How many subscriptions do you have, and how many are part of a single application where you can manage them?
Subscriptions will remain the preferred method for acquiring digital services. Over time, evolving models will emerge that more directly relate to usage and the value of the consumer. Zuora continues to provide specific information that validates this point in the Subscription Economy Index, providing an excellent foundation for any Subscription program.
Similarly, Bango has conducted research and published remarkable metrics related to the number of subscriptions and growth fatigue, as seen in “Subscription Wars: Super Bundling Awakens.”
Over the last several months, I have met with numerous companies from various industries, including Automotive, Telecommunications, and financial services. All have an interest in launching or expanding digital services. The key business objective is to support a developing business initiative aimed at monetizing the Ecosystem.
By definition, a subscription should be interactive. Customers buy with the flexibility to adjust and align with individual needs. Unfortunately, this may be at odds with the goals of some organizations that prefer to lock down customers with longer-term agreements.
What is the best customer experience? What is the future?
The “Subscription Hub” is an easy-to-use application that enables customers to view all their subscriptions, track usage, assess value, and manage payments. The user scenario empowers consumers to control all their digital services, addressing usage and value, while simplifying payments. The key is to create a perpetual shopping experience that optimizes the customer experience and keeps them engaged. Yeah, it is hard. And yeah, it is the future.
IMV, it is unlikely for a third-party platform subscription hub to take over the market. Apple has attempted to unify subscriptions into a single, seamless marketplace & payments solution. Regulators are aiming at this, and merchants will continue to push back due to high margins and the risk of losing access to subscribers. This creates opportunities for others.
So, who needs to build a Subscription Hub? Any company seeking to develop an ecosystem of digital services. Is that you? Do you have a business objective of monetizing your ecosystem?
The challenge is that numerous internal and external forces are preventing this. Internal systems do not support bundled order-to-revenue, marketing is not yet ready, and there is resistance to the idea that the future will be led by those who adopt the best customer engagement model.
Is your shopping web or mobile app ready to host a Subscription Hub? Perhaps you can be the first in your market to influence what you can & monetize all you can!
