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Are All Customers Created Equal? Why Your Company Should Consider A Subscription-Based Business Model

Many businesses are getting creative and converting their business model into one that is more subscription-based. Taking into account that 41 percent of U.S. retail revenue is generated by repeat customers, a recurring billing option for one-time customers might not be such a bad idea. Forbes reports that Amazon’s Prime membership could add $18 billion to their revenue by 2020. Stats like Amazon’s, makes us question: Are all customers created equal? Here’s why your company should consider converting one time customers into subscribers. One time customers become lifetime customers Remember when you would go to your local electronics store and buy Microsoft Word or Office CD’s to download the software on your computer? Well, today Microsoft has a subscription option for customers who would have otherwise been one-time customers. Microsoft’s subscription plan offers a one month free trial, then an annual $99.99 per customer. Seeing as though Word is most likely necessary for those who...

Devin Crudup

Nov 8, 2019