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The world is moving from products and services to subscriptions, favoring access and transformations over ownership and deliverables. The advantages to a subscription model are many, including: 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; the customer relationship is at the center of the firm; not pricing a product or service, but rather a series of customer transformations, peace of mind, and convenience; and you can predict demand and plan capacity more effectively.
Implementing a subscription business model for firms is hard work and not for everyone because it requires professionals to think differently than they have in the past about what it is, exactly, that customers value. Join Ron Baker, founder of VeraSage Institute, for a thought-provoking session on why and how the subscription business model will be an inevitable part of the firm of the future.
Learning Objectives:
Identify strategies utilized by businesses that have made the transition to a subscription-based model.
Differentiate the nine types of subscription business models.
Determine the psychology of selling subscriptions.
Identify how to develop new metrics and accounting information to represent the economics of a subscription business.
Analyze the three types of adoption approaches to creating a subscriber base.