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How the Subscription Economy Is Disrupting the Traditional Business Model

 Subscription Economy

versus

 Traditional Business Model

Most consumers expect (and many demand) subscription-based services. Why wouldn’t they? It makes life a whole lot easier on them.

And part of our goal as leaders is to ensure our customers have the best service possible, isn’t it?

Back around 2007, most of us began to notice a transformation in the way buying products and services we’re being executed. Companies such as Netflix and Amazon could be credited as the forerunners – and rightfully so. We’ve noticed those companies that didn’t jump on the bandwagon, such as Blockbuster or traditional [bookstores].

Every business can either 1) choose to keep up with the gifts of speedy technology or 2) choose to sustain traditional means and run
the risk of …. plummeting. Option #2 no doubt is the more comfortable one because status quo is a comfy place to be. But it’s also usually the beginning to the end.

Most leaders recognize the value.

And it’s not just those obvious companies like Netflix or Amazon. Many organizations are pivoting themselves to the ease and benefits of subscription-based services:

  • Manufacturing
  • Auto dealers
  • Healthcare
  • Education/training
  • Farming
  • Financial services
  • Staffing and employment agencies
  • HVAC, plumbing, landscaping services

Unfortunately, some businesses have had to learn the hard way. Growing our business is the goal and that means it’s up to us – as leaders – to be well aware of what our customers are 1) preferring and 2) expecting (and in some cases, demanding).

It’s Just as Easy for Them to Find a Company That Will

Most customers expect quality service. That’s a given. Loyalty is something we work hard at achieving and losing that because we chose not to offer subscription-based services is a tough one to admit.

But they will transfer their loyalty to our competitor if they offer similar products or services …. and provide them the ease of subscription-based options if that is something they need.

Plus, as a business leader, it makes life a whole lot easier on us. On our staff. Hands down – it impacts our bottom line.

The reason we share tips and tools is because we’re in this together. We’ll be hosting a live webinar to provide you some tools that can be implemented immediately.

The webinar will be on Thursday, April 6th at 11:00am PST/1:00pm CST.

Click here to register

Be ready to take notes. We’ll also have the chat option open for live Q&A. Please note – this isn’t a sales webinar. It’s purely informational. We don’t want you to head down a path that is void of subscription-based models or multiple other ways to unleash revenue growth in your company.