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The following checklist is useful to assess where you are now and what to do next. Use the questions as a basic diagnostic to help figure out your gaps. The more you answer ‘Yes’, the better your position. Think about your next step to take to close the gap on subscription excellence.
Building block 1: Purposeful organisation
There is a difference between having a purpose statement and being a purposeful organisation.
- Do you have a purpose statement?
- Is the purpose well understood and embedded across the organisation?
- Do your customers understand your purpose and how you’re working towards it?
- Is your purpose beneficial to customers and the wider ecosystem?
- Does your purpose inform the decisions your organisation makes?
Litmus test: Does everyone in your organisation say the same thing about what you do, who you do it for, and why?
Purpose-driven brands make more money, have more engaged employees, more loyal customers, and are better at innovation and transformational change.”
Professor Michael Beer, Harvard Business School
When subscriptions are optimised, both the business and customer will be substantially better off. To achieve high performance, companies must transition to being a customer-centred business, by continually growing key subscription capabilities.
The cost of acquiring long-term customers is a fraction of the profits that can be achieved from customer lifetime value. But the building blocks of a successful subscription business need to be in place to realise the return on investment.
If you’d like to find out how Substribe can help you implement any of these strategies, please do get in touch now.
COMING NEXT…
Building Block Two: Customer Obsession
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