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.

Asked on the following book summary:

resource preview

Subscribed

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,...

Start for free ⬇️

Download and customize hundreds of business templates for free

Go to dashboard to download stunning templates

Download

book summary Preview

View all chevron_right

Question was asked on:

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.

Questions and answers

info icon

Some strategies for managing the transition to a subscription model include understanding the wants and needs of your customer base and creating a service that delivers ongoing value. This may require a new organizational structure, a shift in the focus of the sales, marketing, and finance teams, and a new approach from IT. It's important to be prepared for an initial drop in revenue and rise in expenses, but the long-term benefits can be worth it.

A company can balance customer needs with financial sustainability in a subscription model by focusing on delivering ongoing value to its customers. This may require a new organizational structure, a shift in the focus of the sales, marketing, and finance teams, and a new approach from IT. Despite the initial drop in revenue and rise in expenses, this approach will be more than worth it in the long run as it will lead to customer satisfaction and loyalty, which are key to financial sustainability.

View all questions
stars icon Ask another question