Think About Subscriptions.
Just like I talked in previous posts a business that cannot generate recurring revenue will not last. And even though you might think people don’t like subscriptions, they can actually fit really nicely into what they want.
Today, consumers crave hassle-free shopping experiences, exemplified through perks like free delivery.
Subscription services play into consumers’ desire for convenience. If people don’t like subscriptions, why is Netflix a billion-dollar business?
Subscriptions are on the rise, even for product-based businesses. Here are some ways you can implement them:
Subscribe and Save Offer
A Subscribe and Save service — sometimes known as a replenishment or auto-ship service — provides regular, recurring delivery of a product to consumers. Usually, deliveries occur weekly, monthly, or quarterly. It’s standard practice for merchants to offer a discount per product to incentivize customers to subscribe and ensure they’re getting the best deal on the market.
A membership subscription model offers consumers access to the value an organization creates in exchange for a recurring fee. Products that are sold through the organization are typically offered at a steep discount — making the membership attractive to consumers.
Membership boxes — also known as Subscription Boxes — are subscriptions that seek to delight and thrill consumers by appealing to their sense of curiosity. They provide collections of products to consumers based on individual preferences.
With these options and others you can come up with, a subscription model can be established to tap into greater LTV and the power of recurring revenue.