Today’s online buyer isn’t a stranger when it comes to subscription services. With the likes of Netflix and Amazon Prime being so prevalent in everyone’s lives, there aren’t many people who won’t know what a subscription is…
More and more brands are implementing a subscription service and it benefits not only the brand but the customer too. People want convenience and they want things at a cheaper rate. Brands want sales coming in, they need cash flow.
A steady flow of sales means a brand can reduce the margin at the top end and start making it on the bottom end. I.e they can offer the product / service at a lower rate but try make the margin back with reducing shipping, packaging or production fees.
Subscriptions can work in almost any niche:
Food – You can deliver the healthiest snacks for the office.
SEO – You could create a research subscription, where you give your subscribers the latest updates, tests and secret information in an easy to consume document.
Fashion – Looking for the newest in plus-sized fashion? Get the latest stuff delivered straight to your door!
See? I’m sure you can think of something. Whatever it is, subscription can add value to the user’s experience. By catering to their specific needs and interests you can create a really niche product that they will LOVE.
As the model shifts towards recurring revenue, the mechanism of managing customers expectation does too.
For example, we know that consumers will stay away from long term commitments before they fully experience the periodic service.
Companies have to think of new ways of pulling in customers to their subscription models. They also have to continually improve their subscription models by monitoring the users behaviour patterns.
In terms of marketing, there are four things we can take away form subscription boxes.
Reward & Incentive
Investing In Relationships
Surprise & Delight
If you can incorporate any of those four things into your subscription service, you’ll see the effects in your marketing.
Companies like Acwyre can help you formulate a plan that will work for your brand.
Acwyre offers subscription marketing services for businesses that would like to start a subscription service or take their subscription service to the next level.
Their team works with brand ambassadors to push your brands values, message and provide insight to new users. It is a very powerful combination for any subscription service/box.