According to a recent report compiled by Zuoara, a subscription software company, the subscription industry is currently stable. Even though this may sound comforting, it’s important to remember that this is still very much a time of uncertainty. This is a time when anything can happen: like the swings of the stock market, the subscription industry can either sore or plummet tomorrow.
We already offered some strategies subscription companies can use to gain and retain customers, but today we wanted to take a different approach. If you’re in an industry that is struggling, then have you considered starting completely fresh? We are not suggesting that you abandon your brand; rather, ask yourself if it could be reinvented?
Put a Unique Spin On What You Already Know
If you already have experience starting a subscription based company, then why not consider jumping into a market that is stable? For example, streaming resources can be quite valuable. If you’re in the travel industry, consider creating a streaming platform that travelers can appreciate. This could be shows where hosts travel the globe (a la Diners, Drive Ins, and Dives, except in the travel niche).
Are you in the event industry? What if you tried selling reoccurring merchandise online? Whether it’s speakers, artists, or influences, the fact remains that you already know who’s trending, right? So, capitalize on it! If you don’t think there’s a market for it, then think again. Companies like Loot Crate have shown us that people enjoy all sorts of unique collectibles.
Don’t give up. This pandemic will pass in time. Stay safe, healthy and creative!