In the competitive landscape of e-commerce, few stories are as inspiring as that of Try The World. This gourmet subscription box service managed to grow from a small startup with just 500 customers to a thriving business boasting over 50,000 subscribers. Let's dive into the strategies and insights that fueled their remarkable journey, offering valuable lessons for aspiring entrepreneurs in the subscription box industry and beyond.
The Birth of a Global Culinary Adventure
Try The World emerged from the shared passion of two Columbia University graduate students who recognized two pivotal trends in the market:
- The surging popularity of subscription-based business models
- The increasing demand for international gourmet products
Capitalizing on these observations, they crafted a unique offering: a curated subscription box featuring gourmet delicacies from around the globe.
The Try The World Experience
Each Try The World box is a carefully curated collection designed to transport subscribers on a gastronomic journey:
- 7-8 premium products representing a specific country or cuisine
- A diverse mix of snacks, cooking ingredients, and beverages
- An informative culture guide with product details and chef-curated recipes
- Expert curation by renowned Michelin-starred chefs
Laying the Groundwork: Incubators and Early Funding
Leveraging Incubator Resources
Try The World's founders kickstarted their venture by participating in two pivotal incubator programs:
- Google Incubator
- Columbia Entrepreneurship Center
These experiences provided invaluable resources:
- Rent-free office space
- Mentorship from seasoned entrepreneurs
- Networking opportunities with potential investors
- Access to essential marketing, technology, and logistical support
Securing Initial Funding
Following their incubator phase, Try The World successfully raised their first round of funding. This capital injection allowed them to:
- Hire full-time employees with specialized skills
- Invest substantially in marketing initiatives
- Scale operations to meet growing demand
Strategies that Catalyzed Exponential Growth
1. Mastering Social Media Advertising
Try The World's marketing strategy heavily relied on social media platforms, particularly Facebook and Pinterest:
Facebook Advertising Tactics:
- Utilization of lookalike audiences to target potential customers
- Development of tailored campaigns for various audience segments
- Optimization of ad spend for both click-through rates and conversions
Pinterest Marketing Approaches:
- Creation of content-rich posts, including recipes and how-to guides
- Implementation of offer-based ads directing users to specific landing pages
2. Diversifying Subscription Options
To cater to different customer preferences and increase overall value, Try The World introduced various subscription plans:
- Monthly subscriptions for flexibility
- Semi-annual plans for committed customers
- Annual subscriptions offering the best value
This strategy yielded multiple benefits:
- Increased upfront revenue from longer-term subscriptions
- Enhanced customer loyalty through extended commitments
- Improved value proposition (e.g., $29/box for annual vs. $39/box for monthly)
3. Prioritizing Customer Retention
Recognizing that customer retention is crucial for sustainable growth, Try The World implemented several engagement strategies:
- Creation of additional content, such as recipe videos and cooking tutorials
- Regular post-box surveys to gather customer feedback and improve offerings
- Personal touches like handwritten postcards to foster emotional connections
- Exclusive benefits and experiences for loyal subscribers
4. Evolving Product Sourcing and Innovation
As the company grew, so did its approach to product sourcing:
- Initial reliance on U.S.-based importers
- Transition to working directly with exporters from featured countries
- Establishment of direct relationships with international producers
Product innovation also played a key role, with the introduction of The Snack Box catering to different price points and preferences.
Tackling Customer Churn
Churn, a critical metric for subscription-based businesses, was addressed through:
- Continuous improvement of product quality and curation
- Enhancement of the overall customer experience
- Building anticipation for future boxes through teasers and previews
Scaling Operations Efficiently
As Try The World expanded, they focused on operational efficiency:
- Growing their product team to 15 specialists
- Implementing long-term sourcing strategies, planning 6-8 months in advance
- Partnering with fulfillment centers to optimize logistics and delivery
Harnessing the Power of Analytics
Try The World's success was largely driven by data-informed decision making:
Key Performance Indicators:
- Daily customer acquisition and churn rates
- Cost per acquisition across marketing channels
- Website traffic and engagement metrics
- Conversion rates at various stages of the customer journey
Analytical Tools Employed:
- Google Analytics for web performance tracking
- Facebook Ads Manager for social media campaign optimization
- Simon Data for targeted retention marketing
- Custom-built database solutions for comprehensive data analysis
Invaluable Lessons for Aspiring Subscription Box Entrepreneurs
- Start Small and Iterate: Begin with prototypes or non-branded boxes to test the market.
- Leverage Networks: Utilize incubators, alumni connections, and industry events for support and growth opportunities.
- Prioritize Value Creation: Continuously enhance the customer experience and product offering.
- Offer Flexible Options: Provide various subscription lengths to accommodate different customer preferences.
- Embrace Data-Driven Decision Making: Use analytics to guide strategy and optimize operations.
- Plan Ahead: Develop a robust supply chain with long-term sourcing strategies.
- Build a Community: Engage subscribers through content, experiences, and personalized interactions.
The Road Ahead: Try The World's Continued Evolution
As Try The World moves beyond the 50,000-subscriber milestone, they continue to innovate and expand:
- Exploration of new product categories and themed boxes
- Enhancement of their e-commerce platform for a seamless user experience
- Expansion into new international markets
- Collaboration with more global chefs and food artisans
By staying true to their core values of quality, authenticity, and cultural exploration, Try The World is well-positioned for sustained growth in the global gourmet market.
Conclusion: Lessons from a Subscription Success Story
Try The World's journey from a small startup to a thriving subscription box empire offers valuable insights for entrepreneurs across industries. Their success underscores the importance of:
- Identifying and capitalizing on emerging market trends
- Leveraging technology and data for informed decision-making
- Focusing relentlessly on customer experience and retention
- Adapting and innovating in response to market demands
As the subscription economy continues to evolve, Try The World stands as a testament to the power of vision, strategy, and customer-centricity in building a successful and scalable business. For those looking to enter or grow within the subscription box space, Try The World's story serves as both inspiration and a practical roadmap for navigating the challenges and opportunities that lie ahead.
