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Why Subscription is the best business model for you

Posted by on February 7, 2017

Do you have a monthly subscription to a g ymHow many services have you subscribed to? A gym, Netflix, an online course, magazine or newspaper? The list goes on. How much d id you use that subscription when you first got it compared to now, after a few months, or years of having that subscription? How long have you ‘subscribed’ to your current internet provider, just paying the bills month after month for their service? How much money are you giving to service providers without much thought? This is why I love subscriptions.

I am a little cynical to subscriptions where you’re paying for something which is never changing, and is just the same.  Often you’re paying a lot of money to get the chance to use something, but it is up to you to use it. I often tell my students how I love the subscription model.

I ask my students who here has a gym subscription?

Hands go up. I then ask, who has not been to the gym in the past month. Some hands remain up. And yet you still pay for the subscription? “I’ve been busy” is often a response I get. And yes, fine, you’ve been busy. The gym doesn’t care. The gym still gets your money, and they’re quite happy with that.

Do you think that the gym subscription model is good value for money?

Most of the students nod their head, saying that the gyms have equipment which they don’t have at home. We then have a discussion about what kind of machines are there and can there be a homemade version of it.

Would you like fries with that?

I then ask- how would you like extra stuff, say, nutrition classes, or goal making classes or something, all as part of your current subscription? They all light up and say yes.

Value-add!

However, the gym simply offers you the room with the equipment, personal trainers are extra. And this is the model people expect.

Subscriptions are the spark you need to ignite your business

At a networking group I am a part of, Thinking Local , there was a round table discussion on ways to boost business. I threw into the ring the idea of subscription, and most of the businesses shook their heads and said it wasn’t appropriate. I asked them why and the lawyer next to me said that the model didn’t suit them. I of course challenged this, suggesting that subscribers could get a free hour’s consult every 3 months, but you couldn’t bank them up to get 4 hours per year. Subscribers could get a discounted rate for your services. And they could get your newsletter, or a Whitepaper every month, invites to events. The lawyer’s eyes lit up. He had never thought of that before.

Many others at the table started thinking about things they could offer subscribers, and I discovered that the idea of having a subscription service can often light the spark, and get you thinking about your business, about how you can offer MORE to people, add value to what you give them.

Still not sold on the idea? Here are some great reasons why subscription is the best marketing model:

  • Makes you active in your own marketing –

    • If you know you have to produce content for your subscribers regularly, then you are more conscious about your business, your marketing, everything. You step out of autopilot and grab the stick. This is good for your business.
  • Build your Tribe

    • By spending money subscribing to you, people are investing themselves to you. You can build this community and have a tribe of raving fans willing to spread the word of mouth referrals to their friends.
  • Cross Promotion

    • Through your networking groups, you can offer your subscribers discounted tickets to other events. This adds value to your subscription
  • Regular reliable income

    • Knowing how many people are subscribing to you, you can build a regular passive income. Just keep up the service and the content, and you will know month-to-month the cash flow for one of your funnels.

If you are considering implementing a paid subscription to your business, really think of how you can add value to a person’s experience with you. What do you offer for free versus what you offer subscribers? Why would someone want to spend money with you ever month?

Give the subscribers VALUE, and if you can, offer them something that no one else does.

Here are some suggestions you can offer subscribers:

  • Regular mastermind group.
  • Podcasts
  • Webinars
  • Discounts to your services.
  • Discounts to allied businesses.
  • Exclusive give-aways.
  • Exclusive access to new products before anyone else.
  • Invitation to events.
  • Education opportunities – how-to’s.
  • Access to you, for the big spenders.

 

There are many ideas, I am sure. In the meantime, if you’d like to take part in my survey, where I am asking what you would like from a Subscription to Wonderdog Writing Solutions, and the price point, please click HERE. At the end of the survey, if you sign up to my free newsletter there is a complimentary infographic giving you 3 tips on how to make your blog awesome! Now that’s value!

 

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