Business
Read on Medium - https://medium.com/@soukapps/thinking-deeply-about-your-business-ebcf4c440508 Transcript - Holiday season is around the corner, is your business ready for the next year? There is no recession in 2020. Trump is going to ease the market, make everything look attractive for investment and businesses. In short people are going to buy stuff. Are you selling what people want to buy? Are you sure? Plan your Work & Work your Plan. What are your business goals for 2020? Are you updated with the latest trends? Before I proceed any further, I want to shift gears a little by democratising this podcast. I used to look at university lectures and staged speeches with disdain! Because they were monologues. So I want to officially announce that you guys can be a part of this podcast both actively and passively. You can now DM to “Soukapps” on any of our platforms requesting topics you want us to talk about I would then get an expert to come into one of our upcoming episodes to share their experience around that topic Today I want to talk about how Subscription Economy has changed the way everyone is doing business. The subscription model has taken over. And it is here to stay! So what is it? When a customer provides periodic & automated payment for continued delivery of a company’s offering. Is it right for you? A subscription monetisation model is an option for products & services sold both online & offline. Beneficial in industries where customers use a brand continously. Like the music streaming industry. Spotify & Pandora are fairly new entrants and accounted for nearly quarter of the global music industry’s revenue ($ 1.6 Billion). General Electric (GE) instead of selling or leasing their jet engines, charges customers by the hour of usage. This way GE has monetised 100% of the value of it’s offering. Michelin tyres has been doing the same for its fleet operators So in a subscription model, the initial sign-up cost is almost negligible. The customer pays as they use your product or service. This shifts the power scale upside down. The customer has a lot of power as opposed to the merchant or the vendor Why this is a great model? Because this now forces you to be customer centric, winning their loyalty has become a business imperative. This mindset will inturn keep those customers coming back. Personally, from the traditional model of hard selling, the Subscription Model has made it a lot easier to do business today. I think that was a deep thought! Restructuring for 2020? I say yes please! Stay tuned for more!