We all know that one business that pisses you off as a customer but as a business owner, we get it; we’ve all been there. Profit is low, and the pipeline is dead.
The usual way to increase revenue is to get on the phones, cold calling, warm calling, emailing and sending sms’ to the point of overload.
The problem with this tactic is you burn through leads, and unsubscribes and only offer yourself fluctuating income growth.
What everyone needs is that steady stream of revenue coming in the door, regardless of sales actively.
So, stop upselling, reselling, cross-selling, and overselling and focus on offering subscription-based services.
We hear you already saying, “but aren’t they only for newspapers, magazines and Netflix” well, let’s be honest, who even buys a magazine anymore, so even they need a new business model?
But did you realise there are one-off high-ticket items offering subscription services now?
BMW now has a subscription service; they are offering customers the ability to switch on and off luxury services like heated seats to get them used to the product and experience while not noticing the $19 a month coming out of their account.
Now think about it, why would BMW worry about a $ 19-a-month subscription? It’s not like BMW need to worry about income, but they have become aware that a set-and-forget constant stream not only stabilises their revenue generation across the year.
While floor sales teams come and go, markets crash, and businesses rely on EOFY sales, the forgettable subscription is here forever.
For a service-based business, you are a mechanic that could offer an oil change or a maintenance subscription.
If you are an online business, you can offer content, support, e-learning and membership subscriptions.
No excuses; find something your customer can subscribe to!