10 key takeaways from the voice of the subscription industry, Chris George
Chris George, Co-Founder and Chairman of the Subscription Trade Association (SUBTA) sharpened his teeth in the subscriptions world when he launched Gentleman’s Box, a curated men’s subscription box for every kind of gentleman.
Recently, George joined Bold Co-Founder, Jay Myers, on Bold’s Own Your Commerce podcast, outlining meaningful insights for subscription brands looking to stand out in an ever-competitive space.
We know you're busy so we've curated ten quotes from Chris George as key considerations for taking your subscription brand to the next level.
10. Realize subscriptions is not traditional ecommerce
"Selling subscriptions is a whole different animal. This is why big brands struggle with pivoting to this model. Ecommerce is transactional, where subscription is all about building loyalty and relationships, and that's very important.”
Don't miss these low-hanging-fruit tips for building a winning subscriptions program
9. Offer an unforgettable customer experience
“Subscriptions are not a transactional business. Everything's about the experience. You're giving the consumers an experience they can't get at the retail level.”
Craft a subscription experience your customers can only get from you with tips from winning beauty brands.
8. Understand usage over ownership is trending
“Consumer buying behavior in general, consumers, especially going into millennials and gen-z, they're about usage over ownership.”
Learn about how the subscription industry is not just growing — it’s growing fast!
7. Think beyond product
“It's not just about coming up with the next best toothbrush subscription. What is that experience going to be like? If you want to get that share of their wallet, you need to provide value and provide an experience that they can't get anywhere else.”
Treat subscribers to an unforgettable unboxing experience to keep them coming back for more.
6. Never stop adding value
“You can’t be a subscription company that when the consumer makes a purchase, you deliver them the product and then that's it. You've got to provide more value, whether that's through content, whether that's through tips and tricks. You have to be continuously communicating with that subscriber and understand that the experience isn't the product only.”
Did you know the most successful subscription brands provide tons of value beyond the product itself?
5. Build a subscription community
“Brands that build the biggest communities also have the most success. Look at FabFitFun. They've got members that have FabFitFun unboxing parties where subscribers get together to open their boxes.”
Use FOMO (fear of missing out) to keep subscribers engaged and make them want an invite to your next party.
4. Make sure the price is right
“I'm a big advocate of making sure you price it right from the beginning. There's a lot of data that shows something priced at $25 could sell just as well at $29. That’s leaving a lot of money on the table.”
Learn about the most common subscription pricing models and the only one you should be using.
3. Don’t be afraid to sell out
“It’s okay to sell out sometimes, get people on a waiting list. Sometimes it works in the reverse way, meaning people will want it even more. The last thing you want to do is be stuck with a lot of inventory.”
Selling too much is the kind of problem you want to have!
Learn tips on the most successful discount and pricing strategies for subscriptions in our Drivers of Success: 2021 Subscription Trends white paper.
2. Know the ‘Big 3’ of customer churn
“Customers are typically churning for one of three reasons: one, they can't afford it; two, they've got product fatigue, meaning they've got too much; or three, they don't like the product.”
1. Build relationships with loyal subscribers
“You’ve got to build a relationship with the consumer. People are about brand and brand values, I mean, you're not going to beat Amazon. The only way you're going to be an Amazon is through experience.”
Learn more from Chris George about how to launch a winning subscription brand.
Bonus question: Chris George's biggest ecommerce pet peeve?
Answer: Not having a one-click checkout.
“When you're lying in bed looking at a website and you want to buy, I don't want to go and find my wallet to get my credit card. I want to click pay with Paypal, enter my password and it's got my shipping address. Invest in a one-click checkout. It's a no brainer."
Want to keep the conversation going?
Even the most hard-working and dedicated ecommerce professionals need a little break. Next time you go for a jog or jump on the exercise bike, get in on the full conversation with Chris George and Jay Myers from Bold’s Own Your Commerce podcast.