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In a subscription-based business, the roles of sales, marketing, and finance teams might change significantly. The sales team would need to shift their focus from one-time sales to maintaining long-term customer relationships. The marketing team would need to emphasize the ongoing value of the subscription, rather than the immediate benefits of a single purchase. The finance team would need to adapt to a different revenue model, where income is more predictable but initially lower.
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Subscription services have grown revenues 8X faster than the S&P500 and 5X faster than US retail sales. This new business model is why Adobe, Netflix,...
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With consumers increasingly focused on access over ownership, the key is to start with the wants and needs of your particular customer base, then create a service that delivers ongoing value. This will require a new organizational structure; a shift in the focus of the sales, marketing, and finance teams; and, a new approach from IT. But, the initial drop in revenue and rise in expenses will be more than worth it.
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