voguishman video1:

Hello and welcome to this video on creating a recurring income stream through a subscription-based business model. Subscription-based businesses have become increasingly popular in recent years, and for good reason. They offer a reliable source of income and can be a great way to build a loyal customer base. People, stranded at home due to the coronavirus outbreak, rushed to digital entertainment and subscribed to regular home delivery of clothing and food. Despite the sector's overall decline, the services industry had a notable gain in subscribers over the last year. Restaurant, hotels, and home-repair company owners, among others, experimented with subscriptions and frequently discovered more interest and money than they expected.

In this video, we'll discuss the benefits of a subscription-based business model and provide tips on how to start your own successful subscription service. So stay with us till the end and hit that like button right now before knowing everything about the subscription business model.

So without wasting any time, let’s first discuss what a subscription economy is and its business model.

Well, the term "subscription economy" describes a kind of business strategy in which goods and services are provided on a recurring basis rather than as a one-time transaction. Customers in a "subscription economy" pay a regular charge to utilize a service or product and often have the flexibility to change or end their membership at any time. Depending on the company, subscriptions may be paid for on a weekly, monthly, or annual basis. Streaming services like Netflix and Hulu, magazine and newspaper subscriptions, and food delivery services like Blue Apron are all examples of subscription-based businesses.

There has been an uptick in the number of businesses in recent years that provide goods and services on a subscription basis. Several variables, including consumers' ease of trying out and switching between goods and services and the accessibility of online-only options, have contributed to this development. The subscription economy encompasses not just media and software but also food, personal care items, and home goods. 

So those were the amenities for customers, but the large advantage goes to business owners. Let’s take a look at some of them.

Well, one of the most significant benefits is that it offers a regular source of income. You may generate ongoing revenue from subscribers rather than from one-time buyers when you provide a subscription service. This may aid in budgeting and make it simpler to foresee future earnings.

Another advantage of a subscription-based business is the chance to establish a long-term client base. Loyal customers are more inclined to continue using your service and even promote it to others. For startups and other small firms, this may be a huge boon since word-of-mouth promotion is much more effective than other means.

So you know what the subscription business model is and what its advantages are. Next, let’s talk about how you can start one and tips to improve it.

The first thing to consider here is to provide value to your clients in order to keep them coming back to your business; therefore, make sure the items or services you provide are of high quality and suitable for your intended audience.

The next thing you're going to do is make sure your customers know precisely what they're paying for and how much they'll be paid at all times. Clearly state the cost of your subscription service and any additional costs that may be incurred. The signup and cancellation processes should be simple and clear to encourage participation. It's also crucial to make it easy for clients to cancel their membership.

Customers who pay to be a part of something on a regular basis tend to feel more invested in the success of subscription-based companies, which may help foster a sense of community.  Make your customers feel valued and ensure their requirements are satisfied by providing outstanding customer service. Prepare for potential problems by staffing a customer support department.

So now you know about starting a subscription-based business but don’t know where to start. Well, we've got you covered. In the next section, we will cover the major categories of subscription-based products. So let’s get started with number one.

Technology: 

Cloud storage, VPSs, antivirus and cybersecurity tools, and online education are all examples of technologies that may be accessed over the internet.

 

Entertainment:

The term "entertainment" is broad and may cover everything from music and video game streaming services to television and film streaming sites to online gaming hubs to online book and newspaper delivery services.

E-commerce:

E-commerce includes everything that is regularly sold or bought online, like subscription services, online stores, and online markets.

Education:

This category includes all digitally accessible forms of education, like classes, tutoring, and study aids.

Health and wellness:

Products and services that help people stay healthy and happy could be focused on exercise, diet, or overall physical fitness.

Home and lifestyle:

In the home and lifestyle category, there are products and services like home automation and security systems, food delivery services, and a lot of other options that are made to fit the needs and tastes of each customer.

Professional services:

The term "professional services" refers to a wide variety of industries that cater to businesses, such as marketing, consulting, online event management, legal, and financial services.

Others:

Other platforms include software for making graphics, stock videos and photos, online dating, tickets, and tools for making mobile apps.

Well, those were the eight major categories of subscription-based products, but starting a new business isn’t an easier task and many people would find it impossible to arrange the finances and all necessities of starting a new business with products and services. Well, if that’s what you are thinking then there is an alternative. You can also leverage the existing brand well-developed products and reputation. And how can you do that? Well,, you have to take advantage of the affiliate marketing program of those subscription-based businesses.

An affiliate program for subscription-based products typically involves a commission structure in which affiliates receive a percentage of the revenue generated from the subscriptions or product sales they refer.

