Last weekend, at the Midwest Craft Con in Columbus, Ohio, jewelry designer Mei Pak (of Tiny Hands Food Jewelry and Creative Hive) shared her ideas on creating a subscription business. Since subscription or recurring products can help stabilize income streams, I think it’s an idea worth exploring in your own creative business. Here are some of my notes from the presentation to help get your creative juices flowing.
A subscription business is one that sells a single product (or products) on a recurring basis.
Some examples of subscriptions businesses:
• Mystery Boxes
• “Something” of the Month Club (ideally your best selling products)
• Consumables (like personal care products, make-up etc)
• Digital Products (like sewing patterns, training videos, etc.)
• Digital Memberships (with closed door access, exclusive information, special pricing etc.)
Subscription business types can be either cyclical, the same series of products that ultimately repeat after a certain time or sequential, where the products are offered in a specific order that builds upon the previous product.
Some additional considerations
• Make pricing a “no-brainer”
• Product should be affordable and a better value than normal products
• Decide how often your product will be delivered (best practice is to send at least once a month)
• Be VERY specific about what the customers will be receiving. Use photos to show the products.
• Don’t overwhelm customers with too many choices
What can you do in YOUR business?
Think of a problem you can solve for your customer, and design a solution for that problem. In Mei’s business, she realized that her customers were having a difficult time choosing which charm to buy in her shop. The necklace of the month offered an easy “no deliberating” solution for her customers, lower pricing and all in an adorable package delivered right to their door!
If you want some more ideas of subscription boxes, this is a good resource. MORE Creative Juice is a subscription membership! We teach the marketing and business stuff we didn’t learn in art school, in a way that doesn’t add to the frustrations of our already work-filled day. If you would like more information about that, click here or join our email list here. Next month we will be offering a “Design Your Own Website with WIX” e-course. Join us!