Subscription models are ideal for online businesses selling physical products. In fact, the subscription gift box industry grew from a paltry $57 million in revenue to a whopping $2.6 billion in the span of just 5 years. Furthermore, specialty subscription boxes and product services have exploded by over 100% each year over the last few years.
But what if you don’t have a physical product to sell? How can you take advantage of a lucrative subscription model if you only offer services? If you’re having analysis paralysis over these questions, then read on, and we’ll give you ideas about how you can leverage the power of subscriptions for your service business.
Why Implement a Subscription Plan to Your Service Business?
Subscriptions are a great way to boost sales, but they also give you the ability to monitor the health of your business as well as keep in constant contact with your clients. Furthermore, subscriptions are a brilliant tactic to increase repeat business. The more time you take to offer high-quality, personalized content to your subscribers, the more likely they’ll keep returning for more. Subscriptions are also crucial for building your online brand, gaining customer trust, and enhancing client relationships.
How Service Businesses Benefit From a Subscription Service
It’s easy to see how a subscription service could be implemented for B2Bs or B2Cs offering physical products. However, how can you leverage subscriptions for your service business? If you offer services such as consulting, teaching, writing, or whatever – it might not be a physical offering, but it’s still a commodity.
Your expertise is valuable to people who need it, and that’s the clincher when it comes to providing your clients with a subscription service that blends with the services you provide. Read further for different examples of how subscription services are helping online business owners in various service industries.
Subscription for Coaching Services
The coaching industry in the US earns $1 billion dollars in revenue annually and that number is expected to continue to rise. In fact, according to LinkedIn, over 6 million searches were done on the internet for the keyword “coaches” last year. If you are a coach, you need to be sure you are capturing all the potential income possible, and you can do that by implementing a subscription service on your website. A highly effective and scalable way to earn more income as a coach is to offer a group coaching subscription service.
Having your clients subscribe to group coaching sessions is a way to charge a set price and receive payment from multiple clients. This is a great money-maker and time-saver too. For example, if you see 3 clients a week individually and charge $100 per session, that’s great, but with a subscription group coach service, you can charge the same amount per person, but increase the clients to double or triple – essentially doubling your income without having to invest more time.
Subscription Services for Consultants and Expert Services
If you are an expert in a certain industry, there are loads of ways you can leverage the power of subscriptions services. For example, you can have your website visitors subscribe to monthly music tips if you are a musician. You may also offer an online masterclass or teaching sessions for students wanting to learn more about your area of expertise. Simply install a subscription service, and have your visitors sign up. Then, email your subscriber list a new tutorial each week
Or, if you are a bridal or wedding consultant, you can have a subscription service for all sorts of digital tools and tips, such as a comprehensive wedding planning checklist for the bride, or reviews on unique wedding venues – all delivered to your subscribers’ inbox. As you can see, subscription services for consultants of all types are endless, you just need to know how to get creative and leverage them for your ultimate objective.
Digital Content Subscriptions for Service Providers
Whether you are a wedding consultant, content writer, or trombone instructor, there is a subscription service perfect for your niche. This is especially true in terms of digital content. PDFs, graphic tutorials, checklists, journal pages, and e-books are just some of the digital products you can offer to your subscribers.
You may also consider offering audio and video content to your subscribers. Think about converting your podcast or instructional videos into a subscription model. This allows your fans and followers to have access to your content on an ongoing basis, while potentially earning you income.
The beauty of leveraging subscription services for your service business is about keeping in touch with your clients and providing content they continuously crave. If you choose to charge your subscribers, this is a fabulous way to boost income and get repeat sales. Even if you don’t charge, a service subscription model is one of the best ways to boost your brand, gain client trust and build your service business.
