Subscription services are all the rage nowadays – from streaming services such as Netflix to cooking and food boxes like Gousto, this business model has been truly booming for the past few years. With lower barriers of entry and customer acquisition cost, only increasing as competition and online noise inflates, it’s an attractive business idea. But with intense competition, it’s essential to be able to market subscription services in a way that will make it stand out from competitors. Here are a few ideas of what you can do.
Engage Potential Customers Online
Social media is one of the first places that potential customers check when they first hear about a brand or business – which is why it’s important to not only build a presence on the channels that your target market values, but also engage with your audience and create a community around your business.
Your social media strategy should have clear brand guidelines, including tone of voice and types of visuals to be used as well as a sound content strategy. Do not solely focus on pushing your product sales but include more general messages on what your brand is about, your values and vision.
When you market subscription products, it’s important to keep in mind that you’re aiming to create strong relationships with your customers, earning their trust and loyalty so they become long-term fans of your business.
Once you’ve created a tight-knit community online, they will become some of your strongest advocates and help spread the word about your products and services.
Meet Your Target Market On The Field
In a hyper digitalised world, it’s important to be present online – but most individuals still strongly respond to personal, direct interaction which can make a big difference when it comes to standing out from the competition or being memorable.
Whether that’s an in-store event, trade show, door-to-door activity or branded launch event, getting people’s attention on the street and actually getting face-to-face with your potential customers gives you the opportunity to show off your products in a more personal way.
If possible, provide samples and take that opportunity to address any questions or concerns that your potential customers may have and encourage social media sign ups.
If we look at Hello Fresh, their customers are encouraged to post pictures online by their brand ambassadors, increasing brand exposure which attests to the fact that that face to face interaction can prove invaluable in supporting online, offline.
Partner With Others Brands
Partnering with another brand is a great way to raise awareness about your brand and reach a wider market. This can be through a special or limited-edition product (such as a collaboration box, for example) or with a joint giveaway promoted to both parties’ audiences.
Typically, both businesses can benefit from this, and a fruitful collaboration can lead to increased brand visibility, leading to more sales. However, it’s important to select the business you will be partnering with. Their products or services need to be consistent with your own audience’s interests so that they would be interested in engaging with the partner business.
Avoid partnering with businesses that match your offering too closely as these would be competitors and, in that case, could steal your audience! The interests do not have to be too similar but knowing your market will help you decide what sort of business could be potential partners.
Offer a Free Trial or Initial Discount
The advantage of subscription services is the initial barrier for customer acquisition tends to be quite low, as a high customer lifetime value is the main objective. This means that brands can offer incentives for potential customers to try their subscription services.
Whether that’s a free trial, a reduced subscription price for a specific length of time or an extra gift after being subscribed for a certain amount of time, there are many incentives and discounts that your business can offer to encourage potential customers to at least try out your products.
Once customers they have experienced your products and excellent customer service, they are more likely to stay on board. Therefore, it’s a good idea to structure an incentive that will attract your potential customers and not just those who are chasing the latest deal.
These are only a few ideas of what you can do to market subscription services, the key to a successful marketing strategy is to include several, complementary channels that will be sure to put your products or services in front of your target audience.