If you’re looking to start a subscription box company, you’re getting into a booming industry that’s become quite the craze in recent years. Everything from hypoallergenic earrings to movie merchandise and socks can be found in subscription boxes, making for a unique and versatile market to become a part of. There are steps to take in order to build a successful subscription company, which we’ve outlined for you in this handy guide. Follow these simple tips, and you’ll be well on your way to creating an incredibly successful subscription box business!
You’ll Need a Unique Idea
With so much competition in the industry, it’s easy to get buried beneath the volume of subscription boxes available. Everything from food to jewelry is offered via subscription box, so a unique idea is a must for a successful venture into the market. People aren’t looking for the same old subscriptions; they want something they haven’t seen before.
While you can still list your crate under general categories (as you should for increased visibility), you’ll still want your crate to stand out within those categories. For instance, if you’re thinking of starting a food subscription, offer something different than the competition. Perhaps you’ll offer fresh meats only from ethical sources, or you only offer vegan options.
The important thing is to differentiate yourself from the hundreds of other boxes available. Don’t forget to include what makes your box unique in your marketing efforts and in your product description(s). Your customers will appreciate such one-of-a-kind products, and will be happy to pay for your box.
Pricing is Everything
Once you’ve created a unique box idea, it’s vital to your success that you price your box accordingly. You’ll need to find that sweet spot between the cost of production and affordability for the customer. You still need to make a profit to keep the business running (and pay yourself, of course), but you also don’t want your box to be too costly for your customer base.
Pricing is tricky and can either entice or scare off potential customers. A good rule of thumb is to look at your competition’s prices and try to match or beat them. If you’re including high-end items in your boxes, you’ll want to ensure the customers know why those high-end items are worth the cost of the box.
Who Is Your Target Audience?
Equally as important as your pricing structure is knowing your target audience. Who is buying your boxes, and why? Are you selling to young women, older men, or all ages and genders? What makes your product appealing to this specific audience? Knowing your audience is the first step in creating effective marketing campaigns and drawing in new customers to your subscription box service.
Luckily, there’s a new(ish) tool available to help with this marketing problem: AI. Artificial intelligence is transforming digital marketing and making it easier than ever for businesses to reach their preferred customers. From compiling mountains of useful data to optimizing your digital ads, artificial intelligence is one of the best tools to use to grow your subscription box company.
Don’t Forget to Create a Good Website!
Nowadays, if you’re running a business without a website, you’re only doing yourself a disservice. Every business should not only have a social media presence, but also a good website. Your website will act as a landing site for potential and current customers, complete with all of the information they need about your brand and what’s in your boxes.
Not to mention, customers will be able to subscribe directly from your website, so you’ll want to spend the extra money to have a designer build your site. While you can certainly opt for free website builders like Wix, they’ll never be quite as custom (or attractive) as a site built by an experienced web developer.
Don’t underestimate the power of a professionally designed website. Customers will appreciate that your site loads quickly and isn’t full of errors. The level of care you put into your site can say a lot about your brand and its values!
From the day you begin your journey through when you launch your first box and beyond, you should be researching your customers, the market, and your competition. If you want to successfully market your brand and its products, you have to know the market you’re operating in like the back of your hand.
Be sure to create a relationship with customers whenever possible. Make them feel valued, wanted, and closer to your brand than any others. Serve them in whatever way you can, and never ignore customer feedback. There is always valuable information in your customers’ feedback!
From quality products to a good website and excellent customer service, there are a few tips you must follow in order for your brand to be successful. Just remember that the customer knows best, and whatever they have to say about your brand and products will impact the next customer and your overall reputation. Pay attention to your customers!