Retention Strategies for Subscription Box OwnersMay 23, 2021
You spend time, money, and a whole lot of energy getting a subscriber. But, do you spend the same time, money, and energy keeping a subscriber??
Too often, subscription box owners only focus on the front end when it's more important to focus on the back. Keeping your subscribers is just as important as getting them in the first place.
Let's walk through my top tips for retaining your box subscriber:
1. Keep Things Trendy/Seasonal
We go to great lengths to research trends. We want to give our subscribers something new and fun all the time. This keeps the items in the box from being the same over and over again.
Seasonal pieces are also great for boxes. They are consumed in that season, and they need more for the next season.
2. Ask Your Subscription Box Subscribers What They Want
The best research for your box is your subscribers. Consistently asking them what they love and what they want more of helps you deliver a more customized experience.
They want to feel like the box is just for them. So send surveys, questionnaires, quizzes, or just emails that say, 'hit reply and let me know.'
3. Engage With Your Subscribers
Create an environment for your subscribers to feel part of something bigger than themselves. This could be in a private FB group or a texting app.
Share posts and stories of your subscribers wearing or using your items. Feature them on your page, and truly make them feel included.
4. Create Added Value
We always want our subscribers to feel like the VIP of our business. Give them the "First Class" experience with VIP discounts or coupons, referral bonuses, rewards, or even' first to shop' new arrivals.
5. Offer a Lower-priced Tier In Your Subscription Box Model
"Financial" reasons are the #1 reason people cancel. If you have a lower-priced subscription, make sure you are offering it at the point of cancellation. It could save the customer from canceling altogether.
6. Billing and Follow Up
It's a given that payments will bounce, cards expire, and your subscriber won't be quick to fix these. Have a dedicated person following up on these payments will reduce churn by 75%.
It's a human touch, not always an automation that will help bring those payments back to life. We send personal emails, text messages, and phone calls to recover our bounced payments.
With all that said, cancellations are the nature of the business! You can practice all these retention rate strategies perfectly, and they will still just happen sometimes. So try not to get discouraged and read my blog about how I navigate subscriber cancellations HERE.
We put a lot of effort into launching our product and gaining all those new subscribers. Shift some of those efforts to maintenance. Don't overlook your current customers you already have and nurture those relationships with good communication and these retention strategies.
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.
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