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Zusammenfassung von Subscribed

Name: Subscribed
Rating: 4.2 (77 reviews)
Author: Tien Tzuo with Gabe Weisert

Tien Tzuo with Gabe Weisert

Why the Subscription Model Will Be Your Company’s Future – and What to Do About It

4.2 (77 Bewertungen)

30 Min.

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Erfolg Scrum & Agiles Arbeiten Unternehmertum

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What’s in it for me? A scintillating study of subscription-based business models.

Business revolutions change the world. The division of labor that Adam Smith associated with pin factories shaped the industrial revolution, for example. And the technological progress of the twentieth century is barely conceivable without Henry Ford and the introduction of the assembly line.

Today, we’re in the midst of another great transformation. The business model of the future? Take a look at your browser history or the apps on your phone. The familiar names you’ll find there – Amazon, Spotify, Netflix – are the standard-bearers of a new way of doing business: the subscription model.

Its basic premise? People don’t care about owning things. They want services. As Tien Tzuo likes to say, it’s the milk rather than the cow that customers are really interested in.

This insight isn’t just worth a lot of money. The subscription ethos is transforming the very way we eat, travel, shop, watch movies, listen to music and – as you’ll know if you’re using this app – learn.

That means it’s well worth familiarizing yourself with this new economic landscape. Luckily, there’s a tour guide on hand whose entire career has been devoted to helping companies navigate its unfamiliar terrain.

In these blinks, you’ll learn

how the data revolution fuels the subscription-based economy;
why the internet of things is the next big thing for manufacturing; and
how to start transitioning your company to a subscription model.

Ever more companies are moving to subscription models to reflect their customers’ changing needs.

In 2015, Tien Tzuo wrote an article for Fortune in which he argued that business school was a waste of time. His reasoning? You generally only learn one basic idea there: create a hit product and sell lots of it.

The world, he suggested, has changed and so have consumers. Nothing reflects this better than the rise of subscription-based business models.

So what’s so great about the subscription model?

Two points stand out – access and service.

Today, people are less interested in owning products. What they really want is to be able to use them. Cutting-edge companies don’t sell CDs or cars. Rather, they sell access to music or transport.

That’s what some of the world’s most successful businesses have common.

Take Spotify, Uber or Netflix. Customers don’t own the actual albums, vehicles or videos; they pay a subscription fee to access them whenever they need them.

People value services more than physical products. The music matters more than the silver disc on which it’s stored, just as getting from point A to point B is more important than the cumbersome machinery that makes the trip possible.

When companies focus on what their customers actually want and need, they’re much better placed to tailor their products to the people who buy them. And that means better service!

But it’s not just about riding the waves of changing tastes to gain a market advantage – it’s a case of sink or swim. Shifting to a customer-oriented subscription model is increasingly vital for a company to survive.

Only 12 percent of the companies in the 1955 Fortune 500 list – an index of the 500 most profitable companies in the United States – are still on it today. Those that remain are barely recognizable because of the major renovations they’ve undergone.

General Electric, for example, was ranked fourth in 1955 and thirteenth in 2017. In the mid-twentieth century, it was known as a manufacturer of light bulbs and fixtures. Today, most of its revenue is generated by digital subscription services, such as data services.

The same goes for IBM. The company rose from sixty-first in 1955 to thirty-second in 2017. The secret to its success? It went from selling commercial scales and measuring equipment to offering IT and business subscription services.

So what happened to the 88 percent of companies that didn’t make it into the new Fortune 500? Well, they couldn’t keep up with the pace of change. They just weren’t adaptable enough.

The video, music and even retail industries are already dominated by subscription services.

Companies like Netflix, Spotify and Amazon are ubiquitous today. In fact, it’s difficult to imagine what life was like before they arrived on the scene. Chances are, you have an account with at least one of them. So how did they come to exercise such an influential role in our lives?

Well, subscription access to music and video has grown enormously over the last few years.

The way people move around and get their news is being revolutionized.

Many of the industries currently being shaken up were built by executives who traveled in planes and trains with newspapers in their hands. In this blink, we’ll take a look at how those two markets – travel and news – are being revolutionized by subscription models.

Let’s start with transport, an industry that’s already been partially transformed.

Tech companies took a hit after shifting to subscription models, but it paid off, and manufacturing is next.

So shifting to a subscription model has clear benefits but the payoff isn’t immediate. In fact, the process can be a painful one. To get through it, companies often have to follow Adobe’s lead and learn to swallow the fish.

Before we unpack that odd-sounding concept, let’s rewind to 2011.

Innovation isn’t about creating new products anymore; it’s about tailoring services to customers’ needs.

So far we’ve been mostly looking at the way markets have adopted subscription services. In this blink, we’ll take a closer look at the ways the new business model is affecting actual companies.

Let’s start with innovation.

Subscription models have changed the traditional components of successful marketing.

“Marketing” – it’s a word that brings to mind things like Mad Men’s Don Draper, infectious jingles and massive billboards. But what’s its role in subscription-based models?

Well, to understand that you need to look at traditional marketing, which is all about the “four Ps” and “push and pull” factors.

The new sales ethos is strategic and emphasizes building stable relationships with subscribers.

Sales teams sometimes get a bad rap because of their tendency to prioritize selling products rather than caring for the customer’s experience.

That attitude can lead to all sorts of problems down the road. When customers end up with broken or malfunctioning goods, there’s no one to turn to because the company already got what it wanted – their money.

Traditional bookkeeping isn’t well-suited to estimating the real potential of subscription services.

The author remembers giving an enthusiastic presentation of his company’s annual-growth forecast in the early days of Zuora but getting a markedly cold response. The profit projections, his audience told him, just weren’t impressive enough.

But the problem wasn’t the company’s figures; it was traditional bookkeeping.

Old IT solutions might have worked in the past, but they look positively clunky in the era of subscription services.

Most businesses treat their IT departments like engine rooms. It’s the place that keeps the operation running smoothly, improves efficiency and generally ensures that everything is ticking along.

But that’s changing. The old engines just aren’t fit for today’s purposes.

Transform your business into a successful customer-oriented service by using the PADRE system.

By now, you might be wondering how to start transforming your business into a successful customer-oriented subscription service. A good place to look for advice is Zuora. Realizing that the concept was far easier to grasp than it was to implement, the company came up with its own system to help manage the transition: PADRE.

PADRE is a way of visualizing the business with the customer experience always in mind, and it stands for pipeline, acquire, deploy, run and expand. Let’s take a closer look at what each component actually means.

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Worum geht es in Subscribed?

Subscribed (2018) looks at a business model that’s currently enjoying unprecedented success around the globe: subscriptions. Whether it’s Netflix, Spotify or Uber, companies have realized that more and more people are interested in services rather than ownership – they want the ride rather than the car. It’s an insight that’s literally worth billions. But more than that, it’s the future. If you want to make it in today’s crowded marketplace, it pays to take a closer look at the phenomenon.

Bestes Zitat aus Subscribed

Everything that we formerly electrified we will now cognitize. – Kevin Kelly

—Tien Tzuo with Gabe Weisert

Wer Subscribed lesen sollte

Entrepreneurs and business owners looking for new ideas
Anyone who’s ever wondered how exactly Amazon and Uber made it so big
Subscribers curious about how the services they use work

Über den Autor

Tien Tzuo is the cofounder and CEO of Zuora, a leading provider of cloud-based software geared toward companies that want to make the transition to a subscription-based business model. Before setting up Zuora, Tzuo was the chief marketing officer and chief strategist at Salesforce. He is also the host of the global Subscribed conference.

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