Value Beyond Revenue
Subscription billing has taken off because it’s a win-win. Businesses get to build relationships with users and the steady revenue that comes with them. Customers get the convenience of receiving a valued product or service with minimal effort. But your customers are more than just their billing information. With every transaction, they tell you about the market, your business, and what they’re looking for. Smart businesses are listening.
Take, for example, the automotive industry – they’ve realized that they will need to do more than just offer one-time car purchases in a future of ride-sharing and autonomous vehicles, and are looking for new ways to interact with customers all the time. And when it does, it tries to learn as much as it can. BMW made headlines recently with the news that they have put certain features such as heated seats and adaptive cruise control behind subscriptions. And for better or worse, they are learning what services their customers value enough to pay for.
Every interaction with your customer is an opportunity to learn more about them. Subscription models give businesses an open channel to learn more about their clients, and the best businesses will use every opportunity to get to know them better.