The shift to a subscription model has long been predicted, and business disruptions are only accelerating these timelines.
Also known as servitization, subscription-models build stronger bonds with customers when compared to transaction models. A side effect of subscriptions is they provide companies with a wealth of customer data. The ability to analyze and action this information is the competitive differentiator in a subscription-based world.
Moving to a subscription relationship shifts customers from transactional interactions that depend on uneven capital spending to steady and predictable revenue. It builds stronger connections to customers and provides the opportunity to let data determine the best way to engage with customers. It is the opposite of the sell-and-forget mindset of selling licenses.
The focus needs to be on two servitization pillars: customers and data. Learn how empowering customer service to engage with clients and data-driven success strategies will create opportunities for growth in Subscription models need a data mindset.
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