We speak with a lot of customers of b2b information, data and analytics services. Across the world, markets and ranks.
The customers and users of these services are finding it hard to see the wood for the trees: subscription value. It’s not just a problem you are creating. It’s on them. And everyone else they subscribe to. But it’s a problem that is worth solving.
The one thing we hear loud and clear from the customers of b2b services? Less is more. More stuff doesn’t mean more value.
Yet the temptation for b2b subscription leaders is to add more features. Launching those new ideas. Justifying the price rise. Never stopping any of the old stuff.
Making it easier to find subscription value
The growth of a b2b subscription service is dependent on customers’ perception of the value they gain. When customers say, “I didn’t know you did that!” or “What ROI are we receiving?” they are signposting a problem they are having. As long as they are communicating, it hopefully means they care enough to try to figure it out with you.
In the absence of direct communication from customers, engagement tells you something too. If you have high usage but your expansion revenue is not growing then the usage isn’t useful…or you’re leaving money on the table.
Helping customers find the way requires clarity about at least one aspect of the service that is useful to end users and connects to bigger goals for the customer’s organisation.
Typically this is the part where subscription teams explain, “Well our customers are different because…” and “That may work there, but it’s not that simple here.”
To get cut through, the subscription team – across functions – must focus and align on how their product is useful for their target customers. Then concentrate on getting that specific usage happening…and often enough that customers find it valuable.
Naturally there will be differences depending on the nature of the product and your client base, but the principle is the same.
Subscription value example
Let’s say you have a subscription service for professional services. Your service includes lots of component parts created over the years. But for the most frequent user, it has one area supporting a regular work flow. Part of the subscription value is that your organisation updates it, as rules and regulations change. So far, so good…so what?
What if the only people who know its value are in your customer success team. It’s the one part of the website they wish everyone knew about. It’s what they focus their training on. But it’s lost in the noise of the website and communications.
Knowing that the job to be done for the head of the firm is to ensure compliance, for internal teams and customers, is critical to landing the ROI. That one part of the service your customer success team focuses on, is helping with compliance as well as efficiency, and reassures stakeholders that the best course of action is being taken.
Connecting individual use with enterprise subscription value is powerful.
Do you need help with your b2b subscription? Contact us.