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The Subscription Business Model has entered all parts of daily life.
Today we are going to have a look at the 12 vital elements of the
Subscription Business Model.
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There are various ways to categorise subscription models.
One useful way to categorise is by the offered service/product
type:
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Don’t learn from early subscription models
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12 Vital elements of the Subscription Business Model
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(1) Provide value and quality
The review points out clearly that there are now alternate offerings
which provide more value (in this case better TV shows):
“There used to be no other option: Without cable, there was no
way to watch your favourite shows. But with streaming devices
and subscription services on the rise, that’s no longer the case.
Some of the best shows on TV aren’t even on cable TV anymore —
Amazon Instant Video has Transparent; House of Cards is
exclusively on Netflix; Broad City broadcasts via Hulu — and
streaming is becoming less an alternative to cable and more the
go-to way to get our shows.”
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(2) Clear offering & fair pricing
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(3) Offer convenient transactions
Further on you will find that most subscription models make sure
they offer you very easy ways to up but also down grade your
subscription, to skip a week (or month of delivery), return stuff,
etc.
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(4) Improve your offering continuously
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(5) Localise
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(6) Personalise
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(7) Build a culture of membership
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(8) Make deeper connections through values alignment
Blue Apron delivers recipes & its ingredient. But their mission is
bigger, among other elements they emphasise their
goal of developing a sustainable food system. Check out their
beautifully crafted mission page. This will allow them not to
be purely compared to price!
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(9) Measure the right metrics
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(10) Have a long breath (i.e. funding sources)
Foxtel has not only reduced their pricing but they have also
launched their own streaming service called Presto. And not only
that. Other powerful local media companies have started a joint
venture streaming offering (Stan). Both are in direct competition
with Netflix. Netflix also faces challenges in emerging countries
from local start-ups (such as offerings at even lower price points).
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(11) Freemium: to get started!
When done right offering a freemium can be the best way to get
started. Robbie Kellman Baxter recommends in the Harvard
Business Review following tips for a successful Freemium:
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(12) Cost structures are different
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