026: 5 Ways to Scale Your Subscription Box Business
This episode: you’ve done it! You’ve come a long way since your first launch, and you’ve built the foundation of your business but now it feels like you’ve hit a plateau in growth. Well, let me first say Congratulations! Your business is a success, but now it’s time to smooth out the ragged edges of your business and scale up to the next level. Here are 5 things I’ve learned on how to scale your business and smooth things out. Develop a Multi-Channel Marketing Plan First things first: you have to keep growing your customer base, and the best way to do that is build a multi-channel marketing plan. You may have found success on one social media platform, but now it’s time to expand to all the others. Having a plan to expand your online presence platforms will help you reach new people who may not have heard of you if you were only advertising on Facebook or Instagram. You need to keep the top of your customer funnel full so you can keep working toward them becoming a subscriber. Optimize your Inventory Streamlining your inventory is so important. When you’re first starting out, you’re desperate to get your hands on enough inventory to send out. Now that you have established yourself, you need to work on a plan to get the most out of your inventory so it’s working for you and not against you. Leverage your buying power and work out the best deals with your vendors, things like net terms, or pay upon shipping. Take the time to work out the best plan for your particular situation. Streamline Fulfillment Depending on the complexity of your box, you may want to consider using a fulfillment center to handle your packing and shipping needs. I considered using fulfillment with my box, but ultimately decided that there was too much customization involved in my Monogram box and that I needed more control in my own space. So building that space so it’s efficient for what I need is so important to getting those boxes out to my subscribers. Improve Retention Strategies We are so concerned with getting new subscribers that sometimes we forget to keep the ones we already have. You’ve already invested so much to get them to be a subscriber, it’s only right to take care of that investment! Having someone on your team dedicated to retention can go a long way to improving your churn. Information is power in this regard, so knowing your retention rate is crucial to keeping it as high as possible. Click here to use my retention rate calculator. Create Raving Fans! One of the best ways to grow is by word of mouth. Having fans that are totally invested in you and your business will go out and advocate for you to their friends and family, and so on and so on. They are your cheerleaders, and they love being part of your community. Make sure you’re still engaging with them by doing your live sessions, growing those affiliates, and getting in front of your audience and connecting with them. Growth is not something to be afraid of as long as we’re prepared for the next step! Making your business run efficiently will help you to keep loving what you’re doing and become an even greater success with your own business. Remember to subscribe to the podcast on your favorite podcast provider, as well as leave a 5-star rating and a review and drop me a line letting me know what your favorite episode is! You can also get on my waitlist for my subscription box course at https://www.launchyourboxwithsarah.com/. Get 30 Days FREE when you switch to Subbly: https://join.subbly.co/sarah-williams Use code LAUNCHWELCOME at https://www.boxup.com/ to get 10% off your first order