How to Create a WINNING Product
Podcast: Chew on This - Digestable DTC ContentPublished On: Tue Oct 22 2024
Description: 💰 Join the Tomorrow Brand Challenge to enter to win the biggest prize in ecommerce history 🔗 https://tmrwbrand.getrecharge.com/ 🔁 Recharge - The subscription management platform that powers the growth and retention strategies of more than 20000 brands. Learn How Recharge Can Help Automate Recurring Payments & Billing for Your Ecomm Business 🔗 https://hubs.ly/Q02Hf0GN0 ✋ Carpe - The #1 solution to sweaty underarms, hands, feet, & more 🔗 https://mycarpe.com/ In this episode of Tomorrow Brand, Kasper and Daniel, COO and Director of Ecommerce at Carpe, discuss their journey to build a sustainable business model based on subscriptions. They share their insights on how they’ve evolved their acquisition strategy, overcome the challenges of product buildup, and focus on customer satisfaction through communication and continuous improvement. 💥 The biggest challenge with subscription retention is product buildup. Customers often cancel because they have too much product and don’t use it as frequently as they expected. 📧 Messaging plays a crucial role in customer experience. Changing packaging messaging from “apply twice daily” to “apply before bed” can significantly improve customer satisfaction and reduce churn. 🤝 Understanding customer feedback is essential. This episode emphasizes the importance of listening to customer feedback through reviews and support tickets to identify common pain points and improve the product and subscription model. 📈 Don’t fixate on churn rate. Instead of focusing solely on churn rate, focus on building a product and subscription model that customers genuinely love and will stick with. 🎉 Subscription success relies on a winning product. Focus on creating a product that solves a real problem for your customers and offers a superior experience to competitors. 0:00 - Intro 2:01 - Subscription model as a natural complement to e-commerce business 4:03 - Carpe's evolution from college project to business 5:10 - Initial sales on Amazon and dermatologists' recommendations 6:01 - Expansion of product offerings beyond underarm solutions 9:24 - Name change from "Clutch" to "Carpe" 12:02 - TV vs online advertising for customer acquisition 19:00 - Adjusting subscription frequency for customer satisfaction 21:51 - Reducing churn rates while ensuring customer growth 22:46 - Importance of product effectiveness in retaining customers who see results 24:11 - Improving consumption rates through product name and messaging 27:03 - Clear usage instructions on packaging 28:03 - Higher purchase rates when customers return for repeat products 30:31 - Cash-back incentive for first recurring shipments 33:10 - Passive churn caused by expired payment methods 36:44 - Transitioning to user-friendly subscription management system 39:02 - Strategies for customer retention and feedback analysis 43:07 - Closing advice on building a strong subscription-based brand Follow us, subscribe to our newsletter, and to see our exclusive merch check out https://chewonthis.io/ Ron Shah - / obviceo Ash Melwani - / ashvinmelwani Chew On This - / chewonthisdtc
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