By Pon Angara, VisionReady storyteller
I’m big on subscriptions: online publications, software, recipes, food, music, business tools, skin care products, healthcare, you name it! If I know I’m going to need it on a consistent basis, even at varying levels, I just hit the SUBSCRIBE NOW button. I choose the frequency of delivery and my bank account or credit card is automatically charged. I know I will always have the product on hand or be able to access a program or get help from an expert at any time that’s convenient for me. And I don’t have to worry about forgetting to pay a bill.
Start by digitalizing your brand experience.
This requires reframing your brand story by plugging it into a digital setting. How will your customer engage with your product or service? Will it be happening entirely online? Partially? Is the mechanism for personalization happening virtually? How about delivery? When will follow-up happen and how? Rewarding your customers for their loyalty is another opportunity for enhancing the brand experience through digitalization.
Do as they say, and as they do.
Like me, plenty of consumers find the “set it and forget it” approach to be the most convenient model for getting what they need. So why not have a business model that mirrors exactly what customers want? The beauty of this model is its consistent revenue without having to market repeatedly to them. You can send them regular, strategically timed emails about new features or special offers to keep your brand top of mind. Don’t forget to also send customers a regular Thank You. It goes a long way.
Get to know your customer on a deeper level.
The subscription model enables you to track customer behavior and how they interact with your brand in a more intelligent way. Assuming you’re gathering meaningful data, you’re able to create a more personal experience for your customer as your brand can speak to their needs in more specific terms and in a timelier manner.
In the long run, a subscription business model helps to build trust along the way especially if you’re transparent about how you use data about your customers’ journey. As long as they consistently have a high-quality experience, receive messaging that’s relevant to them, and get prompt responses to their questions or feedback, your business will thrive in the metaverse, and beyond!
VisionReady helps businesses owned by women and people of color to thrive through digital transformation. For more information, send an email to info@visionready.org or call (305) 791-2610.