By explaining the background of this ground-breaking concept, how it helps businesses succeed, and what you need to do to apply it in your own organization, Subscribed assists your firm in switching to a subscription model.
Check out the applications on your phone. You undoubtedly have some of the biggest corporations in the world, like Amazon, Hulu, Spotify, Netflix, and others. What exactly about their membership services is so popular?
Similar to the industrial and technological revolutions, we are currently experiencing another major revolution. But this time, the change is in the corporate sector. Also, it covers a wide range of topics beyond businesses, such as marketing, IT, and many others.
The cause of this transition is straightforward: society as a whole has changed. Nowadays, we value services more than items, much as what these subscriptions offer.
You’re going to adore Subscribed for the reasons listed here and more. Whether you’re a business or an individual, you should read Why the Subscription Model Will Be Your Company’s Future – and What to Do About It.
If you want your company to thrive, you must switch to a subscription model that is centred on your customers.
In a 2015 piece for Fortune, Tien Tzuo argued that attending management school is not worthwhile for anyone. He held the opinion that the only concept taught there is to create an excellent product and sell a tonne of it.
But both the world and people have changed. So, the outdated way of developing innovative products is no longer as effective. Just take a look at how popular and successful subscriptions have become.
Because it gives them access and service, customers adore this company model. They aren’t very interested in having a car or CD. If someone wants to continue using the music and transportation they offer, both of these things need to be maintained.
On the other side, subscriptions let users access the service without having to buy or maintain any equipment, similar to Uber and Spotify. They truly desire the CD’s music and the transportation provided by an automobile.
This type of market research and product customization is not just a smart concept, it’s essential to succeed.
Think about the fact that only 12% of the Fortune 500 companies from 1955 are still in existence. Even then, you wouldn’t recognize the companies who were chosen because of how successfully they had adapted to the shifting demands of their clients.
Instead of creating novel products, customize your services to your clients’ demands.
So how does this new mode of operation alter how businesses operate in reality? The innovation process is currently undergoing one of the biggest changes.
The conventional wisdom holds that you must follow a linear approach in order to develop a novel new product. Research is the first step, followed by design and production.
Making the product and releasing it to the market is a joint obligation of everyone, from engineers to product managers. The actual product advances in a straight line from conception to release.
Customers will judge its success after it is released. At that point, there is no longer any improvement or change.
Subscription plans flip this on its head and put the customer’s needs first. Hence, developing a top-notch service involves experimenting to determine what works best. You start with what a customer wants, give it to them, and then constantly modify it in response to their feedback.
A product should be able to adapt to the needs of the consumer. Also, you can have a continuous flow of client data through subscription models to make such adjustments.
Nowadays, everyone has a Gmail account. Yet, you might not be aware that when it first started, Google added the “beta” tag and maintained it there for five years. This served as a reminder that they were always working to enhance it.
You can turn your business into a successful client-focused service by using the PADRE approach.
In order to make this as simple to use as it is to understand, the author’s firm, Zuora, developed the PADRE system:
Pipeline\ Acquire\ Deploy\ Run\ Expand
You sell your goods to consumers and generate demand throughout the pipeline process.
Next is acquire, where you improve the path a customer takes to start a subscription. To ensure they make the buy, concentrate on comprehending their needs and experiences.
After this, you deploy, which entails quickly and painlessly connecting your customer to your service. Don’t take too long getting them set up; otherwise, they’ll lose interest.
If you want this shift to be successful, concentrate on PPM as well. This is what it indicates:
- People, be sure to assemble a team with the best talent possible to keep your clients satisfied.
- Product: Make sure your offering is always improved to fulfil the needs of subscribers.
- Divide your resources wisely and effectively to save money.
You can successfully transition your business to a subscription-based model by taking all of these steps.
Subscribed Book Review
Tien Tzuo and Gabe Weisert’s book “Subscribed” is a thorough overview of the subscription business model. The writers, who are both seasoned business executives, offer insightful information on the advantages of the subscription model, how to use it successfully, and how it is reshaping numerous industries.
The history of the subscription model and its development through time are first covered in the book. The authors then look into the factors that have contributed to the model’s recent success, such as its capacity to generate ongoing revenue streams, boost client retention rates, and offer insightful information about client behavior.
Throughout the book, Tzuo and Weisert provide numerous examples of companies that have successfully implemented the subscription model, including Netflix, Spotify, and Amazon. They also discuss the challenges that companies may face when transitioning to a subscription model, such as customer acquisition costs and the need to constantly deliver value to subscribers.
One of the key takeaways from the book is the importance of understanding the “subscriber mindset” and designing subscription offerings that cater to the unique needs and preferences of subscribers. The authors provide practical advice on how to create compelling subscription offerings, including the use of free trials, tiered pricing, and personalized recommendations.
For those who are interested in the subscription business model, “Subscribed” is a must-read. The writers offer a wealth of information and helpful suggestions that will assist companies of all sizes and industries in thriving in the subscription economy.
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