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ENGAGE 2020


PST2004 - From Fighting Fires to Fire Insurance: Transforming to a Subscription-Based Business Model


Jun 9, 2020 11:15am ‐ Jun 9, 2020 12:30pm

Description

The world is moving from products and services to subscriptions, favoring access and transformations over ownership and deliverables. McKinsey reports that the subscription ecommerce market has grown by more than 100% per year for past five years. Further, subscription-based companies are growing eight times faster than the S&P 500 Index (17.6% vs. 2.2%), and five times faster than US retail sales (17.6% vs. 3.6%). The advantages to a subscription model are: Predictable revenue; not selling services, but creating annuities with a lifetime value that far exceeds whatever you paid to acquire them; collective knowledge of your customers, which is a competitive advantage that cannot be duplicated; one-to-one marketing; not pricing a product or service, but rather customer transformation and peace of mind; you can predict demand and plan capacity more effectively; and it breaks down silos and creates a true "one-firm" model.

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Tags: PST
Category: Concurrent Session (Onsite and Online)

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