As business owners, one thing that we're constantly working towards is sustainability. A guaranteed way to add some consistent cash flow to your business is by creating a subscription product for your store. Adding a subscription on to your business gives your customers an easy personalized way to shop your products on a recurring basis. And it gives you the opportunity to grow because you'll have a base of predictable monthly recurring revenue.
Another perk of adding a subscription to your brand is that you'll be able to manage your inventory more accurately. When it comes to your customer relationships, a subscription product gives you an opportunity to easily identify your most loyal group. You'll be able to deepen your relationships with those customers, give them new and additional offers, and use what you learn to consistently deliver a great experience.
With that said, not all products work well as subscription products. So research, research, research. Look at how your repeat customers shop now to determine what makes sense. If you're feeling stumped, don't worry, we're running through a few subscription product ideas right now. First stop, replenishment subscriptions. Replenishment subscriptions lets your customers automate the purchase of the products they want from you regularly.
Replenishment subscriptions generally have high long-term subscription rates, which is great news for you, right? Around 45% of members tend to subscribe for at least one year, and for you, that means revenue you can count on. Memberships and communities. Building community gives you an opportunity to delight your audience with great service and experiences before they even buy anything.
But once your community is on and popping, and you know it's providing value to the folks who are part of it, you can start to charge for membership. That's right. Connection is also a commodity. Create an online hub where your members can commune and where they can access your exclusive member content. Member content will vary depending on your business. But this could look like workshops, coaching calls, or perks to shop partner businesses.
You can house this information using third-party apps like Facebook, Slack, a mighty networks group, or even a gated website page. I don't know about you guys, but I love a good digital download. Whether you're selling theme how-to guides to compliment your products every month or releasing digital music every week, using a subscription model can make this more manageable, and this is simple to set up in Shopify using an app like digital downloads.
Up next, services. Selling your services through subscription is a super smart way to create a cushion of paying clients. Let's say you're a business attorney who wants to offer your services on a monthly basis. Your subscription package could include a monthly document review, contract creation, ongoing trademark monitoring, and unlimited calls and emails.
This model will help you avoid over-delivering by accident or by pressure because it's like that sometimes. You can always refer back to what's included in the package your client purchased. And last but not least, subscription boxes, the thing that started all of this. I'm looking at you, Birchbox. Beyond figuring out monthly product offerings, plus packaging and logistics of delivering subscription boxes on time and on budget, starting this type of service requires greater investment into retention.
Think about this from your customers' perspective. A subscription box is a bigger commitment than a one-time sale. You'll want to create a healthy dose of FOMO when it comes to acquiring new customers. Come up with creative ways to preview what's in your boxes using social media and email marketing. And to keep delivering what customers want, seek feedback, and reward their continued business.
So while building a subscription model into your business, you must have a solid email marketing strategy in place. There is no getting around it. Apps like Recharge and Payroll make it easy to remind customers when it's time to replenish. You'll also want to keep them engaged throughout the duration of the subscription, with valuable conversational content to deepen those customer relationships, so that you can retain your subscribers.
We hope this tutorial has helped you think about how you can add subscriptions to your business. For the apps mentioned and additional resources, check out the links below. Thanks for watching.