Understand your customers goals, make sure your team is on board, and focus on the long-term
Right now, subscriptions are everywhere. Every industry is experimenting with subscription. Some are working. Some are not.
The best subscription companies seem to be disruption proof. Subscribers have made their products and services habits, and aren’t looking for alternatives. Churn is low, and Net Promoter Score is high.
If you want that kind of ongoing, trusted relationship with subscribers, you need a special kind of organization.
Culture is probably the hardest and most underestimated challenge of thriving in the Membership Economy. …
If you are a video game enthusiast or count a video game fan among your loved ones, you know just how addictive a good video game can be. Gamers love to play — and these games are important in their quality of life. It would seem like the perfect industry for a Forever Promise and subscription-based offerings.
And yet until pretty recently, most gaming companies had more of a transactional and arms-length relationship with players.
Electronic Arts has been innovating in the subscription-gaming space for the past few years. I featured their story in my most recent book, The Forever Transaction. Mike Blank is the SVP of Player Networks at Electronic Arts, the makers of beloved video games like the Sims, FIFA and Star Wars squadrons. In this role, Mike defines how the players connect with one another, discover new games and play across platforms. Subscription is a key part of his strategy, and he has introduced many new models over the past five years. …
Whatever you do, make sure that the best options go to your long-time subscribers.
Netflix, one of the largest and most successful subscription companies in the world, has among the simplest of business models. There’s a one-time, short, free trial and then the only option is to subscribe.* They only offer a few subscription options, are very limited in the partnerships they utilize and generally stay away from bundling their products with those of other organizations. …