21 Mar Time to get ahead of your competition by joining the subscription economy…
Time to get ahead of your competition by joining the subscription economy…
Making changes in your business can lead to an uncertain and unsettling time, both for you and for your team.
But being left behind and watching the competition make that same change successfully is even worse.
Whether you like the idea of a subscription business or not, or whether you have tried it and think you cannot take it any further, the fact is that you are now competing in a subscription economy.
You may be thinking that your business is not right for the subscription model or that you don’t have a product or service appropriate for a subscription service, but the likelihood is that this is not true.
If you are not looking at moving into or increasing a subscription service within your business, you are missing out on better customer relationships and the growth and profits that this could bring.
If your competition is not running a subscription model currently, they will definitely be thinking about it, and when all the research points to the subscription model dominating business growth for the next decade, can you afford not to take it seriously?
A Google search in your industry will likely highlight a number of businesses that are already on their subscription journeys.
Yes, it can be challenging to get started, but the risks of ignoring the subscription economy are high.
Get a prototype out to the market and take it from there – it’s not fixed in stone and can be readjusted, redesigned and restructured to suit your customers’ needs. Offering a subscription service will bring you closer to your customers, making feedback and changes easier.
All it takes is some time and effort, but the benefits are there for all to see.
“Ten years ago there was no Spotify and Netflix was a DVD company. Today both those subscription companies own a significant percentage of the total revenue of their respective industries.” – Tien Tzuo, Subscribed
Click here to access our Business Bitesize library that includes our downloadable “Subscription Wins” and discover how you can get it right when it comes to adopting the subscription model in your business.