Turn your customers into subscribers by embracing the subscription model in your business

If I asked you to name a subscription service business, you would most likely mention Spotify, Netflix, Amazon or iTunes – but there are subscription businesses everywhere, in every industry.

Whether you buy music, TV or film streaming, toilet roll, chocolate, prepared meals, recipes, fruit and veg, ball bearings, service contracts, shaving products or even added extras for a car, there is a subscription model available.

Peloton and Echelon have used the subscription model with exercise bikes and subscription classes, courses and groups.

So why should you be missing out on the wave of subscription products sweeping the market?

Remember, your competitors will be looking at using this model as well.

Moving from a product/service delivery focus to that of a subscription model does require thought, time, attention, planning and testing – it is complex.

BUT - don’t be put off by the complexity, as the risks of not considering the subscription model could be a serious threat to the future of your business.

The rewards when you get your subscription offer right – which you can – are huge!

Here are 4 helping hands to get you started on your subscription journey:

1. EMBRACE the subscription economy and start thinking about how to make the subscription model work in your business because subscription-based businesses are everywhere, and they show up in most sectors. If exercise bikes and toilet rolls can make it work, you can give it a go in your business, don’t you think?

2. PLAN to test a prototype subscription service in a low-risk way. On paper, work out a few ways the subscription model might work for your team, your products/services and your business.

3. BECOME FAMILIAR with other subscription services in your industry and others. This will help you plan and allow you to sense-check your ideas. Both Tien Tzou’s and John Warrillow’s books have great insights to guide your decision making and planning.

4. FIND your first paying subscribers, get your prototype to market, see how it is received and then start fine-tuning your offer.

Remember, when it comes to making the subscription offer work for your business, nothing is set in stone – everything can be changed, adjusted and re-evaluated. The important thing is to make a start.