Subscription programs are rising in popularity, but it’s a model that works better for some than others. What’s the best way to test the waters before launching products? What are the two business models that work for subscriptions? What types of subscription businesses are more likely to succeed?
In this episode, Julie Ball talks about how she became a boss mom by building a subscription-based company.
Product discovery is a big reason why people like subscription boxes.
3 Things We Learned From This Episode
Build an audience before launching the product (09:40:08:40)
We buy from companies we feel connected to, and one of the best way to connect with potential clients is to give them a sneak peek inside our business. To do so, we can use email campaigns where we share our business journey, ask for feedback, etc. This gets us in front of people and helps us build trust before we invest any money in building our products.
Subscriptions programs have a unique draw (10:00-13:00)
People love subscription programs because there’s a joy of discovery. There’s always something new. Plus, once you set it up, you can forget about it and the packages will still arrive. However, if we want to start a business like this, we have to narrow down our niche.
Pick one business model and stick with it (15:50-17:30)
In the subscription space, we have to know what our business model is from the start. Should we go for subscriptions that are focused on brief periods of our clients’ lives, such as expecting a child? Should we focus on aspects of people’s lives that are unlikely to change, like motherhood or entrepreneurship? Figuring this out allows us to determine whether we need to focus more on retaining our current clients or chasing new ones.
Why create a product before we know whether our audience will like it? We need to engage with potential clients first and ask for feedback before launching our product. This way, we get to know what our clients really want without wasting money on developing products that won’t sell. Email campaigns are a great way to connect with potential clients and launch a pre-sale to gather the funds first.
Julie Ball is the CEO of Sparkle Hustle Grow, speaker, and community builder, and author. She’s been featured in Forbes, Business Insider, Thrive Global, POPSUGAR, Mashable, and Buzzfeed. Julie ran an all female website design and development firm but wanted to make the switch to working from home and being there for her daughter, and this is how her online business was born. Today, she runs a subscription business for female entrepreneurs with the purpose of bringing positivity and words of encouragement to their lives.