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A company can continually improve its subscription service based on customer feedback by regularly soliciting and analyzing customer feedback, implementing changes based on this feedback, and communicating these changes back to the customers. It can also use customer feedback to identify areas of the service that may need improvement or modification. Additionally, the company can use customer feedback to understand what additional features or services the customers might want, and then work to provide these.
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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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