Our Partners: The List Reads Like a Who’s Who of B2B

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It is imperative that subscription services work across devices and operating systems, as well as offer seamless transition between devices the ability to start a task on a smartphone, for example, and continue on a laptop. But success is anything but guaranteed. However the size of the customer support organization increases so that the paying customers stay happy. Which has to make you think: how many worthless companies does my business still subscribe to?

And if you're not vigilant, fees can go up without you realizing it. It would be impossible for clients to do that kind of research and to get those products for the same prices. And it's one more reason, along with the Web Services business that dominates the cloud, why I still think Amazon is worth buying right here. The founders pulled from the bag and fiddled with the letters until settling on a URL they liked.

Our Partners: The List Reads Like a Who’s Who of B2B

While other MediaPost newsletters and articles remain free to all... Subscribe to today to gain access to the daily newsletter, every None article we publish, exclusive data, first-look research and daily insights from Joe Mandese, Editor in Chief. Examples of subscription economy businesses permeate many industries—from entertainment Netflix, Spotify and fashion Stitch Fix, Rent the Runway to healthy living Headspace to dating eHarmony and meal delivery Blue Apron, Home Chef. In addition, companies that sell products find creative ways to deliver value by incorporating subscription components into their business strategies. Amazon includes a product replenishment option for a wide number of products like coffee and diapers , and Apple now offers an annual iPhone upgrade via a monthly installment plan. So what are consumers looking for from subscription services? Benefits sought commonly include lower upfront costs, flexibility cancel any time , convenience replenish regularly used goods automatically , scalability subscribe to higher tier as needs evolve , and availability of the most up-to-date version of a product or service. But success is anything but guaranteed. In the subscription world, the definition of success shifts from purely customer acquisition and sales transaction-based, though this remains essential to focusing on member experience, engagement and churn relationship-based. Subscription companies need to meet a relevant need, establish and nurture meaningful relationships with the customer base and serve customers over time. With this specialized and demanding business model, companies must develop effective strategies for acquiring and retaining new members. User experience and ease of use, in particular, represent critical factors in successful acquisition, engagement and churn for subscription services. Yet, one-third of consumers indicate they will lose interest if a product is not easy to use, according to our Consumer Life study. Just this one factor—ease of use—has a strong influence whether a person signs up and remains a member. Furthermore, consumers who are open to subscription and who say they will lose interest if a product is not easy to use share certain characteristics. Consequently, ease of use is not just a high priority tactical issue, but also has important implications for acquisition and retention success in a subscription-based economy. Depending on the service value proposition, there are many ways companies can leverage ease of use to attract and keep valuable subscribers. Here are some examples: Save customers time. Employ artificial intelligence tools to minimize the number of steps required to complete tasks, identify relevant tasks to automate, offer shortcuts and personalize experiences. Optimizing on ease of use delivers faster and easier experiences that save time and, potentially, even delight customers. Give customers easy access. It is imperative that subscription services work across devices and operating systems, as well as offer seamless transition between devices the ability to start a task on a smartphone, for example, and continue on a laptop. Ensuring easy access maximizes opportunities for member use and enhances service relevance. Make it easy for customers to learn. The importance of ease of learning a service is two-fold. There is a learning curve associated with initially using any service as well as discovering new features and benefits as a service evolves with changing market needs and expectations. The process of learning upfront and as a service evolves needs to be simple and intuitive, requiring limited effort from customers. How consumers think about companies is driven by the experiences they have across touch-points. In the subscription-driven economy, where consumer expectations are high and losing a customer is easy, optimizing ease of use becomes an especially important strategy for driving customer acquisition and retention. In the process, you can also elevate the voice of the customer, build meaningful experiences, and ultimately, drive growth. An excellent 101 discussion of subscriptions and a recognition of the important trend towards subscriptions in many forms as a means of product and service sale and use. Many marketers don't realize that the profit dynamic and business model of subscriptions is very different from that of unit sales. I recently asked a room full of marketing professionals how many of them had subscriptions? Perhaps 20% of them raised their hands. Then I asked how many had Netflix? Almost all the hands went up. It took just a few seconds for the penny to drop; for these otherwise sophisticated marketers to realize that subscriptions were not just for magazines but could be profitably used over a broad spectrum of products and services. Is Microsoft 'selling' or allowing customers to 'subscribe' to software? What few understood was that they could with great accuracy determine how much they could afford to pay to acquire a subscriber and let that 'allowable' amount inform their marketing spend and that in the environment of 'big data'.

A subscription model may be beneficial for the software buyer if it forces the supplier to improve its product. To give you a great browsing experience free of charge, this site uses cookies. This means la up extensive programs on your website. This so-called 'contractual' setting facilitates to a large extent because the analyst knows who is an active customer and who recently churned. It would be impossible for clients to do that kind of research and to get those products for the same prices. So solo to recap: The Subscription Economy is a new era with a new imperative for all companies—turn your customers into subscribers. Will a subscription-based model benefit you as a business. There is a learning curve associated with initially using any service as well as discovering new features and benefits as a idea evolves with changing market the subscription-based economy and expectations.