What is the Subscription Economy?
It is an innovative way of doing business with your customers by providing them with a product or service that they need on an ongoing basis via a subscription. It is selling outcomes. It might be a monthly box of wine or a digital music streaming service, an online magazine or even a vehicle to get you from A to B. It could even be the staples you need every month from the supermarket.
What are the benefits of the Subscription Economy?
It’s a business model that matches your products and services to the specific needs of your customer. A subscription-based business provides a strong understanding of their requirements through an ongoing relationship. You have your customers for life rather than a once-off transaction.
The benefits of combining your subscription-based business with Payments2Us is the extraordinary power of Salesforce CRM (Customer Relationship Management) which allows you to build a very specific knowledge base around your customer. Payments2Us allows you to build a specific picture of your customers and anticipate their requirements. Retain your existing customers while acquiring more.
Is the Subscription Economy growing?
Many businesses are starting to understand the importance of building a continuous relationship with customers. The Subscription Economy grew from 13% in 2015 to 22% in 2019 which is incredibly fast compared to revenue growth S&P companies. It is predicted that 70% of Australian businesses will be moving across into the Subscription Economy.
Even major software companies are moving to this business model. Both Microsoft and Adobe Software Have moved from a licencing business model to a monthly software subscription. Of course, Payments2Us can be subscribed to on a yearly basis.
Can Payments2Us handle your subscription-based business?
We’re built to manage subscriptions! Big or small, weekly, monthly or yearly!
Payments2Us not only sets up automatic payments online but allows for all types of recurring payments or rolling payments. It’s convenient and easy for your customers and very useful to you.
To learn more about the Subscription Economy, listen to this podcast from Radio National program ‘The Money’. https://radio.abc.net.au/programitem/pe8Dwqky8Q?play=true
To try out our 45-day free trial of Payments2Us https://appexchange.salesforce.com/appxListingDetail?listingId=a0N300000059H93EAE