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SUBSCRIPTION DICTIONARY: GET TO KNOW THE SUBSCRIPTION BUSINESS FROM A TO Z

Le 2 Nov 2016

Why set up a subscription business ?

The trend is certainly not a new one but subscription is now regarded as an essential business model for your clients. It allows people to find out about your offering in a simple and cost-effective manner. It also takes into account the very latest consumption standards. Below you will find out about the latest subscription trends and the benefits associated with this approach. Subscription is now regarded as a really positive experience for consumers.

Subscription, the new “Eldorado” for the collaborative economy

The collaborative economy is a peer-to-peer economy. It involves individuals sharing or exchanging property, services or knowledge. Either subject to the exchange of money or without the exchange of money, via a digital contact platform.

Digital technologies have had a key impact in the development of the collaborative economy. Subscription is now forming an integral part of this new collaborative economy.

According to The Economist Intelligence Unit, “80% of consumers are now looking for new consumption patterns”. So this is the perfect time for you to ride the waves and promote your product or service as a subscription.

Remember: subscription is a great way of enhancing your brand and ensuring a positive and new experience for your users.

Subscription at the heart of your retention strategy

In addition to portraying a positive brand image to your community, subscription is also a very powerful source for establishing commitment. You will enjoy a recurring positive experience, making it impossible for consumers to forget your brand.

By offering a subscription plan of 1,3, 6 or 12 months, your consumers will then be tied to your product or service. This link will also invite them to talk about their experiences with people around them on a regular basis; in doing so, they will become a powerful ambassador for your brand.

Take Spotify , for example, which offers its Premium subscribers a “Discover Weekly” playlist that is based on songs that they have heard previously; this is an excellent way of ensuring that its subscribers talk about their musical discoveries each week on Spotify.

Remember: this model is an excellent way of engaging your subscribers and reinforcing their relationship with your product or service.

 

Subscription, an efficient and profitable business model

Based on the notions of positive user experience and commitment, subscription forms part of the ROI business model, thus enabling a long-term vision regarding the development and growth of your business.

  • Committed clients due to the fact they are subscribers

Even if subscription contracts intend to be, and indeed need to be more and more flexible, your subscribers will nevertheless remain committed to your product or service for a limited period of time.

  • Excellent knowledge about your clients

Subscription is an essential tool to help you find out about your community. Knowing what your customers liked and what they disliked is essential in order for you to be able to differentiate yourself on the market. And provide an offering that matches their expectations even better.

  • A source of recurring revenue

Depending on the method you use, you will have an additional source of revenue on a monthly, quarterly or annual basis. So you will be able to track your revenue with ease through the year.

  • A controlled ROI

Being able to forecast your income and profits makes an invaluable contribution to the development of your business. It allows you to put a development and investment plan in place with ease in a manner that is in line with your growth forecasts.

Remember: subscription allows you to enhance your knowledge of your customers with the aim of providing them with an increasingly personalized user experience and realizing controlled growth in the long-term.

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