In the next portion, we will talk about some subscription-based businesses that are also offering affiliate marketing programs. Subscription-based businesses like Amazon Prime, Netflix, Blue Apron, Adobe Creative Cloud, and Audible all have an affiliate program that can allow you to earn a commission by promoting their products on their website or social media channels.

However, if you want higher potential or products that you will use more regularly, personal care and supplements are definitely some of the major products. Let’s talk about a few personal care products that are subscription-based and have affiliate marketing programs. Among them, the first one is.

Birchbox:

Birchbox is a monthly service that sends its subscribers a variety of cosmetics and personal care items. Through their affiliate program, you can get paid to talk about Birchbox on your website or social media pages.

Dollar Shave Club:

As the name denotes, customers may sign up for Dollar Shave Club to have razors and other grooming supplies delivered to their homes on a regular basis. Affiliates may make money by recommending Dollar Shave Club to their online audiences via their websites or social media pages.

Honest Company:

The Honest Company is a monthly delivery business that delivers eco-friendly toiletries and cleaning supplies directly to customers' homes. Anyone can join their affiliate program, and if they promote Honest Company on their website or social media, they will get a commission.

Petal & Post:

Petal & Post is a monthly delivery business that sends consumers organic and all-natural cosmetics and toiletries. You can become an affiliate and make money from Petal & Post by putting ads for them on your website or social media pages.

Thinx:

Thinx is a monthly subscription service for reusable, eco-friendly menstruation supplies. Affiliates may get a cut of the action by spreading the word about Thinx through their own websites and social media pages.

And now is the time for bonus subscription-based affiliate marketing programs, which have a very good and well-structured commission system. Well, this is something called Nu Skin.

Nu Skin is a company that markets various health and beauty aids, such as anti-aging skin care, nutritional supplements, and personal care items. Customers may sign up for the Nu Skin auto-ship program to have regular shipments of their preferred Nu Skin goods sent to their doorsteps.

The Nu Skin autoship service is convenient since consumers may choose the schedule of their deliveries (monthly, bimonthly, or quarterly) and the goods and amounts they want to receive. Secondly, they have a wide selection of health and beauty aids, vitamins, and other remedies for aging gracefully. No matter how young or old you are, you will find something for yourself in their category.

The next benefit is that they also provide their customers with the choice to swap out their preferred items as much as once each month. There are also places where skipping a month is an option.

Nu Skin claims that autoship members may get price reductions on future orders. With Nu Skin's autoship service, customers can rest certain that they will never run out of their staple items and will always have fresh stock on hand for easy use. At any time, customers may go on the Nu Skin website or call customer care to make changes to or cancel their autoship purchases. In addition, customers who sign up for the Autoship program will receive extra assistance and resources from the company, such as a dedicated website and instructional materials.

Finally, Nu Skin also provides an affiliate program through which interested users may become affiliates and earn some good money by marketing Nu Skin products.

It's important to keep in mind that the affiliate program's conditions, as well as the nature of the product or service being promoted, will often dictate the commission rate. Affiliates that are successful in bringing in a large number of paying customers may be eligible for extra prizes and rewards via several affiliate programs.

To start, you have to sign up for and agree to the terms and conditions of a program in order to promote subscription-based goods. After that, you will be able to promote the items and receive commissions on any subscriptions that are acquired as a result of your efforts. In most cases, affiliates may monitor the number of new subscribers they bring in by using unique tracking links or coupon codes provided by the affiliate program.

In the case of Nu Skin's affiliate program, it provides a straightforward web platform for promoting and referring consumers on behalf of the company, with commissions accruing not just for direct referrals but also for those customers' referrals. Further, if your referrals remain subscribers throughout your affiliate tenure, you will get a commission. 

Nu Skin's affiliate program stands out from the crowd since unlike most others, its compensation is ongoing so long as the referrals keep making purchases. This is one of the advantages of their subscription-based affiliate program: after you've established a foundation of loyal consumers, you won't have to spend as much time attracting new ones.

To learn more about the commission structure and any other criteria or limits, aspiring affiliates of subscription-based goods should read the terms and conditions of the affiliate program. Also, it's important to figure out who the best customers are for the product and come up with a way to promote it that has the best chance of bringing in new customers.

Last but not least, a subscription-based business model can be a great way to create a recurring income stream and build a loyal customer base. By offering high-quality products or services, being transparent about pricing, and providing excellent customer service, you can create a successful subscription service. We hope these tips have been helpful, and we wish you the best of luck in building your subscription-based business.

If you are interested in joining the NS autoship program, please find the link below, and you can sign up to join the autoship program or become a brand affiliate. If you need further information, please send an email to us, and we will consolidate and forward it to the appropriate party.

With this, today's video has come to an end

See you in the next video

Until then

Have a safe journey in the Subscription business and their affiliate programs