How to Keep Your Subscription Box Customers

You’ve worked so hard to find a product that your customers will love. Now you’ve got to make them stick. It’s time to focus on customer retention strategies. Here are some tips to curb churn rates and run a profitable subscription business: 

Product viability

The first step in any business is evaluating and testing your product viability. Be sure to do your research and make sure there’s a need for your product in very competitive or oversaturated markets. Test, adapt, and evaluate your pricing, as well, as your company grows.

Business goals 

Is it a revenue number, amount of new customers, or number of units sold? Let your business goals direct you when choosing your business model. 

Personalization

Customers expect personalized subscriptions to become even more tailored over time. Do you have the data to scale personalization efforts? If not, you may want to invest in it.

Multiple marketing platforms  

You don’t own your social media platforms but you do own your website and email list. List building practices are foundational to your marketing and then partnering with influencers who have your target audience will get eyes on your product fast. Affiliate marketing is going to be highly beneficial if you chose the curation business model for your subscription boxes. 

Monitor churn

Monitor and analyze voluntary churn—customers cancelling their subscription—in order to continually improve your service. But what about involuntary churn? Expired, lost, or stolen credit cards; address changes; and network errors all contribute to involuntary churn over the course of a subscription customer’s lifecycle. So stay on top of these common causes.

Know your numbers 

Make sure you’re staying on top of bookkeeping and running your reports to know the data to drive your business. If you need to outsource your bookkeeping, you can get a free estimate. If you’re already a client and you need business consulting, learn more here.