In the ever-evolving world of business, occasionally an idea emerges that simplifies life and enhances profitability. Think of the personal computer or the internet. However, sometimes the concept is so straightforward that it leaves us wondering why we didn't think of it ourselves. A new trend is emerging that is set to revolutionize the way we buy and sell. It's as innovative as the internet and as timeless as commerce itself. If you're interested in attracting more customers, keep reading.
Quickly, can you multiply $57 by 36 without a calculator? If you needed one, like most people, you've just experienced the potency of subscription selling. This concept, rooted in selling over time (think of how many credit cards you own), is not new. However, the modern twist is that customers can cancel at any time and receive free updates.
Imagine how much more likely you would be to purchase a new car, boat, or house if you had the freedom to cancel at any time and always had the latest model. Cellular companies realized a few years ago that customers dislike contracts. After making this adjustment, their sales skyrocketed.
Subscription selling is taking the internet by storm. Major software companies are beginning to promote their "software as a service" concepts. How does this work?
You subscribe to a specific piece of software and pay a monthly fee. This means you avoid paying a large sum upfront, and you receive the latest updates as part of your subscription. While the company might earn a little more, you gain access to the most recent features and can cancel at any time. The power is in your hands.
This is an excellent marketing strategy and a fantastic way to buy.
Many companies are adopting this model because it's easier to sell, encounters less resistance, and is a more cost-effective way to market. They understand that more people will buy this way.
Time becomes an ally rather than an enemy. The more subscribers a company has, the more money it makes. The power of subscriptions is even enabling online companies to acquire large media corporations.
This new pricing model will undoubtedly benefit you as a consumer, but can you leverage it as a seller?
Consider what you sell from a fresh perspective. Could you offer your clients a subscription for your services? Could you gradually shift your pricing in this direction? One thing is certain: subscription selling is a hot trend that's only getting hotter.
And it's an idea that's here to stay.
