Becoming a part of this trending wave in the shopping community has become easier, but making it run successfully long-termly is not!! However, with the right approach, you can make it to culminating success.
To help you with it, in this article we provide you with a few simple steps that will help you setup a successful Subscription box business like Subbly, a successful subscription platform for entrepreneurs.
So, let’s have a look at these steps.
Step 1 – Figure out a product for your subscription business website
This is probably the most basic and important decision you will make for your subscription box business. The selection of a product to start your subscription box business with depends on one of two factors.
No.1 – Your passion toward it.
No.2 – If it is a trending one.
Choose the factor that you find the most favorable for your business to go a long way. A random pick of a product for the subscription box business won’t last long and will eventually land you in a dicey situation.
Above all, it is important to match your subscription website templates with your product’s niche.
Step 2 – Decide on how you are going to source your products
Getting hold of your chosen products from the suppliers again depends on two factors that will have a huge impact on your business model:
No.1 – Free Products
No.2 – Paid Products
It might be quite astonishing to know that most of the subscription box businesses don’t actually pay for their products; they just act as a medium between the volume of the subscribers and the supplier choices to promote their latest products, eventually landing the savings at the business’ end.
The latter sourcing of products proves to be difficult and risky, as the sourcing of the products will strain your margins with additional costs and expenses.
Step 3 – Time to set up the price
Key component! Decider of your business!
Setting up the prices for your product is not as easy as pie; it needs some great financial tactics. Two things to avoid while setting up the prices are:
No.1 – Setting prices too low (gets your product tagged as cheap)
No.2 – Setting prices too high (drives away the customers)
First, understand and realize the actual price of the product in the market, and the cost at which your competitor is selling the same product.
Now decide on the price that is slightly lower than your competitor; this is recommended to grab the audience at your end at first.
Step 4 – Identify the target audience
Since your product will specifically belong to a niche that interests the particular group of customers, it is important to put your ideal customers as the highest priority.
Two things you need to have on your mind while targeting the audience are:
No.1 – Don’t try to cater to everyone.
No.2 – Cherry pick your customers like you did for your product.
Step 5 – Analyze the favorable membership options
Even before you get your very first customers, you need to have a clear picture of what will they seek from you? How often do they want their subscription box?
So again, two things you can think of while analyzing this:
No.1 – Consider offering free trials to spread the word.
No.2 – Consider offering a flexible subscription and hassle-free cancellation option.
Never, ever consider the contracts with your customers’ membership; it scares away the customers.
Step 6 – Find ways to conduct shipping and handling
Shipping and handling of the subscription boxes to your customers might seem difficult if you are just starting out with very tight margins.
The two things you can consider for shipping are to:
No.1 – Pack and ship them out yourself
No.2 – Collaborate with a cost-effective third-party to do this for you.
Step 7 – Showcase your presence – Marketing
Your business isn’t really sailing if you don’t acquire the customers for your subscription box business at the very earliest of opportunities.
Think of different strategies to grow the business. Two things to consider as it relates to marketing are to:
No.1 – Implement Facebook and Google ads strategies and other social media marketing strategies.
No.2 – Find the premium featuring sites that can make your subscription box business go viral.
Step 8 – Defend the wicket!!
Things are not going to be easy for you and your business. So, you need to be ready for the challenges even at the nick of time.
Success won’t knock on the door in a day or two; patience and a combination of hard and smart work is required for the culminating success of your subscription box.