The subscription-based business model is taking off across the globe, as the concept not only brings numerous benefits to novice entrepreneurs, but also the modern consumer. The comfort and flexibility of receiving a package every month without worrying about manually paying every single time is nothing short of a brilliantly-devised business model that makes people’s lives easier and helps reduce the stress of the modern lifestyle.
For you as a business leader, a subscription business almost guarantees steady revenue, but most importantly, it creates an opportune environment for steady growth and the unique ability to connect with your community in a meaningful way. With all of that in mind, let’s take a look at the five crucial steps that will help you build a thriving subscription-based business.
Start by building a modern, compelling brand
The importance of your physical products notwithstanding, you don’t want to skip the first step of the process – one that has the power to make or break your business. Brand-building is the first step towards long-term success in the modern business world, as there is nothing that can set you apart from the competition like a unique visual identity and a compelling story.
What’s more, these elements will allow you to connect with your customers on a deeper level from the very start. To achieve this, focus on the following:
- Define your brand’s core values.
- Exemplify these values in your mission and vision.
- Weave your values into your website’s copy and content.
- Create a unique tone of voice for your brand – speak the language of your demographic.
- Build a striking visual identity. Make it clean and interesting, use colors that spark positivity and trustworthiness – arguably the most important trait of a subscription-based business.
Build value and inspire your audience
Once you have built a compelling brand identity, you can imbue your products with soul and substance. Remember, no matter if what you’re selling is innovative or not, its biggest selling point will be its distinct identity in a sea of competitors and dull uniformity. That said, you should focus on creating an amazing product as well, and add value every step of the way.
Start by assessing the viability of your product in the competitive market. Do the consumers need and want it? How will it better their lives? How many variants will you create in order to appeal to every unique preference? How can you add more value to the product than your competitors? These are crucial questions that will have a major influence on your future, so take the time to brainstorm your way to something truly inspiring and rich with value.
Offer payment flexibility and stellar security
One of the most important elements of a successful subscription-based business is trust built through payment security and flexibility. The modern consumer needs to be able to trust the company completely in order to allow it to draw money from their account on a weekly/monthly/yearly basis, which means that you will need to introduce industry-grade payment security into your payment scheme, and offer every direct debit feature the customer might need.
To meet the demands from subscription businesses and their customers, modern direct debit companies have started to integrate numerous automated payment features into their processes, including everything from flexible payment plans to offering numerous payment options to suit every customer’s preference. The right payment provider will also be PCI DSS compliant – the highest level of payment security accreditation, to ensure secure handling and a secure environment for all of your customer data. This level of flexibility and payment security will prove instrumental in building a trustworthy image of your brand in the eyes of the public.
Inspire the “wow” effect every single month
Another big feature that has the ability to propel your brand forward is the “wow” effect. Simply put, people love it, and they are willing to stay with a subscription company just, so they can experience the zealous feeling of opening a box without knowing what’s inside, month after month. For this reason, it is imperative that your main product always comes with a surprise.
Complementary items are extremely valuable in the eyes of the consumers, as they add value to your brand image and the product itself, hence the need to keep the gifts rolling in with each shipment. These can be trinkets and samples, yes, but if you want to be exceptional at what you do, you will personalize every box with products unique to the consumer that complement the main product, if possible – this will take your brand to a whole new level in their eyes.
Assemble a top-notch customer service team
Last but not least, always keep in mind that your customers will have plenty of questions. These questions and problems need to be resolved quickly and effectively if you are to retain your clientele and attract new customers.
To achieve this, invest in an experienced customer support team that will be able to address every issue on the spot. In turn, this will help you establish personal communication with your community and build an identity that exemplifies trustworthiness – a key trait that will make your brand popular in the online and offline realms.
The modern consumer is increasingly looking for new ways to alleviate some pressures of everyday life off their shoulders. Can your service help them achieve this in any way? If yes, then you are on the right track to creating a successful subscription-based company. Make these steps the pillars of your business plan and you will have no problem solidifying your future in the competitive industry.