5 Simple Steps to Adding a Subscription to Your Product-Based Business | EP 159

getting started podcast May 15, 2024

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Do you have a product-based business? Are you selling products via an Etsy store, in a pop-up shop or a retail store? Are you selling one-off products online? Adding a subscription box to your existing business is a no-brainer and can offer you so many benefits! 

Adding a subscription box provides: 

  • A stable, predictable revenue stream - recurring payments benefit your business in so many ways, including stabilizing your cash flow.  
  • Customer loyalty - subscribers have committed to regularly purchasing products from you. 
  • Increased lifetime value (LTV) - do you know the LTV of your customers? My subscribers stay for an average of 18 months, generating thousands of dollars of revenue each. 
  • Opportunities for cross-selling and upselling - pair your box items with additional one-off items from your shop. 
  • Scalability - packing and shipping 500 of the same thing is much more efficient than 500 different orders. 

Have I convinced you to add a subscription box to your business?  I have 5 simple steps to follow to make it happen. 

  1. Identify your best customers:
    • Who are they? 
    • How often do they shop with you? 
    • Take a look at your top 20 customers and dial into who they are. 
  2. Identify your best-sellers:
    • What categories are your best sellers? 
    • What do people buy from you repeatedly? 
    • What are people asking for more of? 
  3. Set your pricing structure:
    • What is your average order value (AOV)?
    • What is the AOV of your top 100 customers? 
    • Price your subscription box in that range. 
  4. Create exclusivity and scarcity: 
    • What are the benefits of being a subscriber? 
    • Make items only available in the box. 
    • Make them only available by subscription. 
    • Create FOMO with your customer base - make them want to be part of something exclusive.  
  5. Create a great user experience: 
    • Are your website and the checkout process clear and easy to follow?  
    • Make it easy for people to update or cancel their subscriptions. 
    • Provide a higher level of customer service - remember your subscribers are the VIPs of your business. 

A bonus piece of advice, which is really the best piece of advice, is to talk about your subscription box a LOT. If you want to create a business that is 75% recurring revenue instead of depending on one-off sales, you’ve got to make it the main thing in your business. And that means talking about it… a lot! 

Join me for this episode to learn how having a subscription box can change the game for your business. Predictable inventory, better cash flow, monthly recurring revenue, and more. Follow 5 simple steps to get started today!

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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Are you ready for Launch Your Box? Our complete training program walks you step by step through how to start, launch, and grow your subscription box business. Join today!

Join Launch Your Box

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