How Subscriptions Can Drive More Revenue For Your Business
Today, I want to briefly talk about different types of subscriptions and how they can help your business.
When you think of a subscription, you likely think of “subscribe and save” for a household product or a weekly subscription like Blue Apron or Factor.
In certain cases, these vanilla subscriptions are a win-win for the business and consumer. Consumers get products they need on repeat and the business has more recurring revenue.
But over time, those types of subscriptions might not offer value to your customer. Customers might need more flexible subscription options beyond the “set it and forget it” model.
If someone is on a subscription and they no longer need food weekly, without other options they’ll just churn. Which is not good for you or them.
So today I want to introduce you to several subscription types that go beyond the standard options.
The Instacart or Amazon Prime Subscription Model
Creating a monthly subscription in exchange for special perks is the most exciting membership you can offer, in my opinion. For example, a customer pays $20 per month in exchange for free delivery and 15% off their food.
This is a fantastic way to create loyalty without selling a subscription to a product.
Instead, you’re offering real value, for a nominal price, and building a long term relationship with your customer that goes beyond selling a product.
The Text List Subscription
This is the most underrated subscription type — mainly because most people think of text and email lists as marketing vehicles, not relationship vehicles. But my view is that a text list should be treated as the first part of relationship building within your business.
One way to set up a text subscription list is to gather phone numbers on your website, perhaps by offering a discount or some other perk for providing a number and joining the list. Building this list allows you to reach out throughout the year to offer discounts, share exciting news, and stay relevant with customers that might not be ready to place an order.
The Discounted Subscription
When customers land on your page make sure they know that if they sign up for a subscription they get perks like discounted products and free delivery.
You can take this one step further and make the subscription the default option. This means a customer starts off by default at the subscription price. If they switch from the subscription order to a one time order, their prices increase.
At Bottle, we’ve seen this tactic drive huge subscriber growth for several brands.
On Deck
On April 11th, Laura Fryer, the owner of Blue Hominy Public Relations, will be joining us to discuss all things PR. Laura is a PR expert who has worked with incredible brands to boost their public profile. We’ll be discussing how to grow your brand by getting more press.
This should be a fantastic talk for anyone interested in boosting their business's brand.