store. Typically, customers will pay $50 for a bag of dog food. However, if you set up a subscription for about $45 per month, your customers can save money while you get paid.
This subscription model works because it’s hard to resist the good stuff. Show customers how much money they save by subscribing to your product instead of buying one time.
Discounts on early subscription terms
Another way to increase sign-ups is to offer discounts on early sign-ups. For example, you can offer a 10% discount on the first month’s subscription fee.
The offer subscription model works so well because, again, it’s great! It helps to convince unsuspecting customers to buy your subscription products or services. That way, new customers feel they can try a great product at a low price, and they stick around even when the price goes up.
Discount on next purchase
You can also offer rewards based on loyalty and subsequent purchases instead of the initial subscription process. For example, set the price of your first subscription to $20. You can make these orders costing about $15 each.
This type of offer works well because it helps retain customers. It encourages customers to stay with the subscription because it helps save more in the long run. Additionally, the more your customers use your product, the more loyal they become to your brand.