A good example of a subscription that keeps customers engaged is the sago mini box. It is a children’s subscription box that contains everything children need to make game activities. The monthly box focuses on other topics and new games and activities. Children discover themes every month and expect what can be done with the box, which encourages parents to continue subscribing. Remember, it’s more expensive to get new customers than to keep existing ones. Maintain customer engagement and provide the best service to build a successful business.
Please choose the price strategy carefully. Many subscription businesses use introductory suggestions to guide subscriptions, but it is very important to choose a long-term price strategy when starting the business. If you give someone a free trial for a month and cancel it after the first month, you can’t make money from it. If the cost of providing a software subscription and granting access within one month is not too high, it can be run. Many software companies (such as MailChimp) work in high-end mode and provide free accounts with limited functions to help customers pay for access to other functions.
However, if you send products, you need to bear the product costs and packaging and distribution costs. If no one registers on the free trial and converts to paying customers, it may cause huge losses. Alternatively, if you sign up for a 6-month subscription, you can offer a discount for the first 3 months, or if you pay an annual subscription fee. A variety of subscription options, such as blue apron, can also be provided to provide a more flexible price. Subscribing to this meal package will provide different plans for 2 or 4 people and recipe requirements. This means that their subscriptions are suitable for a wider range of people.
It is important to create sustainable gains by adjusting the amount people are willing to pay, the actual amount they can afford and prudent prices. Tracking progress is also important because of how your business is progressing and whether you are on track to achieve your goals and objectives. As mentioned above, leaving is one of the biggest problems in the subscription business, so the customer must determine the reason when canceling the subscription. During the cancellation process, please ask the reason for the cancellation or request feedback via email later. Please improve and adjust your subscription based on this feedback.
Many customers will stop subscribing, for example, with no intention of changing their credit card or mobile address. Therefore, we recommend that you establish a process to confirm cancelled customers without warning. To start a successful subscription based business, you need unique ideas and a large number of plans to build a highly loyal customer base. To make the subscription business profitable, we must find a balance between attracting new customers and maintaining existing customers.
