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If you own and operate a subscription-based business, or are thinking about starting one, then you know that it can be much different than how a traditional business works- including the approach to growing it. From a heavy focus on client relationships to making sure you’re marketing properly, we have the best tips for business growth so that your company can thrive
Tips for Growth
Having a growth strategy is essential for any business- including subscription-based. These are our best tips for growing a profitable subscription business:
Focus on customer retention: growing your business is going to be hard if you’re not able to maintain long-term relationships with your current customer base. Prioritize building meaningful relationships by creating a loyalty program, quickly responding to questions, comments, or reviews, and even asking for feedback on improvements. Learn their preferences and earn their loyalty!
Check out your competition: since subscription-based businesses are growing at a rapid rate, paying attention to what your competitors are doing (or not doing) can be beneficial in making sure you stand out. Look for things like branding or products that are too similar, customer reviews on their website to see if there are needs you can fill, or even what payment methods they’re accepting- paying attention to the small details will help keep your company unique in this competitive market.
Create a referral program: referrals are one of the best ways to be introduced to new customers! Develop a referral program with enticing incentives so that your clients will be excited to share their favorite subscription-based business with everyone they know.
Market yourself: obviously you can’t rely on referrals alone so building an effective marketing strategy is important. Consider utilizing things like social media and social media influencers, SEO-optimized webpages, search engine advertising, email marketing, etc.- whatever helps bring attention to your brand.
Offer gift subscriptions: this can benefit you in a few ways- one, if someone loves your product or service and would like to give it to others, or maybe it’s not for them but they know someone it’s perfect for, then it’s an easy process to gift your goods. Next, when that person who was gifted the subscription wants more after it ends, they will renew their subscription- giving you another loyal customer. And finally, reminding people that you offer subscriptions around the holidays can be a great way for them to give the unique gift they’ve been looking for, ultimately growing your business exponentially.
As subscription-based businesses are becoming increasingly popular, stay ahead of the competition by implementing these simple tips. And for a merchant service provider ready to help elevate your business above others, reach out to Align eCommerce. We’re here for your success!
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