6 Min Read |
Hi there, I’m Richard, and welcome to Beauty Business Journal, a community for entrepreneurs, indie founders, marketers, and industry professionals. Every week I address reader questions about marketing, digital, growth, strategy, and anything else that’s stressing you out in your business. Send me your questions and in return I’ll share actionable insights and advice. 📝
Q: I’m aiming to launch a subscription business in Q4 this year, it’s B2C and in the vegan, clean beauty space. What are the most important metrics I should track once I launch so I know I’m on the right track in terms of growth?
Regardless of if your business is B2B or B2C, the subscription business model is booming. Consumers are craving convenience and reliability when it comes to accessing their favorite products or trying the hottest new trends.
While the last 18 months have led to a dramatic rise in online shopping and restrictions around product sampling, businesses at the same time have had to cope with continued disruption from extended lockdowns and scramble to find new revenue streams.
The beauty industry has fared better than most. A report from Royal Mail forecasts the value of the subscription box market to grow 72% by 2022, and data from across the globe appears to agree. First Insight’s recent survey on subscription boxes reported that 25% of American consumers (both men and women) are currently receiving a subscription box, and another 32% of respondents plan to subscribe in the next six months.
While brands gain predictable revenue and greater opportunity to build customer loyalty, customers have the convenience of receiving products and services on a recurring basis. For businesses it makes absolute sense, recurring revenue is very powerful. Instead of beginning each month at $0, in theory you begin each month at the top of your previous month’s revenue.
B2C subscription businesses…
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Updated July 2021