In the second part of our series, we take a look at how successful b2b subscription businesses place the customer at the heart of all operations, in order to win big.
Building block 2: Customer Obsession
Excellent subscription companies obsess about their customers. Teams across the organisation need to know, and agree, who the customer is. They need to understand their customers’ challenges. They need to collaborate to support them.
Use the following 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.
1. Do your cross functional teams agree who the customer is?
2. Do you supply updated strategic lists of target accounts to your teams?
3. Does your team disqualify data, leads and sales opportunities if they are not aligned?
4. Do you share your customers’ use cases to attract aligned customers?
5. Do your customers help you to grow your business e.g. references, advocacy?
You want to be customer obsessed, not competitor obsessed.”Ted Schadler, Forrester VP & Principal Analyst
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.
Building Block Three: Value-based Pricing
In case you missed any related content, you can access posts here:
How to optimise your subscription business for customer success and value
Building block 1: Purposeful organisation
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