Ah, Netflix, my temptation for a binge-watch. There’s nothing quite like relaxing with my phone, a bowl of popcorn in hand and diving into the endless sea of web series and movies.
It’s a love affair, no doubt, but when it comes to investing my hard-earned cash, I become a bit more selective. My inner soul says why pay for the extras I’ll never use, likely, going for multiple downloading devices.
I know, you quite think the same and so do your customers too. This is why almost every brand’s sales strategy was revolutionized to meet consumer preferences with subscription-based selling.
You can experience it everywhere, be it a field sales automation look like Lystloc, a top-notch CRM like Salesforce, a leading music entertainment platform like Spotify, or anything else.
When in the voyage of the subscription economy every industry depicted itself to monetize long-term business relationships, it’s no more remaining only buying the products or services.
Why? After all, it’s not a good sign to call out red flags while choking customers’ satisfaction, especially when they crave flexibility and convenience.
In Subscription Economy 2.0 – If Customers Want to Buy Differently, Better We Can Sell Likewise
As you know the subscription-based model is meant to be a pay-as-you-go approach where customers come with different expectations. Therefore, every single aspect can influence their buying intent either to make them a purchase for the first time or repeat it at a regular interval.
How do you nurture relationships with your customers, how do you market and sell your brand’s USPs to them, where you give extra and unique compared to your competitors – they all watched and affected the subscription economy.
For example, when Lystloc is stepping into the subscription economy, it provides flexibility in utilizing its field sales automation feature with multiple benefits for startups, and SMEs to any business at any level. Not only that, it comes with social engagements and sometimes lucrative discounts for its customers to provide them with a value proposition.
This high-value subscription selling method that comes after signing up with Lystloc, which is based on customers’ preference first model, creates a win-win situation for both parties at the same time.
Remember, be it Lystloc or any other brand, all the way subscription is incorporated into sales strategy to make customers happy, gain their trust and credibility, and bring revenue growth like never before.
This is why nowadays industries find it accountable to grow an economy overall, which you can see from the following data:
- According to recent research by Gartner, Globally 35% of 2000 companies are on the way to generating revenue from a subscription-based model.
- According to Zoura, who first coined the term subscription economy, found that the U.S., U.K., and Austria are all set to change their way of selling goods and services with subscription flexibility.
Take A Look What Subscription Economy has in It For You & Your Customer
The new sales process in the subscription economy demonstrates “currency of value” while nurturing benefits for both you and your customers as follows:
👉 Your Customers Now Pay Early Pay Often for Cool Stuff
From a “Tryer” to a “Buyer“, the journey can lead to the investment at a lower or no risk zone in the subscription economy. Actually, most of the subscription is designed for endless information, value creation, and loyalty upliftment for cool stuff, where customers get it with freemium access or minimal investment. Thus, they have enough space to be tempted by your brand and make a choice to “Love it or leave it” without any baggage.
👉 You Can Fast-track Onboarding New Customers
Ensuring 3Vs in your subscription-based selling strategy and aligning them with the right marketing materials can bring you new customers. When the unified front of 3Vs: “Value comprehension, Value offering, and Value engagement” will together shout out for “One Voice” through every touch point, your brand will surely articulate value from new customers all the way.
👉 You Can Increase Customer Lifetime Value & Retention
Impressing your customers with new ways in the existing or updated subscription model is an essential aspect of the subscription economy. As long as you can stretch their journey with your unique solutions, as much as you can experience the break-even point to enhance possibilities of overall profitability. Be it cutting down customer acquisition costs, gaining old-fashioned word-of-mouth, or retaining old ones, all you’ll be in your account.
👉 You Can Decrease Customer Churn
Whether it’s voluntary churn where your customers no longer intend to be with your brand, or it’s involuntary churn where they softly decline your subscription – both can be controlled if you can revert them back with an updated super cool subscription solution. Once your target people show interest in your brand, they’ll be far less likely to stay away from it.
The Shift Toward Subscription Economy 2.0 is Transforming Businesses All Around
Be the market is B2B, B2C, or B2Any, where you and your target audience are and you’re spending money to get them solely with your brand, a subscription-based model can help you achieve so.
The transition towards the subscription-influenced selling method with a “Buyer First” approach can change the way you market, operate, and sell your brand value. All you have to do is first work on consistent adoption of this sales strategy to showcase how eager you are to take care of your customers.
After all, “If you don’t care, your customers never will“.
So, for now, end of discussion, start selling more effectively and sail the ship of your business in the new wave of cost-benefit subscription economy.
