21 Feb Make the time to invest in subscription model success for your business
Make the time to invest in subscription model success for your business
Making the time to invest in subscription-based businesses are everywhere now, and more are being created every day. Even the most unlikely businesses are taking advantage of the success of the subscription model.
As a business, where are you when it comes to the subscription revolution? How many, if any, of your products or services do you sell on subscription?
You may be thinking that the subscription model is not right for your particular industry or business, or, if you already offer some items on a subscription service, you may think that you can’t take it any further.
But when you consider the research carried out by the Subscribed Institute, a think tank for the subscription economy, which found that subscription businesses grew nearly 6x faster than the stock market between 2012-2020, and that they predict the subscription model to dominate business growth for a decade, it needs to be something that appears at the top of your business priority list.
Here is a thought-provoking question:
“How many charges on your last credit/debit card statement were made without you ever having to pull out your credit/debit card?” – Tien Tzuo, Subscribed
Amazon, Netflix, Spotify, iTunes, Bumboo (toilet paper), Oddbox (fruits and vegetables), Harry’s (shaving supplies) and Gusto (food delivery) are just some of the more popular and well-known subscription businesses – to how many of these are you subscribed? What about other subscriptions which are not listed?
Start to look at the products and services you sell. Do a Google search of your industry to see who has already ventured into offering subscription services.
You can build a better, stronger, healthier business when you turn your customers into subscribers, enabling you to gain an advantage over your closest competitors.
Click here to access our Business Bitesize library that includes our downloadable “Subscription Wins” report and discover how to make the changes that will enable your business to successfully offer subscription services.