It’s about Progress, not Change
Most organizations are considering developing or expanding monthly recurring revenue through a subscription-based business model, as large capital expenditures are being eliminated.
All industries are moving towards subscriptions. The shift to a subscription economy is happening now and it is critical that you take note and develop the capabilities to launch, manage, and transform your subscription business to capture the opportunity.
Even though it’s truly happening everywhere, moving to a subscription-based recurring revenue model isn’t easy. Doing it correctly requires commitment and a definitive strategy that considers how to balance the five (5) main elements of developing a subscription-based recurring revenue business. The success factors include:
Analyzing organizational and cultural barriers to change and then removing them.
Producing a subscription business launch plan that preserves the core business.
Developing and deploying the proper sales model and compensation plan.
Establishing a marketing framework that delivers dramatic pipeline expansion.
Creating a go-to-market approach that allows for highly repeatable marketing, sales, delivery, and back-end functional motions designed to maximize deal flow.
As outlined earlier, making the move to construct and build a subscription business is not easy, however, it is essential in this time of uncertainty and restrained spending.
The good news is that accelerating and driving more subscription business is not only good for the bottom line – it creates a more predictable and valuable business that will be worth more when the time comes to exit and ride off into the sunset.
We’ve been accelerating head-long towards the Subscription Economy for some time now – unfortunately, the COVID-19 pandemic and subsequent recession has provided the necessary pain to force the changes that should have occurred a few years ago. Please don’t let a good cataclysmic event go to waste – please act now!