Are you looking to achieve a regular and consistent income from your customers? A subscription based business is one of the best ways you can accomplish this.
Running a subscription based business is easy if you set your program up correctly in the first place. So here are five of the best tips to support the start of your subscription business.
1. Start Before You Believe You Are Ready
One of the biggest barriers for businesses and entrepreneurs entering the subscription market is that they don’t believe they have enough content or functions to start. This can be very deflating and can further block you from starting your successful business.
But, you don’t need to have a fully developed product or set of content to start accepting subscription payments. You should look for a minimum viable product instead and offer your ideal customer base an introductory offer. As long as you let them know you are using them as test subjects and will want their feedback, suggestions and criticisms, you should be able to retain key customers and grow your business.
As your product develops or your content grows you can increase your fees and by this point you should have a lot of direction on what your target audience needs.
2. Engage With Your Subscribers
If you really want to succeed with your membership site then you need to grow. One of the best ways to do this is to ensure you are attracting subscribers by word of mouth. This can be achieved more easily when you are interacting with your audience and members on a regular basis.
Interaction can be done through several channels, firstly by email and then perhaps over the telephone, depending on the number of members you have. Another good option is to have conversations over social media, where you can gain more attention for your business because the conversation can be seen by their followers as well as yours.
3. Run Group Events And Challenges
Sometimes it can be hard to gain momentum for your business and while many people would just try to increase their promotional content and perhaps hope for a big break, there is another option for your business: holding a contest / competition.
Competitions are an excellent tool for growing the awareness of your business as people love free stuff. The prize doesn’t need to be expensive as long as it has value to your target audience you will gain some interest in your competition.
Also, don’t stop at just one competition, run another as soon as one has finished.
4. Give Free Subscriptions Out
As previously mentioned, word of mouth is one of the best marketing avenues you can use. There is no better way to generate positive reviews for your product and word of mouth for your brand than giving away subscriptions for free, at least for a trial period.
As like with competitions, the word ‘free’ is very attractive to consumers whether they are individuals or businesses.
5. Don’t Be Too Rigid
Being too stuck on a certain plan isn’t going to do you any good in the long term. You need to be flexible in the look and model that you use to deliver your product. The changes to your business should be user orientated and the alterations can be initiated from conversations you’ve had with your customers.
As you make changes help your customers to navigate around the new product so that they don’t feel alienated by your shift.
Your subscription business can get off to a great start if you strategise it right from the beginning. Use the tips above to help you cut costs, attract customers and grow.
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