Subscription-based businesses trend this year. Be among the first ones to ride on the trend and launch your own subscription business with these tips.
Subscription-based businesses have grown their market share for a few years already, and the growing trends of flexible working and home office certainly aren’t slowing the development down. Subscriptions are indeed one of the emerging business trends of 2021.
USA leads the development with 36 percent of consumers saying they’ll spend more on subscriptions this year than before. Europe isn’t far behind with 25 percent of Italians and 21 percent of British saying the same.
The question arises: how can online business owners surf the wave?
Why do subscriptions work?
Subscription businesses flourish because they are a win-win situation for both consumers and companies.
For consumers, a subscription is an easy and often an affordable way to access a product or service. For example, ten years ago an avid photo editor should have invested hundreds of dollars for a PhotoShop software and then probably invest again in a few years for an update.
Thanks to the subscription model, the software and the updates can be accessed for a couple dozens dollars a month.
On the other hand, the software developer cashes steady income every month and over the years, the lifetime value of a single customer exceeds the value of several one-time purchases.
The best subscription businesses
Softwares are one of the most common and loved subscription types, but there are plenty of other options as well.
For example, gym memberships often come in the form of subscriptions, as do streaming services and many email accounts.
But a subscription can be a physical product as well. It can be an automatic coffee order that ensures you never run out of caffeine or a set of luxury cosmetics that delights you every two months.
Or subscription can mean access to certain content or service on an ongoing basis. These are called accessibility subscriptions. It can be a coaching membership program, an online magazine or a resource library.
You could even create your own subscription based on your downloadable online products.
Read More: 4 Steps to Create Your first Digital product
How to surf the wave?
If this sounds like something that matches your business model, let’s get to work. Get started with these practical steps – and stay tuned for more strategies we’ll share with you in the future.
- Develop a good idea. Niche down on your specialty or develop a unique angle to your product or service.
- Focus on content. Digital services require a steady flow of fresh content to keep your clients engaged. Work on a few month’s worth of content before launching.
- Start with your idea simply and use your followers to ask them for feedback. Running surveys is a good way to gather market intelligence as well!
- Automate your sales, payment and recollecting processes from the get-go. This makes growth painless and easy!
Diversify your online revenue streams and start making money today!
What do you do while you’re waiting for your subscription income to flow in?
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Photo © William Iven, Unsplash