Every week more and more people are quitting their day jobs in favour of starting their own businesses and a business model that has become particularly popular as of recently is subscription boxes. But with so many people setting up subscription box businesses, how can you make sure yours goes on to become a success? Whilst there can be no guarantees, we have provided a few tips to get your business off to a good start!
What product will you sell?
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Identify a gap in the market
Everyone seems to be latching onto the subscription box business model, as subscription boxes are currently very popular with consumers. In all honesty, any business from any industry can make a subscription box if they put their mind to it, so you need to find a way to make your subscription box stand out from the rest.
Are there any products that are not currently available in subscription boxes? Where are there gaps in the market? Identify these and give your subscription box a unique selling point and you will already be on your way to making it a success.
Understand your target audience
Once you have identified a gap in the market and created a unique selling point for your subscription box, you need to think about your target audience. Taking the time to properly research and understand your target audience will certainly pay off when it comes to selling your subscriptions.
Ask yourself who your target audience is and how you can reach them. What social media websites do they use? Do they read blogs? What products do they like to buy? Are there any brands they are particularly loyal to? Being able to answer these questions will put you in a good position when it comes to engaging with your target audience and marketing your subscription boxes to them.
Make your subscription boxes a success
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Build strong partnerships
Without products, your subscription box will simply be an empty cardboard box, so you need to consider how you are going to source them. There is two ways you can go here. You can either buy the products in bulk to use in your subscription boxes or you can spend time building strong partnerships with relevant industry brands to get the products for free. The second option may take longer to roll out, however you will benefit from bigger profit margins.
If you do decide to partner with other companies to source products for your subscription boxes, you will need to spend time thinking about how to approach them. Remember that your proposal will need to benefit the other brands too.
Choose a reliable web platform
Once you are well on the way to creating your subscription boxes, you will need to choose a reliable web platform to sell them on. There are many different ecommerce platforms out there that you can sign up to and use, however you may actually benefit more from using a dedicated subscription box platform like Subbly.
The benefit of choosing a dedicated subscription box platform is that all of the ‘hard bits’ have been done for you. There will be no need to worry about coding your website and trying to set up recurring profiles. Instead you will be able to spend the majority of the setup time customising your website with your subscription box branding – what we like to call the ‘fun bits.’
Promote, promote, promote!
Unfortunately a good product alone is not enough to make your subscription box brand a success. In order to stand a chance of beating your competition, you are going to need to invest a lot in promoting your boxes – and by invest we don’t just mean money, but time and effort too.
The more creatively you promote your subscription boxes, the greater chance you stand of making an impact on the market. Don’t just follow what all of the other subscription box retailers are doing. Think of your own ideas and don’t be afraid to ask your key influencers for their input too.
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