Adding Value and Increasing LTV with Paul Chambers | EP 120May 03, 2023
What are you doing to add value to your subscription box and increase the lifetime value of your subscribers? By thinking creatively and strategically - in other words, thinking outside of the box - you can uplevel your subscribers’ experience and bring more revenue and higher profit margins into your business.
In this episode, I catch up with Paul Chamber, co-founder of the Gentleman’s Box, on ways they added value and increased LTV with their subscription box. Paul is also the co-founder of Subsummit and one of my favorite people to talk with about all things subscription box.
Paul took us through the journey of The Gentleman’s Box and the decisions they made along the way - good and bad - that helped them increase the value of their subscribers by layering in more value. He also talks about the importance of choosing the right price and how a price that’s too low had a negative impact on one of their subscription options.
We also talked about using price as a retention tactic. This is something I do with my subscriptions. When it’s time for a price increase, I grandfather in all current subscribers at the current price for the lifetime of their subscription. If they cancel and later want to come back, they’ll come back at the new, higher price. This is a very effective retention strategy.
Other ways to add value and increase LTV:
- Including a gift with purchase - i.e., Early Bird Bonus
- Offering an “add-on” option to subscriptions.
- Layering in additional subscriptions.
- Adding a gift at the time when most cancellations happen.
- Offering additional products that go with items in the box.
- Including a membership with or separate from your subscription.
- Giving subscribers the opportunity to choose which items come in their box.
Paul and I also talked about SubSummit and what attendees can expect this year. SubSummit launched in 2016 with the goal of bringing subscription box owners together to learn from and connect with one another. I’ve partnered with them for the past few years and can’t wait to see so many of my Launch Your Box members at SubSummit again this year.
Launch Your Box members - check inside the group for a special LYB-only SubSummit link.
Join me for this episode as Paul and I talk through ways you can add value to your subscription box and increase the lifetime value of your subscribers. We cover a LOT of topics during this interview. Come join us for a really fun episode!
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- 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!
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