James Sinclair's Business Broadcast
This is why Subscription Business are SO DIFFICULT to grow!
Sep 23, 2024
In this talk, an entrepreneur behind a subscription business generating £2000 a month shares insights into the struggles of scaling in a competitive market. They discuss user retention strategies like offering free months and the challenges of relying on ads for stability. Personal growth and overcoming convenience-induced laziness are emphasized as keys to success. The conversation also touches on transforming a wellness brand from Instagram fame into real impact, along with the critical role of community in building trust and driving engagement.
01:01:44
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Quick takeaways
- Subscription businesses face challenges with member retention and ongoing value delivery, complicating the perception of consistent revenue flow.
- Creating habitual user experiences through regular engagement, such as live sessions, is crucial for success in subscription models.
Deep dives
Challenges in Subscription-Based Businesses
Subscription-based businesses can appear to be a lucrative model, but they come with significant challenges. There is often a common misconception that once a subscription is established, revenue will consistently flow in. However, factors such as member retention, customer engagement, and the continual need for value delivery complicate this landscape. For example, while some successful businesses benefit from long-term subscriber commitments, many struggle to maintain membership beyond a few months.
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