The key to succeeding with subscriptions is nailing your offer. That means knowing exactly what you're offering, who you're offering to, and what price they would be willing to pay for it. If that sounds tricky, it's because... well ...it is. Getting your subscription plan right is a bit of a science, and it will take some tinkering and experimentation to get it right. You'll need to be ready to iterate, which is why you should launch your plan with a waitlist.
Soft-launching with a waitlist lets you survey potential customers before you've set a price point on your subscription plan, in order to figure out what you can offer (and at what price) they really want. That way, you can launch your subscription plan and a price point that you're fully confident will attract subscribers—and help your business grow.
Some great reasons to launch with a waitlist:
It's a fact: people love a bit of intrigue. Soft-launching with a waitlist, and teasing an upcoming offer, is a great way to pique their curiosity and get them really paying attention. It also is a way to start telling a story about what you're doing, and why, that you can continue to add to over time.
Make would-be subscribers feel special
Subscriptions are all about reciprocity! You're not just selling something to your subscribers, you're building a community with them that will last a long time. Launching with a waitlist, and allowing your potential subscribers special "first access" to your new subscription plan, is a way to get started off on the right foot.
Get them engaged
Seeking feedback from your potential subscribers is a great way to let them know you actually care about providing them with something they need, and it's a way to make them feel truly invested in what you're building. If they feel like they've had a hand in shaping what you've offered, they're much more likely to become dedicated subscribers once you launch.
Get real feedback
Running a great business is all about doing some great market research, so that you can clearly understand (and speak to) the needs and desires of the people who are paying you money. Launching with a waitlist, and surveying your potential customers to figure out what they really think and need, removes and guesswork and helps you get started with good, hard data.
When you are ready to officially, fully launch your subscription plan, you can be totally confident that you're offering the right stuff, and at the right price, to attract subscribers. Your waitlist is a great way to conduct basic, early market research so that you can be certain you're nailing your offer.
To make the most out of soft-launching with a waitlist, you'll also need to a few things to be thoughtful about your proposed subscription plan. That way, you can ensure that you'll get good and actionable feedback from your potential subscribers.
Give it a great title
You'll have the chance to give a name to your subscription plan that's distinct from your business name. Don't waste this opportunity! Your subscription plan name is a great snapshot of your plan for potential subscribers. It should be compelling and concise, and work to convey the value of what you're offering. Bonus tip: you don't need to be cute or quirky! A straight-forward plan name ("Yoga for Beginners") will immediately grab the attention of the person it's meant for, which is exactly what you want.
Make sure your value is clear
If people can quickly and easily understand what you're offering and why it would be valuable to them, they're much more likely to convert into subscribers. When soft-launching with a waitlist, making sure you've communicated your offer and your value in straight forward, accessible language will also ensure that you get clear and usable feedback. Ask a friend to proofread your subscription plan before you waitlist. Check to make sure they understand the offer. Make adjustments for clarity, if needed.
Make sure your value is ongoing
Make sure you phrase the value of your subscription plan in an ongoing capacity. For example, a language tutor might describe the value of subscribing to them as a way to help people achieve and maintain continuous, contemporary fluency in Spanish. That's something people need every day, on an ongoing basis, without an obvious end date. (Distinct form: "Learn the basics!") Same goes for fitness instructors. "Get fit!" has, seemingly, an end date. On the other end, something like "Stay healthy and active!" is continuous.
Keep your offer simple
It can be tempting to pack your subscription plan with benefits and extras, in order to convey the maximum amount of value to a potential subscriber. However, keeping things very direct and simple is often a more effective conversation tactic. It's easier for potential subscribers to assess what they're getting, determine if it's a good price, and then decide to make the leap. You don't want them to have to do a lot of work, calculating the value and use of different and complex benefits. Keeping it simple works!