10 Truth Bombs to Understand About Your Subscription Box Business | EP 132

podcast Aug 23, 2023

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Have you been struggling with your business this year? Maybe you’re not reaching your revenue goals or you haven’t launched that new idea, product, or subscription box yet. Many times, our businesses need one little tweak - a change in process, strategy, or just mindset - to change everything. 

 

In this episode, I’m sharing 10 truth bombs that will have you looking at your business differently. Take the time to sit with and think about each of these to see how they might apply to you and your business. 

  1. 20% of your customer base generates 80% of your revenue! 
    • This means it’s time to stop trying to please everyone! It’s not serving you and it’s making you exhausted. You cannot be all things to all people. 
    • Ask yourself if what you’re doing right now is a good use of your time. 
    • Ask yourself - “If I looked at the top 20% of my customers, and did everything for that 20%, what difference would that make in my business?” 
  2. Protect your peace and energy at all costs. 
    • If something is no longer serving you, let it go. 
    • What are you spending your time on daily and why? You don’t need to continue doing things that don’t serve you. 
    • Negative reviews, cancellations, or tacky comments on social media? You can quit these people just like they can quit you. 
    • Hire someone else to handle your customer service email as soon as you’re able. 
  3. Fad marketing strategies are like fad diets. They will not last. 
    • Consistency is king and will trump fad marketing. 
    • Social media needs to be social. Do what you enjoy on social media and be consistent. 
    • Social media is AMAZING - put it to work for you. 
    • There is no better way to get in front of your customers than through social media. Get consistent with a few things and enjoy what you’re doing. 
  4. Companies that have heavily relied on paid traffic only will shift to more organic traffic. 
    • IOS changes and increased costs have companies spending more for fewer results. 
    • You need paid and organic traffic in order to have a successful business. 
    • Organic traffic is more than just selling products. It’s about producing content that engages our customers and builds connections.
  5. Systems and processes will serve you. 
    • Getting more efficient with your everyday workload allows you to open space in your calendar to grow. 
    • Think beyond automations. Put routines, templates, systems, and processes in place that allow you to be more efficient. 
    • This can mean hiring, but can also mean streamlining your own systems and processes - and calming the chaos. 
  6. Revenue does not mean profit. 
    • You could have $1 million in sales last year and have very little profit. 
    • Focus on profit. Have a profit goal instead of a revenue goal. 
  7. Cheap is not creating value. 
    • People will spend money where they see value. 
    • Your subscribers want quality. Provide quality by giving them a unique experience - quality, packaging, curation, etc.
    • A customer who is after “cheap” will never be loyal. The loyal customer will create a much higher LTV than the cheap customer ever could. 
  8. It’s more profitable to retain your subscribers than to constantly acquire new ones. 
    • Don’t get so focused on acquiring new subscribers that you forget about the ones you have. Get super intentional about surprising and delighting your current subscribers! Text “SURPRISE” to me at 940-204-0023 to get my FREE resource “10 Ways to Surprise and Delight Your Customers.” 
    • We spend so much more money acquiring new subscribers than it takes to keep the ones we have. It’s so much more profitable to keep your current subscribers. 
  9. What gets you started may not get you to scale. 
    • Continue to do the things you did to start and launch your business - as long as they are working. 
    • Test and try things, but maintain consistency. 
    • What worked to get you to 100 subscribers may not get you to 1000 subscribers. You’ll need to: 
      • Go deeper 
      • Understand your numbers
      • Have a multi-channel marketing plan
      • Have a customer service concierge
  10. If you don’t challenge yourself, you won’t change yourself. 
    • Personal growth and business growth go hand in hand. You need both in order to grow. 
    • If you stay inside your comfort zone, you’ll never get where you want to be. 

 

We focused all of the training this year inside Launch Your Box on these 10 things. I’m here to help you understand these 10  things and make progress with each of them. 

Remember, you are on a subscription box journey. This journey never ends. It’s always a work in progress. Just keep making progress! 

 

Join me for this episode as I drop 10 truth bombs you need to understand about your subscription box business.

Learn from me:

  • Subscription Box Blueprint eBook: This $10 ebook covers logistics from product selection to packaging to shipping. Plus a 90-day launch plan and bonus ‘Instant Scripts’ for your social media.
  • Launch Your Box: My complete training program that walks you step by step through how to start, launch, and grow your subscription box business.
  • Launch Your Box Podcast: I share tons of practical tips and strategies to help you start, launch, and grow your subscription box business. You’ll also hear from industry experts and current Launch Your Box members who are crushing it - get ready to get inspired!
  • One Box at a Time: Inside my book One Box at a Time, I show you the steps you need to follow to start and launch your subscription box. To turn your dream into reality. This book is filled with proven teachings, valuable resources, best practices, and action steps for you to take.

 

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