Subscription – if not now, when?
I am sure we are all wishing that we had adopted a subscription business model a few years back. We all had the chance, but we were too busy, too complacent, too successful or, most likely, just not ready for all the discomfort that change brings.
Well, we are all uncomfortable right now and the fear of not knowing when things will stabilize has us paralyzed and questioning how we will cover our monthly or quarterly nut.
Those of us who have a monthly subscription-based business are not immune to the fear, however, there is some comfort and confidence knowing we have solid visibility and a degree of predictability of the current revenue stream we have built.
Sit back for a moment and envision what your world would look like today if your revenue mix included 30%, 50% or 85% of monthly subscription services revenue?
Enough envisioning for now – it’s time to get off the sidelines and into the game and become a Subscription Superhero.
The Gift of Time
You've been afforded the time to look up from your work & take a much wider view. One of the true positives that has come from this calamity, is the gift of time.
Most have been given back 1 – 2 hours a day of the most unproductive and frustrating bullshit we can imagine. It’s called our daily commute.
Use this time to take the steps necessary to join The Subscription Economy1. Ensure you carve out a good chunk of this “newfound time” and apply it directly to the problem you’ve been kicking down the road – creating a subscription-based business model.
The journey requires time and an ability to push aside your old playbook, so you can change, adapt and transform your current transactional approach.
The time is now, I implore you to use this time to look closely at your core business – make some of the changes that will be required and then quickly turn your attention to crafting a strategy & plan of attack to seize the subscription opportunity that lays ahead.
It’s quite simple, once the fog of today clears, people and the organizations they lead will approach all spending in a very conservative and metered way.
Ensuring you are ready to accept their business on a monthly basis is good for them and, over time, will be extremely good for you as we emerge from this with a stronger and more sustainable business that today seems unimaginable, but it’s not.
Note 1: If you need additional insight on The Subscription Economy and its importance to shifting to a customer-centric approach, I suggest you read Subscribed written by Tien Tzuo, CEO of Zoura.