Subscription box businesses have recently seen a surge in popularity. This business model is perfect for almost any kind of products, whether it’s food, pet supplies, beauty products, or even an assortment of trinkets or toys. Savvy entrepreneurs are keen to start their own subscription box businesses, but that only means one thing if you’re one of them: it would be very difficult to stand out among the competition.
An Outstanding Idea
With so many subscription box businesses popping up every month, you’re probably wondering how your own business would be recognized among the hundreds of existing ones. The answer? Come up with a great idea that customers are more likely to notice than other competing subscription box businesses.
An outstanding idea doesn’t have to be super exotic; as long as customers find it more appealing than other options, you’re good to go. Moreover, it is also important to put into place measures that will make your business more attractive to potential subscribers, like offering flexible subscription options, providing great customer service, and making things as convenient for your customers as possible. The last one includes optimizing your business’ payment method by using recurring payment solutions that minimize problems related to failed transactions and allow a wider variety of payment methods.
That being said, how do you come up with a fantastic subscription box idea? Let’s break it down to a few steps.
- Start with Necessities
Sometimes, the most outstanding ideas are also the most mundane. For example, customers would definitely appreciate getting a box full of special treats or novelty products every now and then, but they will always have a need for groceries, toiletries, and other essential products.
It is pretty straightforward. If you can offer products that your customers can use on a daily basis, they’ll be more inclined to subscribe to you. This is because they have to make sure they always have those products when they need it. These ”evergreen” products also tend to develop customer loyalty, since the more they use it, the more they become acquainted to the products.
- Consider Hobbyists
On the other side of the needs vs. wants spectrum are the hobbyists. These people are consumers that actively search for certain products depending on their niche. What products that appeal to hobbyists lack in necessity, they more than make up for in terms of consumer interest.
What’s even better about products aimed at hobbyists? Since the target market has great interest in the products, customers may be willing to pay more than usual. Of course, that doesn’t mean you should instantly jack up prices, but at least it’s nice to know there are people willing to pay good money for what you offer.
- Offer Something New
Some consumers sign up for subscription boxes for the fun of discovering new products. A common example of this are subscription boxes for makeup and cosmetics, which may have different brands of the same type of product, allowing customers to try out new options for themselves.
The idea of providing novel products can actually also work well with the idea of coming up with subscription boxes of either necessities or niche products. For those who require daily necessities, including new products in a subscription box might lead to the customers learning more about other, more effective brands or product types. Customers that are after hobby or niche products can also benefit from discovering new products that are related to their passion, whether it’s collectibles, coffee, wine, or something else.
- Ask Yourself: Is it Subscription-Worthy?
The main draw of a subscription box business is that it can offer an assortment of products to its customers on a regular basis. However, you have to make sure that your business idea fits the model. Otherwise, your customers would be happy to get just one box and be done with the contract. You should be offering something that has a recurring demand.
A good example of products with recurring demand are beauty products. These products are bound to run out over time, which means it will have to be replaced from time to time. Serialized books, graphic novels, and comic books are also great, since consumers will always be looking forward to future issues.
A subscription box business model has excellent potential for success, but only if you know which products are viable depending on your target market. By taking a closer look at what the people need and want, it’s easier to come up with products that will be relevant to potential consumers.