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Think of a product so simple yet you cannot even think of living without. Okay, make that absolutely essential for a specific audience yet is still in-tune with what your store's niche or field is. Got anything in mind? Now, imagine having that product up for sale -- of course, with the right marketing strategies, more and more profit would naturally start rushing in. You're making huge sales because you're selling something that someone out there truly needs!
But what if one day (and maybe because you've been too overwhelmed by the sudden growth in sales that you subconsciously neglected your marketing department), your customers forget that they bought that product from your store, and they start looking elsewhere for it? You could reach out to them, but as it is an essential product, chances are, they've already replenished their supplies and you're left with almost nothing...
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...unless you have a better sales strategy, which I am going to show you today!
In this video, allow me to share with you something that I did for one of my stores, which, in turn, made it flourish even more. And you don't have to worry about having to do some tedious coding work -- just follow my lead and together, we'll make some solid, steady cash. But before anything else, let us first get a quick overview of what our topic of interest is.
What is a Subscription Box?
To put it short, a subscription box is a recurring physical delivery of curated niche-oriented products packaged in a box designed to create an experience and offer additional value on top of the actual products. It’s not just about the products that are being delivered, rather it’s about the experience it brings.
As the word implies, a customer will sign up for a subscription box if he or she wants to receive an item on a daily, weekly or monthly basis. Actually, the item could literally be anything — a downloadable resource, a physical material, anything that a person could ever want on a regular basis.
You should know that a subscription box does not have to contain the same product over and over again. Freebies and other goodies may also be included to keep your customers enticed and curious. Give them what they paid for and more without compromising profit — after all, that’s the essence of doing business, right?
Also, if you would like to add a little dose of fun and excitement to your subscription box, you can offer a mystery box, wherein your customers have but a vague idea of what they will be receiving on their doorsteps. But don’t go straying too far from your business’ original theme!
Let’s take an example as we proceed. If your eCommerce store is focused on selling tools and merchandise for aspiring and professional artists alike, how about offering a couple of art materials in your subscription box? We’ll go with the most basic yet important tool: the pencil.
Why The Need For a Subscription Box?
If you’re already confident with the way you’re going on about your business without a subscription box, then you might want to reconsider. Keep that pencil in mind as you read on. The following are only some of the great benefits you’ll be harvesting once you’ve successfully added a subscription box to your ever growing list of offers:
With a subscription box, your loyal customers will no longer have to worry about having insufficient (or none at all) stocks of a certain product. They will always have one thing in mind: “I’ll have a fresh batch coming in within a few days; no need for panic buying!”
Also, in the same article by Just4UBox, “Convenience doesn’t equal a recurring ‘auto-delivery’, rather it’s about the ease in which subscription boxes solve problems for customers. This boils down to how they frame their service and build their “expert” persona, where they’re not just making it convenient but also decisively unique to customers.”
Yep, your customers will regularly receive packages, and that means they have to pay for it on a regular basis, too. Of course, that means you get a solid and steady source of income! No longer will you have to fret about not making enough sales for a given time period; the subscription box will serve as your backup plan when your business isn’t doing so well.
As you will be selling products as a bundle (of course, you shouldn’t include just one product; the shipping fee will be put to waste!), your customers can purchase them at a slightly lower cost as compared to buying them individually, and potentially even from multiple stores or suppliers. If you are setting up your price (taking everything, e.g., shipping, packaging, etc., into account), remember that your customers need to feel that by choosing the subscription plan, they are going to save more money.
As previously stated, a subscription box does not have to contain the same product over and over again. Offering a curated package would imply that you really do care about your customers and not just about the money; you are taking their best interests in mind and exerting that extra effort to give them something that you think would surprise and delight them. Additional customer satisfaction!
How I Added a Monthly Subscription Box to my Store
Nope, setting up a subscription box for your business is not as complicated as you might think! And if I’ve already convinced you to add it to your store, let me show you how I’ve set up my very own!
First off, the traffic we get from our visitors and customers mainly come from two sources: email marketing and ads. This means that these are the most vital aspects of your sales, and when your customers do see them and decide to make a purchase, they will be redirected to your sales page.
Your sales page should be able to function as one that shows the following:
- Your product;
- Your offer; and
- A reason why a site visitor should make a purchase.
Interested customers will then be redirected to the order form once they click that Checkout button, but before they seal the deal and confirm their order, they will be shown a one-time offer deal that is not vital to use the original order, but rather only complements it. Remember the pencil? The one-time order item might be a pencil case or an eraser.
If they choose to purchase this additional product, you can flash another product and see if they want to purchase that, too. Otherwise, show them a downsell.
The bottom line is you have to show them 2 to 4 different products that would go together. Finally, offer the biggest (and probably the best) deal you have: a bundle of everything they’ve seen so far, which they can receive at a weekly or monthly basis and one that’s significantly priced lower than the individual prices of the goods.
Of course, a lowered price is not enough; you must be able to explain in detail the convenience and the benefits of signing up for a subscription. And remember that mystery gimmick? You can add that one, too, for an added twist.
I’ve only added the monthly subscription box to my website very recently, and while I’m still waiting for any relevant information to come in and allow me to assess my success with it, I am hoping that it will do the following for me:
- Increase the conversion rate of my frontend offer;
- Generate predictable and steady income; and
- Increase average order value, so I can make more money per sale and therefore be able to spend more on ads.
Let's Wrap It Up!
Today we have discussed how much a difference in terms of your overall profit a subscription box can do for your business. This bundle is often overlooked by most businesses, but it is actually a tried and tested method of getting more customers and ultimately more income.
Here are some of the key points to remember when offering a subscription box:
- A subscription box equates to a steady source of income;
- It should at least contain something that you know your customers would need;
- If it is a surprise box, no two things should be the same and sent consecutively; and
- The total cost should be less than the products’ individual costs.
Setting up a subscription box for your business is not a tedious task; in the most basic essence, all you actually have to do is to “knock a little sense” into your customers’ minds into thinking that they would need your products on a regular basis, and by choosing you as their supplier, they can save a lot of money and have their orders delivered with utmost convenience.
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If you have any more questions about setting up a subscription box, ClickFunnels, finding the best and most profitable products to sell on your own store or anything regarding this video, feel free to personally contact me via email at firstname.lastname@example.org. You can also leave your comments and feedback below, and our team over at WagePirate will definitely get back to you with a response. For more reviews, news and updates, don't forget to subscribe to our YouTube channel!